Queens Real Estate Market Update: December 2023

Real estate prices are up two months in a row in Queens. In this update, I’ll be sharing how the local market is performing and where it’s headed. We’ll take a look at the latest data on prices, the sales price to list price ratio, the number of days on market and the number of homes for sale. So let’s get started. 

Queens Real Estate Prices

Let’s start with prices. In Queens, the median sales price is up to $832,000 from $820,000 last month. Prices are flat year over year and we’re just off of last year’s peak of $840,000 in July 2022.

Queens Sales Price to List Price Ratio

Next, how much are sellers discounting asking prices?  The sales price to list price ratio is slightly down to 96.3% from 96.6% last month. Last year’s average was slightly better at 97%

Queens Days on Market

Next, if you list a property, how long does it take to go into contract? The answer is 42 days, slightly up from 39 days last month. 42 days is a sellers market. That’s right, despite everything you hear on the news, inventory is low and it’s still a sellers market in Queens. 

Number of Homes for Sales in Queens

Finally, how many properties are for sale in Queens? 1,483 homes are currently on the market roughly the same as last month. In other words, inventory is flat which can be a neutral sign for prices in the months ahead. One important note – there’s only half as many homes for sale as typical over the past 5 years which is supporting prices despite increasing interest rates. 

Queens Real Estate Market Summary

Overall, December was a neutral month for real estate in Queens. The median sales price is up, the sales price to list price ratio is slightly down, the number of days on market is up and active homes for sale remain low. The real estate market in Queens continues to be strong because of the low inventory. Hope you enjoyed this update and found it informative. 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.