Home Sales In Queens Drop In Last Three Months Of 2022: Study

QUEENS — In the last three months of 2022, neighborhoods in Queens got mixed signals on the state of their real estate market.

Sales of homes in the borough overall plunged by over 56 percent between October and December, according to a report by MNS Real Estate. Unit sales dropped to $51,572,466 in the last three months of the year from $117,709,813 between July and September.

Queens home prices also dropped by about $50,000, with the median number set at $825,000 per unit in the three months through December compared to $875,302 between July and September.

Still, some neighborhoods marked an uptick in prices last year. Long Island City marked the biggest jump boroughwide in price per square footing in the last three months of 2022 compared with sales between July and September.

The median price per square foot increased by 6.2 percent from $1,493 to $1,586 per square foot in Long Island City in the year’s last quarter.

That’s a few hundred dollars higher than the price per square foot boroughwide, set at $1,130 in the same period.

The report also looked at sales per square foot in Queens neighborhoods like Flushing, Forest Hills, and Rego Park.