Queens Real Estate Market Update: June 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 June 2023. 

Queens Real Estate Prices

In Queens, the median sales price is $772,000 up from $755,000 last month and $745,000 the prior month. This marks three consecutive months of price increases and is getting us closer to last year’s peak of $840,000 in July. 

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 95.6% up from 93.8% last month. More positive news 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 64 days slightly up from 62 days last month. Anything within 120 days which is considered a sellers market.

Number of Homes For Sale in Queens

There are currently 1,408 active homes for sale in Queens down from 1,676 last month and a peak of 2,917 last August. Positive sign for prices going forward. 

Number of Price Reductions in Queens

On average 71 sellers in Queens reduced their asking prices each week last month vs 84 each week the prior month. Price reductions are a leading indicator so this is a positive sign for prices going forward. 

Queens Real Estate Market Summary

Overall June 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 homes for sale is down and the number of price reductions is down. On the negative side, the number of days on market slightly increased. 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.