Prices for apartment properties rose quickly in the outer boroughs of New York City in 2016, even though investors bought and sold far fewer properties overall, as many sellers held out for even higher prices.

“For the first time, Queens broke $1 billion and surpassed the Bronx in dollar volume, exemplifying that while transaction volume is down, the borough has made big strides in terms of pricing,” said Shimon Shkury, president and founder of Ariel Property Advisors, in a report released Jan. 26.

The volume of apartment transactions in the City last year fell to a five-year low overall, while prices grew by more than double digits in the outer boroughs. At the same time, Queens saw its highest dollar volume on record, with prices appreciating more than any other submarket. Prices also rose 9% in Brooklyn, though the volume of properties traded fell.

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