Queens Village is a neighborhood with a high proportion of single-family homes, where Korean families have settled for a long time, known for its accessibility to New York City and relatively spacious lot sizes.

According to Zillow, the average home value in Queens Village is currently around $690,000. This represents an increase of about 45% over the past five years, compared to levels of $470,000 to $480,000 in early 2021.

Considering that the national average increase during the same period was between 35% and 45%, it appears that Queens Village has recorded a rate of increase that is similar to or slightly above the national average. Areas within Queens that have a higher number of single-family homes have shown larger increases.

Looking at the trends over the past five years, from 2021 to 2022, prices surged sharply due to low interest rates and a preference for suburban homes during the pandemic. From the second half of 2022 to 2023, the rate of increase noticeably slowed due to the impact of rising interest rates, and after 2024, a gradual upward trend is expected to emerge amid low inventory.

The factors driving the rise in Queens Village include relatively reasonable price levels within New York City, the scarcity of inventory focused on single-family homes, and the steady demand from Korean and various immigrant communities.

While it is cautious to make definitive predictions about the future, given the area's characteristics of limited new supply, it seems likely that a gradual trend will continue rather than a sharp correction.

Korean households considering purchasing in this area should take into account the significant price increases over the past five years and approach the market within a manageable range rather than taking on excessive loans.

Conversely, for those who have held properties for a long time and are considering selling, the current prices may represent a good time to sell, so it is advisable to review tax implications and reinvestment plans as well.