Queens Real Estate Market Update: November 2023

After falling last month, real estate prices are back up this month in Queens. In this update, I’ll be sharing how the local market is performing and where it’s headed. We’ll take a look at the latest data on prices, the sales price to list price ratio, the number of days on market and the number of homes for sale. So let’s get started. 

Queens Real Estate Prices

Let’s start with prices. Positive news here. In Queens, the median sales price is up to $820,000 from $765,000 last month. Prices peaked last July and fell until March and we’re up since March but still off just under 3% from last July’s level. 

Queens Sales Price to List Price Ratio

Next, how much are sellers discounting asking prices? Positive news here. The sales price to list price ratio is better this month at 96.6% from 96.3% last month. Last year’s average was slightly better at 97%.

Queens Days on Market

Next, if you list a property, how long does it take to go into contract? The answer is 39 days, another improvement from 42 days last month. Does that make it a sellers or buyers market? Drum roll…42 days is a sellers market. 

Number of Homes For Sale in Queens

Finally, how many properties are for sale in Queens? 1,467 homes are currently on the market roughly the same as last month. This means that inventory is flat which can be a neutral sign for prices in the months ahead. One important note – there’s only half as many homes for sale as typical over the past 5 years which supports prices despite increasing interest rates. 

Queens Real Estate Market Summary

Overall, November was a positive month for real estate in Queens. The median sales price is up, the sales price to list price ratio is up, the number of days on market is down and about the same amount of homes for sale. With mortgage rates up a half a point in the last 30 days, it will be interesting to see what happens this month. Hope you enjoyed this update and found it informative. 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.