Queens Real Estate Market Update: July 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 July 2023. 

Queens Real Estate Prices

In Queens, the median sales price is $801,000 up from $772,000 last month and $755,000 the month before. This marks 4 consecutive months of price increases and is getting us closer to the peak of $840,000 in July of 2022.  

Queens Sales Price to List Price Ratio

Next, let’s look at the sales price to list price ratio. The higher this percentage, the higher the sales price is relative to the asking price. We’re at 96% up from 95.7% last month and 94% the previous month. Definitely a positive trend here. 

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.  Currently, we’re at  42 days down from 64 days the previous month. This is a significant decrease and more positive news. Anything within 120 days which is considered a sellers market and we are well within that range. 

Number of Homes For Sale in Queens

There are currently 1,440 homes for sale in Queens down from 1,779 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. The number of active homes for sale in Queens has dropped every month since August last year.  

Number of Price Reductions in Queens

On average 65 sellers reduced their asking prices each week last month vs 84 each week the prior month. 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 July was a positive month for real estate in Queens. On the positive side, the median sales price and the sales price to list price ratio are up, the number of active homes for sale,  the percentage of price reductions and the number of days on market are all down. 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.