The median sale price in Queens hit $682,000 in February 2026, up 9.3% from the same month last year, according to StreetEasy. That's not a blip. It's the sixth consecutive month of year-over-year gains, and it's happening despite mortgage rates hovering near 7%.
Which neighborhoods are moving fastest
Jamaica, Flushing, and Corona are seeing the sharpest appreciation — all three averaging double-digit price growth year over year. These are neighborhoods where inventory is tight and demand from first-generation homebuyers is strong. Families who grew up renting in these areas are now buying, and they're competing with investors who know the same thing they do.
Jackson Heights and Elmhurst, traditionally two of the most affordable pockets in the borough, have crossed a threshold. The median in both neighborhoods now exceeds $550,000 for a single-family home — a number that would have seemed impossible five years ago.
On the higher end, Forest Hills and Rego Park are holding firm. Co-op units there aren't moving as fast as they did in 2021-22, but prices haven't corrected meaningfully either. Sellers are holding.
Why inventory stays low
The lock-in effect is real. Homeowners who bought or refinanced between 2020 and 2022 at rates between 2.5% and 3.5% have no financial incentive to sell into a 7% market. They'd be trading a sub-3% mortgage on their current home for a 7% mortgage on whatever they buy next. So they stay put. That keeps supply constrained even when demand softens slightly.
New construction in Queens is also running behind historical averages. Permit filings in 2025 came in 18% below the five-year average, according to city data. What is getting built is predominantly rental, not ownership stock.
What buyers should know right now
If you're waiting for prices to drop significantly, the data doesn't support that bet in the short term. Inventory would need to spike — which requires either a wave of sellers or a flood of new construction — and neither appears imminent.
What does make sense: getting pre-approved now, before any Fed rate movement changes the calculus, and focusing on neighborhoods where appreciation has been slower. Ozone Park, Howard Beach, and Richmond Hill are still below the borough median and have seen more modest gains. They're not flashy, but they're where the relative value still exists in Queens.
The buyers who move in the next 60 days will likely look back at Q1 2026 as a reasonable entry point. The ones waiting for a correction may wait a long time.