Queens Real Estate Market Update: May 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 May 2023. 

Queens Real Estate Prices

Let’s start with prices. In Queens, the median sales price is $757,000 up from $748,000 last month and $740,000 the prior month. So we have two consecutive months of price increases after decreases in the second half of last year. 

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 at 93.7% down from 94.5% last month. Not much of a change, but lower. 

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 68 days which is down from 70 days last month. Also not much of a change, but moving in the right direction. We are still within 120 days which is considered a sellers market.

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 only 1,378 homes for sale down from 1,734 last month and 2,718 this time last year. With the lower inventory, it is a great time to list a home. 

Number of Price Reductions in Queens

Let’s take a look at how often sellers are reducing their prices in Queens. On average, 84 sellers reduced their asking prices each week last month vs 59 each week the prior month. Price reductions are a leading indicator so this is a negative sign for prices going forward. 

Queens Real Estate Market Summary

Overall May was a neutral month for real estate in Queens. On the positive side, the median sales price is up two months in a row and the number of days on market and the number of active homes for sale are both down. On the negative side, the number of price reductions is up and the sales price to list price ratio is 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.