Queens Real Estate Market Update: February 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 five key points about the current state of the Queens real estate market in February 2023. 

Queens Real Estate Prices

In Queens, the median sales price is $849,000, up almost 3% year over year from $817,000 this time last year and also 3% higher than the previous month’s $820,000. This also brings us above last year’s peak of $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 price sellers are getting. Right now it’s 95% which is up slightly from last month but lower than this time last year when we were above 97%. Basically the sales price to list price ratio was dropping throughout last year and then stabilized in the 4th quarter and it continues to be stable.

Queens Days on Market

Next let’s explore days on market. Currently, we’re at 42 days, which is significantly down from last month’s 54 days and right in line with this time last year, which was 41 days. Great news here. By the way, the10 year average is 56 days and as a rule of thumb, less than 120 days is considered a sellers market and we are well within that.  We’re looking good here.

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 1,348 homes for sale, down from 1,581 last month and about half of what was on the market this time last year, 2,480. 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. By the way, the 10 year average this time of year is more similar to last year at 2,501 so we are also at half of recent historic averages. Just incredible. Great for sellers. Tough for buyers. 

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 52 each week the prior month so a little higher, but nothing significant. We’re way below the recent average of 71 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 tells us that we’re in great shape starting 2023 especially when considering the lower inventory. 

Queens Real Estate Market Summary

That’s the latest on the Queens real estate market. To summarize, prices are up, the sales price to list price ratio is up, the number of days on market is down, the number of active homes for sale is also down, and the number of price reductions is down too. 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