Queens Real Estate Market Update: October 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 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, the number of homes for sale and the percentage of price reductions. So let’s get started. 

Queens Real Estate Prices

In Queens, the median sales price is $765,000 down from $799,000 last month. We’re still up from this year’s low of $743,000 in March but off from last year’s peak of $840,000 last July before we felt the impact of the higher rates.

Queens Sales Price to List Price Ratio

Currently, we are at 96.4% down from 96.9% last month. This is actually the first decrease after five consecutive months of increases. The higher this percentage, the higher the sales price is compared to the asking price. Our recent low was 92.6% in February and high was 98.4% in July of 2022.

Queens Days on Market

Next, let’s look at the number of days on market, which tell us how long on average it takes to go from listing to contract. Currently we are at 42 days up from 38 days. Although a bit higher, we are still way below our recent high of 70 days in March. Our recent low was 24 days in July of 2022. Anything within 120 days is considered a sellers market and we’re about a third of that.

Number of Homes For Sale in Queens

There are only 1,451 homes for sale, less than half of our peak of 2,917 last October. Despite higher interest rates, demand continues to exceed supply. 

Number of Price Reductions in Queens

On average 69 sellers reduced their asking prices each week last month vs 56 each week the prior month. The number of price reductions are a leading indicator and an increase here is a negative for prices going forward. 

Queens Real Estate Market Summary

Overall, October was a negative month for real estate in Queens. The median sales price is down, the sales price to list price ratio is down, the number of days on market is up and the number of price reductions is up. The only positive news is that the number of active homes for sale is down. When we balance out the increase in price reductions with the slight decrease in inventory, my outlook for prices is neutral. 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.