Queens Real Estate Market Update: April 2023

If you’re interested in knowing the latest about the Queens real estate market, this post is for you. In this update, I’ll be sharing 5 key points about the current state of the Queens real estate market in April 2023. 

Queens Real Estate Prices

Let’s start with prices. In Queens, the median sales price is $750,000 up from $740,000 last month but down from $799,000 this month last year so we are seeing a year over year decline of approximately 6% in Queens. Prices peaked last June at $840,000 before interest rates started taking their toll. 

Queens Sales Price to List Price Ratio

Next, let’s look at the sales price to list price ratio. This is a great metric because it tells us how close to asking prices sellers are getting. We’re up close to 95% from last month when we are below 93%. Aside from last month, we were around 95% so it’s great to see that we jumped back up to where we were and we didn’t see a sustained decline.  Basically the sales price to list price ratio was dropping throughout last year and then stabilized in the 4th quarter and is continuing at that level. 

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. Right now, we’re at 70 days, which is up from last month’s 61 days. This is not a good sign as we’ve seen increases since July when we were only at 24 days.  However, although we are not trending in the right direction, we are still within 120 days which is considered a sellers market.

Number of Homes For Sale in Queens

Let’s look at how many homes are for sale now and how it’s trending. This is really good news for sellers. There are only 1,392 homes for sale down from 1,713 last month and about half of what we had this time last year.  Inventory rose the first half of last year and peaked in June and has been dropping ever since. This is great news for sellers and a great 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 61 sellers reduced their asking prices each week last month vs 55 each week the prior month so a little higher, but nothing significant. And we’re way below the recent averages so we’re in good shape. Price decreases are considered a leading indicator and give you an idea of what’s going to happen in the future. This is a good sign for us.

Queens Real Estate Market Summary

Overall April 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 and the number of active homes for sale is down. On the negative side, the number of days on market and price reductions are both up. 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.