Queens, NY Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Queens, NY Housing Market Trends

With a population of 2,253,858, 778,932 total housing units (homes and apartments), and a median house value of $678,405, Queens house prices are not only among the most expensive in New York, Queens real estate also is some of the most expensive in all of America.

Large apartment complexes or high rise apartments are the single most common housing type in Queens, accounting for 41.31% of the borough's housing units. Other types of housing that are prevalent in Queens include duplexes, homes converted to apartments or other small apartment buildings ( 31.10%), single-family detached homes ( 18.87%), and a few row houses and other attached homes ( 8.53%). This particular housing mix is relatively uncommon and characteristic of boroughs that are compact and walkable, and which often have a lively downtown.

People in Queens primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Queens has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Queens's housing was primarily built during this period, from the '40s through the '60s. A full 49.16% of the borough's housing hails from this era. Other housing ages represented in Queens include homes built before 1939 ( 31.72%) and housing constructed between 1970-1999 ( 12.16%). There's also some housing in Queens built between 2000 and later ( 6.96%).

Queens Home Appreciation Rates

In the last 10 years, Queens has experienced some of the highest home appreciation rates of any community in the nation. Queens real estate appreciated 64.68% over the last ten years, which is an average annual home appreciation rate of 5.11%, putting Queens in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Queens definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Queens appreciation rates have trailed the rest of the nation. In the last twelve months, Queens's appreciation rate has been 4.12%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Queens were at 1.72%, which equates to an annual appreciation rate of 7.04%.

Relative to New York, our data show that Queens's latest annual appreciation rate is lower than 70% of the other cities and towns in New York.

One very important thing to keep in mind is that these are average appreciation rates for the borough. Individual neighborhoods within Queens differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Queens - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Queens real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$678,405

Queens, NY HOME PRICES

> $1,199,000
9.1%
9.1%
$899,001 - $1,199,000
17.9%
17.9%
$599,001 - $899,000
29.7%
29.7%
$480,001 - $599,000
14.0%
14.0%
$360,001 - $480,000
11.6%
11.6%
$240,001 - $360,000
8.8%
8.8%
$120,001 - $240,000
5.5%
5.5%
$60,001 - $120,000
1.2%
1.2%
$0 - $60,000
2.1%
2.1%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for NY

Value Relative To Nation

Number Of Homes And Apartments:
778,932

Queens Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
195.15% 5.29%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,682 / per month

Homeownership Rate

Owners
44.2%
44.2%
Renters
55.8%
55.8%
Vacant
9.4%
9.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
7.0%
7.0%
1970 - 1999
12.2%
12.2%
1940 - 1969
49.2%
49.2%
1939 or Older
31.7%
31.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
18.9%
18.9%
Townhomes
8.5%
8.5%
Small Apt. Buildings
31.1%
31.1%
Apt. Complexes
41.3%
41.3%
Mobile Homes
0.2%
0.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
6.1%
6.1%
1 Bedroom
25.0%
25.0%
2 Bedrooms
31.9%
31.9%
3 Bedrooms
27.7%
27.7%
4 Bedrooms
6.7%
6.7%
5 or more bedrooms
2.6%
2.6%
0.0% 100.0%
% OF HOMES