Queens is known for many things. High-priced real estate generally hasn’t been one of them.
That appears to be changing. The median sale price in Queens has posted an annual increase for eight consecutive quarters, according to appraiser Miller Samuel, home sales hit a 15-year high earlier this year and one condo tower in Long Island City is aiming for a $1 billion sellout.
But when it comes to the city’s largest and most diverse borough, it’s worth zooming in to get a clearer sense of where the action is.
The Real Deal analyzed the top transactions recorded in Queens between July 1 and Sept. 30 to determine the borough’s 10 most active neighborhoods for home sales. Only transactions recorded in ACRIS during the third quarter were included.
The sample was rather large: Just among Queens’ 10 busiest neighborhoods, buyers spent a combined $1.23 billion across 1,544 residential transactions in the third quarter.
Astoria | $127.9 million | 118 transactions
Concluding the top five neighborhoods was Astoria, falling just short of the fourth spot with $127.9 million in sales volume across 118 deals.
The top sale in the neighborhood was a two-story, 45-foot-wide house built in 1940 at 25-23 Newtown Avenue. It was sold for $4.8 million by Development Site Advisors, which marketed the property as either a residence or a redevelopment opportunity.
Development Site Advisors has listed several other Queens properties for sale, including Astoria parcels at 25-92 31st Street, 23-14 31st Street, 11-32 31st Street, 25-56 31st Street, and 26-37 30th Street.