Here are the neighborhoods where homes are flying off the shelf

A new report finds that days on market increased in most submarkets, save a select few

TRD New York /
Oct.October 30, 2019 09:45 AM
Queens, New York

Queens, New York (Credit: iStock) 

Most of the city’s residential listings are collecting dust, but in Queens homes are flying off the shelf.

A new report by StreetEasy ranked the top neighborhoods where homes are selling the most rapidly according to median days on the market in the third quarter.

In South Queens, where the median sales price rose 5 percent year-over-year to $545,000, homes took an average of 60 days to sell – the shortest timespan in the city.

The city-wide median is 83 days.

In the borough’s northwest corner, the median number of days on market for properties in Astoria, Long Island City and Sunnyside stood at 70. Those neighborhoods also saw the biggest reduction in days-on-the-market, moving 17 days faster than they did a year earlier.

With the exception of Northwest Brooklyn (Dumbo, Brooklyn Heights, Cobble Hill and Fort Greene) the top selling neighborhoods were all in Queens. Meanwhile, in 60 percent of the city’s submarkets, days on market ticked up.

It comes even as prices in Queens reached records highs, despite sales activity continuing to plunge for the eighth consecutive quarter.

Modern Spaces CEO Eric Benaim

Modern Spaces CEO Eric Benaim

“I’m very happy that Queens is finally having its time in the sun,” said Eric Benaim, CEO and founder of local brokerage, Modern Spaces.

He said his firm was noticing the uptick, particularly in Long Island City where, as of August, 414 units have sold to date this year — a huge jump from the total of 254 units sold last year.

Benaim attributed the influx in deals to increasing number of buyers “debating” between Queens and Manhattan.

“We haven’t really seen that before,” he said. “They’re circling between Manhattan and Queens.”

Write to Erin Hudson at [email protected]

Related Articles

A rendering of 22-43 Jackson Avenue (Credit: StreetEasy)

Trader Joe’s heading to Long Island City, brokers confirm

109-09 15th Avenue, 5 Court Square, 24-16 Queens Plaza South in Queens (Credit: NestSeekers and StreetEasy)

Big dollar drop in Queens top 10 condo filings this year

Amazon CEO Jeff Bezos and RXR CEO Scott Rechler with 56-19 Grand Avenue in Queens (Credit: Getty Images, Google Maps)

Amazon nears lease at RXR’s Queens warehouse development

131-01 39th Avenue in Flushing and Alchemy ABR’s Kenneth Horn with 123-141 West 57th Street (Credit: Alchemy ABR and Google Maps)

Flushing project bigger than November’s next five largest combined

A&E Real Estate Holdings principal Douglas Eisenberg and the properties along Queens Blvd and 65th Avenue (Credit: The Rego Park 18 Portfolio)

A&E Real Estate buys huge rent-stabilized portfolio at deep discount

131-01 39th Avenue in Flushing (Credit: Google Maps)

Another megaproject coming to Flushing

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

Long Island City, Queens (Credit: iStock)

Queens sale prices set record despite signs of trouble