A new market report from StreetEasy shows that Queens continues to be the borough on the rise, in more ways than one, as buyers cast a wider net in search of more affordable housing.
The August 2018 report indicates prices for houses in the borough reached an all-time high of $536,028, with a 7.1 percent annual increase. Prices in the borough are now 23 percent higher than they were in 2013. Houses are also changing hands in Queens faster than in Manhattan; houses in Queens moved off the market a month faster than Manhattan listings.
A bright spot for buyers looking to Queens: It also experienced the highest share of price cuts in the city, growing 3.4 percentage points to 10.2 percent. And rents in the borough, while seeing the first annual increase since September 2017 with a modest .5 percent growth, reached $2,164—still significantly less than Manhattan and Brooklyn rents.