Queens Real Estate Market Update: August 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 this August 2023.

Queens Real Estate Prices

Let’s start with prices. In Queens, the median sales price is $805,000 up from $800,000 last month and $769,000 the month before. This marks five consecutive months of price increases and is getting us closer to the peak of $840,000 in August of 2022. 

Queens Sales Price to List Price Ratio

Next, let’s look at the sales price to list price ratio. We’re at 96.7% up from 96.2% last month and 95.7% the previous month. The higher this percentage, the higher the sales price is relative to the asking price. Definitely a positive trend here as this is the 4th consecutive month of increases.

Queens Days on Market

Next up we have the number of days on market. Currently we are at 42 days, which is the same as last month and down from 64 days the previous month. The number of days on market tells us how long on average it takes to go from listing to contract. So we’re holding steady after a significant decrease the prior month. Anything within 120 days which is considered a sellers market and we are well within that range.

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. The number of active homes for sale in Queens has dropped every month since last August. There are only 1,410 homes for sale down from 1,440 last month and a peak of 2,917 last August. 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 67 sellers reduced their asking price each week last month vs 65 each week the prior month so roughly the same here. 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 August was a positive month for real estate in Queens. The median sales price is up for the fifth consecutive month, the sales price to list price ratio is up, the number of active homes for sale has dropped for the 11th consecutive month and the number of days on market and price reductions are flat. Based on all of this, I think we’ll see some 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.