Queens Real Estate Market Report: Q1 2025

Queens Real Estate Market Report: Q1 2025, a real estate market report produced by the Queens Home Team at Keller Williams Realty Landmark II. Data updated quarterly. Need Help? Contact Us

Market Snapshot

Happy Spring from QHT! As we enter the second quarter of the year, we’re looking back at Q1 and looking ahead to see how we think the local real estate market will play out this year. There’s no question that the first quarter of the year was busy and frantic in terms of economic news. The year started out with a pretty rosy outlook all around. The labor market was strong, unemployment was low, inflation was still trending downward, and the anticipation for tax cuts and less regulation were heavily favored by markets. The good news is that all of these economic indicators are still in tact, however, as you probably know tariffs became the talk of the town over the last month or so.

Since the newly enacted tariffs were issued, bond yields have risen (which has raised mortgage rates), the dollar has weakened, and the stock market has suffered. Fortunately, the real estate market in Queens has still been moving and although we were worried about how all of this news would affect consumer sentiment, the truth is that we have still been able to find buyers for all of our listings, and a lot of the buyers that we’ve been working with have been able to find properties.

The big challenge on the seller side is mainly deciding to sell. For the most part, residential 1-3 family home sellers have the market on their side. There is still low inventory across the borough and there are still a lot of buyers out there looking for homes. As for condos and coops, that’s a different story. There are plenty of neighborhoods in Queens where the market is favoring buyers (i.e. more supply than demand), and there are even some neighborhoods where there is a lot more inventory than demand.

One important thing to note from Q1 is the fact that new listings increased by about 14%, and the number of active listings also rose by about 24% compared to this time last year. It looks like inventory is starting to rise so that may be a relief for homebuyers this Spring. We’ll see if the trend continues, but the truth is that the “lock in effect” is still a huge roadblock to unlocking more inventory in the borough.

All in all, the market has remained steady, and buyers don’t appear to be phased by the prices or economic news. If we see mortgage rates rise over 7%, that may change things, but as long as they stay between 6-7%, and as long as the labor market remains strong, then we should have a similar Q2. If we were to see inventory rise throughout the year, and demand get hampered, then that could lead to an increase in month’s supply. However, based on what we’ve seen so far this year, demand appears to still be strong, and inventory is still very low.

We’ll continue to watch the market and keep you posted on any new developments.

Month’s Supply

What is Month’s Supply? Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. For example, if there are 50 homes on the market and 10 homes selling each month, there is a 5 month supply of homes for sale.

Months of supply is a good indicator of whether a particular real estate market is favoring buyers or sellers. Typically, a market that favors sellers has less than 6 months of supply, while more than 6 months of supply indicates an excess of homes for sale that favors buyers.

Month’s Supply in Queens NY

………. # Homes currently Available for Sale: 6,808

………. Average # of Homes selling each month: 724

………. Month’s Supply: 9.4

Closed Home Sales

The One Key MLS reported a total of 2,071 closed home sales in the 1st quarter of 2025. This was DOWN 8.9% from the previous quarter and UP 9.1% compared to the same quarter last year.

Median Home Price

As for Home Prices, the One Key MLS reported a median home price in Queens of $632,000 that’s flat from the previous quarter and UP 1.1% compared to the same quarter last year.

Mortgage Rates

Lowest Mortgage Rates in Nearly 3 Weeks

Fri, Apr 25 2025, 4:06 PM

The news on mortgage rates has been frustratingly mixed recently, depending on the source. This is a factor of the various time frames and methodologies employed by different purveyors of rate data. If you’re reading this, however, none of that matters because the following is as timely as it gets: the average mortgage lender is now at the lowest level since April 7th.

Improvements versus yesterday vary depending on the lender.  Some of them made friendly adjustments yesterday afternoon in response to stronger trading in the bond market. Others waited to make those adjustments until this morning.  

In the bigger picture, rates are still slightly elevated compared to their recent stint calmly holding the lowest levels since December. But they’re not looking nearly as panicked as they did in the week following the big tariff announcements earlier this month. 

The coming week brings an active slate of economic data and events with the power to whip up some additional volatility. As always, we can only know about the potential for volatility. The actual direction and magnitude of rate movement will depend on the outcome of the economic reports as well as any other relevant headlines that emerge throughout the week.

(view article)

New Listings

As for New Listings, the One Key MLS reported a total of 4,075 new listings in Q1 2025. That’s UP 13.5% from the previous quarter and DOWN 0.2% compared to the same quarter last year.

Inventory

As for Active Listings, the One Key MLS reported a total of 6,808 active listings at the end of Q1 2025. This was UP 0.4% from the previous quarter and UP 23.7% compared to the same quarter of last year.

Queens Real Estate Market 2025, provided by the Queens Home Team at Keller Williams Realty Landmark II. Have a Question? Contact Us anytime.

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About Us

The Queens Home Team is a group of friendly, service driven real estate agents in Queens NY. Our team members are not only experts at what they do, but more importantly, they are driven by their desire to help people. The team approach is what truly separates us from the average Queens broker, because while most agents are one person doing several things, we have several agents doing one thing, and being great at it! This ensures expertise throughout all stages of the transaction and allows us to provide the superior level of service our clients deserve. We understand that real estate is a service industry, therefore we treat it as such. Rest assured that when you work with the Queens Home Team, you’ll be in good hands, with people who care 🙂

*The opinions expressed in This Queens Real Estate Market Report are intended to supplement opinions on real estate expressed by local and national media, local Queens real estate agents and other expert sources. You should not treat any opinion expressed on this report as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. The Queens Home Team at Keller Williams Realty Landmark II does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. The Queens Home Team will not be liable for any loss or damage caused by your reliance on information contained in this report.