Queens Real Estate Market Update: March 2023

Would you like to know the latest about the Queens real estate market? If the answer is yes, keep reading because I’m going to give you 5 key points that will tell you everything you need to know about the Queens real estate market in March 2023.

Queens Real Estate Prices

Let’s start with prices. In Queens, the median sales price is $752,000 down from $842,000 last month. This decrease is typical of this time of year as 7 out of the last 8 years prices decreased in February from January. Prices peaked last June at $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 prices sellers are getting. We’re down to 93% from 95% last month. This is also lower than any month last year so not a good sign.  Basically the sales price to list price ratio was dropping throughout last year and then stabilized in the 4th quarter but now is showing a further decline. 

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. Right now, we’re at 64 days, which is significantly up from last month’s 43 days and also up from this time last year. This is not a good sign either. We’re also above the 10 year average this time of year which is 58 days. But to put things in perspective, as a rule of thumb, less than 120 days is considered a sellers market and we are well within that.  So moving in the wrong direction, but still a sellers market because inventory is low. 

Number of Homes For Sale in Queens

Let’s look at how many homes are for sale now and how it’s trending. This is really good news for sellers. There are only 1,311 homes for sale down from last month and about half of what we had this time last year.  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 2,488 so we are also at half of recent historic averages. Again, great news for sellers. Slim pickings for buyers. 

Number of Price Reductions in Queens

Finally, 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 60 each week the prior month so a little lower, but nothing significant. And 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 is a good sign for us.

Queens Real Estate Market Summary

There you have it. That’s the latest on the Queens real estate market. Prices are down, the sales price to list price ratio has decreased, the number of days on market has increased, the number of homes for sale and price reductions are 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