Forest Hills' Home Prices Inch Up Amid 'Market Rebound': Study

FOREST HILLS, QUEENS — The price for a home in Forest Hills inched up through the second quarter of this year, according to a new study released by StreetEasy, reflecting a gradual rebound of the neighborhood's, and the city's, housing market.

The study, which broke down the citywide real estate market during the second quarter of 2021 by neighborhood, found that people are asking $435,000 for homes in Forest Hills this quarter compared to the first quarter of 2021, when the median asking price in the neighborhood was $429,000.

While these numbers are still below the pre-pandemic median asking price, the shift indicates a gradual sales market rebound after months of precipitous housing market drops in Forest Hills during the pandemic.

Also, the increase in home asking prices in the neighborhood — and in other suburban-feeling neighborhoods across the borough — reflects an ongoing trend of New Yorkers' interest in moving from more densely populated areas in the city into single-family homes in the outer boroughs amid the pandemic.

The combined increased interest in Forest Hills homes, and the city’s surplus of for-sale inventory, however, could mean that home prices only keep rising.

StreetEasy economist Nancy Wu pointed out that there’s still a surplus of for-sale houses on the city’s market, meaning that the rise of future — when there are less homes on the market — could cause more dramatic price increases.

There were 5,140 homes on the Queens sales market in the second quarter, according to StreetEasy, marking another new record for the borough.

Read the full StreetEasy study here.