Queens Real Estate Market Update: January 2023

If you’re a homeowner or aspiring homeowner in Queens, here are five important points you need to know about the current state of the real estate market in January 2023.

Queens Real Estate Prices

The average sales price in Queens has increased by about 4% from $789,000 this time last year to $820,000 currently. Despite this year over year increase, prices are down 2% from their peak in July when they reached $840,000. So prices have been decreasing in the second half of 2022 due to higher interest rates but are still higher year over year. 

Queens Sales Price to List Price Ratio

Currently, the sales price to list price ratio in Queens is 94.8%. This means that sellers are getting 94.8% of their asking price, while buyers are paying approximately 5.2% below the listed price. To provide some context, the average ratio over the past 10 years in Queens was 95.2% so the sales price to list price is consistent with the recent historic average.

Queens Days on Market

The average days on the market in Queens is currently 54 days. So on average homes take 54 days to go from listing to contract. Comparatively, last year’s average was slightly lower at 45 days, while the 10-year average for this time of year is similar at 56 days. Less than 120 days is considered a seller’s market and we are comfortably within that range.

Number of Homes For Sale in Queens

Currently there are only 1,581 homes for sale in Queens, a significant decrease from the 2,642 available at this time last year. This decrease in inventory is beneficial for sellers as it means less competition in the market. In comparison, the 10-year average for this period is closer to last year’s figure at 2,551 homes, significantly higher than currently.

Number of Price Reductions in Queens

Let’s look at the number of price reductions. Currently, there are 66 price reductions per week in Queens, which is slightly lower than the recent average of 74. Monitoring price decreases is important as they serve as leading indicators of the market, providing insight into future trends. In this case, the data suggests that we are entering 2023 in relatively good shape, especially considering the reduced inventory we are currently seeing.

Queens Real Estate Market Summary

Overall a positive month for homeowners and sellers in Queens. On the positive side, prices are up year over year, the sales price to list price ratio is consistent with recent averages, the number of active homes for sale is down and price reductions are down. Only negative is the number of days on market is up. If you’re interested in buying or selling real estate in Queens, we can help you maximize the sales price of your home. Call me directly at 212-804-7881 or email me at justin@braithrealty.com