Rockaways home prices plunge 30 percent post-Sandy, major new report shows

Storm damage in the Rockaways
Storm damage in the Rockaways

The residual waves of Hurricane Sandy just won’t let up for Rockaway residents. According to a new report from Douglas Elliman, the average home price in the Rockaways dropped by 30 percent to $348,095 in the fourth quarter of 2012, year-over-year, the New York Daily News reported.

Moreover, closings fell by more than 60 percent to just 31 in the same quarter — the lowest number in almost six years — as many closings were delayed and buyers scared off by the storm.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

As it happens, the Rockaways had been basking in a housing rebound before the storm struck, with price increases for four consecutive quarters.

“This is clearly a setback,” Jonathan Miller, CEO of appraisal firm Miller Samuel, told the Daily News. “I think we will see the Rockaways lag for the next couple years as homes are rebuilt.” [NYDN]Christopher Cameron