Queens Real Estate Market Update: September 2023

If you’re interested in the Queens real estate market, here are the 5 most important metrics you need to know about that will tell you about the current state of the market. We’ll take a look at the latest data on prices, the sales price to list price ratio, the number of days on market, the number of homes for sale and the percentage of price reductions. We’ll review the trends and I’ll tell you where I think prices will go in the future based on the latest data. Let’s get into it. 

Queens Real Estate Prices

Let’s start with prices. In Queens, the median sales price is $799,000 up from $790,000 last month. We’ve come a long way from this year’s low of $743,000 in March due to the higher interest rates, but we haven’t yet reached last year’s peak of $840,000 last July before we felt the impact of the higher rates. 

Queens Sales Price to List Price Ratio

Next, let’s look at the sales price to list price ratio. We’re at 96.9% up from 96.7% last month. Definitely a positive trend here as this is the 5th consecutive month of increases. The higher this percentage, the higher the sales price is compared to the asking price. 

Queens Days on Market

Next up we have the number of days on market, which tells how long on average it takes to sell a property in Queens.  Currently we are at 38 days down from a high of 70 days in March. The number of days on market tells us how long on average it takes to go from listing to contract. This is a very positive trend and more positive news. Anything within 120 days is considered a sellers market and we’re less than a third of that.

Number of Homes For Sale in Queens

Let’s look at how many homes are for sale now and how it’s trending. There are only 1,458 homes for sale, just half of our peak of 2,917 last September. Despite higher interest rates, demand is exceeding supply and this is another positive sign for prices going forward. 

Number of Price Reductions in Queens

Let’s take a look at how often sellers are reducing their prices in Queens. On average 56 sellers reduced their asking prices each week last month vs 67 each week the prior month so another improvement. The number of price reductions are a leading indicator so this is a positive sign for prices going forward. 

Queens Real Estate Market Summary

Overall, September was a positive month for real estate in Queens. On the positive side, the median sales price is up, the sales price to list price ratio is up, the number of active homes for sale is half of its peak last year and the number of price reductions is down. Based on all of this, I believe we’re headed for more price increases in the coming months. If you’re interested in buying or selling real estate in Queens, we can help! Call me directly at 917-626-2372 or email me at justin@braithrealty.com.