Last Updated on July 26, 2021
Queens Real Estate Market Report 2021, courtesy of the Queens Home Team at Keller Williams Realty Landmark II. Have a question? Contact Us
Download full report at: https://www.queenshometeam.com/wp-content/uploads/2021/07/Queens-Real-Estate-Market-Report_Q2-2021_Full-Report.pdf
Market Snapshot
Welcome to the 2nd Quarter of 2021. If you have a selective memory, you may have already forgotten what Q2 of 2020 was like. As you can imagine, this time last year we were experiencing a huge shift in demand due to the pandemic shut downs, work from home trends, and a short lived flight to the suburbs. When we take a look at the home sales, home prices, and inventory figures of this quarter, it is clear that our market has bounced back very well. For example, home sales this quarter are up 158% and home prices are up 12.1% compared to the same quarter last year. These numbers are obviously skewed due to the sudden impact that the pandemic had on our local market last year, but they still provide valuable insight into where we are one year later.
What we’ve done in this quarter’s report is compare this quarters figures to Q2 of 2020, and for more perspective and a better reference point, we have also compared the figures to Q2 of 2019. This should give you a clear idea of where the Queens’ market has been within the last 12 months.
In short, at this time the Queens’ market is in a pretty good place. Mortgage rates are low, inventory is modestly up, home sales are up significantly, and home prices have continued their upward trend. Month’s supply is currently 7.4 months which means that we are in a “balanced market”. Although every neighborhood is different, in general the residential (1-4 family) market is the strongest area we’re seeing. The condo and coop market has continued to be the laggard in 2021. We can speak to this personally because for the most part, our residential listings have been moving quickly, however, our apartment listings have been taking a bit longer to sell, especially if the unit is not renovated. The one exception we’re seeing in the apartment market is for renovated units. If an apartment is renovated with modern finishes (and priced well of course) then chances are that it will sell quickly.
Another key figure in this quarter is the rate of pending sales. They were up 32% from last quarter and 364% compared to Q2 of last year. As we know, real estate is local and while one neighborhood can be in a seller’s market, another one can be in a buyer’s market. It all depends on the supply and demand for a given property type, in a specific area. With that said, all in all the market has rebounded nicely and it appears to be on solid footing. As long mortgage rates remain low, we believe that the market will hold steady and keep powering forward. At some point the fed will need to start tapering and when that happens, we will likely see mortgage rates move up. Once mortgage rates move up, we will probably see an impact on the market but until then, we should continue to see low inventory, strong demand, and elevated sales.
We’ll keep watching the market and keep you posted on the changes that we’re seeing.
QHT Listings for Sale
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 on the Market: 6,015
- Homes selling each month: 818
- Month’s Supply: 7.4
Queens Closed Home Sales
The One Key MLS reported a total of 2,539 closed home sales during the 2nd quarter of 2021. This was UP 7.3% from the previous quarter and UP 158% when compared to the same quarter last year. Specifically, sales for Residential homes were UP 160%, Condo sales were UP 168%, and Coop sales were UP 151% compared to the same quarter last year. For better perspective, compared to Q2 of 2019 Residential home sales were up 24%, condo sales were up 35%, and coop sales were up 21%.
Over the last 12 months, closed home sales are DOWN 16.7%.
Queens Pending Home Sales
As for pending home sales, the One Key MLS reported a total of 3,514 pending sales during the 2nd quarter of 2021. This was UP 32.6% from the previous quarter and UP 364.8% compared to the same quarter of last year. Residential pending sales were UP 318%, condo pending sales were up 659%, and coop pending sales were up 406%. For better perspective, compared to Q2 of 2019 Residential pending sales were up 45%, condo pending sales were up 81%, and coop pending sales were up 64%.
Queens Home Prices
At the end of Q2 2021, the median home price in Queens was $655,000, this is UP 2.3% from the previous quarter, and UP 12.1% compared to the same quarter of last year. Specifically, the median home price for Residential homes was UP 11%, median home price for condos was DOWN 3%, and the median price for coops was flat compared to the same quarter last year.
Over the last 12 months, median home price in Queens is up 6.9%.
Interest Rates
Click Here for Today’s Rates
Inventory
There is currently 7.4 month’s of inventory in Queens, this is UP from the 7.3 month’s supply we had last quarter, and DOWN from the 11.9 month’s supply we had in the same quarter of last year. As for active listings, currently there are a total of 6,015 homes for sale in Queens. That’s UP from the 5,764 homes we had on the market last quarter and UP from the 5,523 homes we had on the market in the same quarter of last year.
Queens Real Estate Market Report 2021, provided by the Queens Home Team at Keller Williams Realty Landmark II. Have a Question? Contact Us anytime.
Click Here to See all Queens Housing Market Reports dating back to 2012.
Good Reads
New Rent Guidelines for Post October 1st Leases
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.
There is currently 7.4 months of supply in Queens NY.
Based on the current month’s supply of housing inventory, the Queens real estate market would currently be considered a “Balanced Market”.
The answer to this question depends on your personal situation. It really comes down to your objective, your priorities, your personal circumstance, and your goals after the sale. Generally speaking, demand has started to come back, inventory is still fairly low, and interest rates are still very attractive. We anticipate that the market in Queens will be pretty balanced this year, with a slight edge in favor of buyers. Although properties are not selling as fast as they did a few years ago, they are still moving so if you are ready to sell, yes it is still a good time to sell.
Now is definitely a good time to buy a home in Queens because interest rates are low, demand is healthy, and month’s supply is above 6 months which means that it is in favor of buyers. Demand is highest for residential homes, and lower for coops and condos. If you’re in the market for a residential home, expect to face competition. If you’re in the market for an apartment, you may some leverage depending on the area.
The median price for a residential home in Queens NY is currently $830K. Median price for a condo in Queens is currently $558K. And the median price for a coop in Queens is currently $305K.
Average days on market for Queens NY is currently 83 days.
In general, if a property is priced right, a seller should be able to find a buyer within 30 – 60 days. As for contract-to-close, from the date of contract signing, it typically takes about 60-90 days to close on a residential home or condo in which the buyer is obtaining a mortgage. (Zolpidem) If it is a cash deal, then the typical timeline would be one month less (i.e. 30-60 days). It is very rare for homes and condos to close in less than 30 days unless you are selling to an investor, and when that is the case, you are usually selling for WAY below market value. As for coops, the typical timeline to close, from contract signing, is 90-120 days. If it is a cash deal, then the timeline would be one month less (i.e. 60-90 days).
Your overall selling timeline will depend on the agent you choose and how quickly they can get you an acceptable offer. Keep in mind that there are several issues that can cause delays to your transaction so it’s important that you hire an agent who has sold a lot of properties and knows how to anticipate and resolve issues quickly.
Click Here to learn more about the timeline to sell in Queens.
One of the main reasons why we Queens homeowners contact us is to find out how much their property is worth. There are several reasons why a homeowner would want to know their home’s value but no matter the reason, we are happy to oblige.
Some of the most common reasons for needing a home valuation include things like future plans to sell, probate & administration proceedings, divorces, bankruptcies, and of course plain curiosity. Many times we speak with homeowners and they have no plans of selling their home, but they would like to get an idea of what the property is worth.
Now, the way we typically answer the question, “How much is my property worth?” is by offering a Free Home Valuation. What our team does is offer two types of home valuations, one is a price range valuation (if we cannot see the property in person), and the other one is a more specific home valuation which requires us to see the property in person to assess the size, layout, condition, etc.
Price Range Valuation
A price range valuation is just what it sounds like, a price range for the value of your home based on the recent comps as well as our experience in your neighborhood. Price range valuations are good for out-of-state owners, landlords who don’t want to disturb tenants, or someone who just wants to get an idea (i.e. ballpark figure) of what their house is worth at any given time.
Most agents will not offer a price range valuation because in our industry agents are trained to schedule an appointment before sharing any price or value information. On our team however, we believe in full transparency and quality information so that people can make good decisions. As a result, we have no problem offering free price range valuations and we actually send a lot of them to Queens homeowners.
Something important to note regarding price range valuations is that the range (or spread) will largely depend on the size and type of property you own. For example, the price range offered for a 1 bedroom coop may be $50K (+/-) while the price range for a 3 family may be $200K (+/-).
The only downside to a price range valuation is that you won’t have a very specific value, but if all you want is an idea of, then this can be helpful.
Comprehensive Valuation
Now, if you want to get a really good idea or more specific valuation for your property, then that would require a property tour. What we call this is a home valuation or broker price opinion. With this type of valuation, we would come in to see the property in person so that we can assess the size, layout, condition, internal obsolescence, external obsolescence, etc. The walk through usually takes 10-15 minutes, and after seeing it, we usually sit down with the homeowner to go over everything together. This allows us to not only provide the seller with the comps, but it also allows us to explain how we come to the valuation we are providing. If a homeowner cannot meet with is for some reason, then we will typically send the analysis and valuation by email.
Broker Price Opinion Vs Independent Appraisal
In our opinion, the best way to understand the value of your property is to sit down with a local agent who can go through the comps with you and explain how they draw their estimated valuation of your property. This is different from an appraisal because when you order an independent appraisal, the appraiser will come by to see your property, then they will create a written report for you and send it to you a few days later for review. Appraisers will typically include a handful of comps in the report, and they don’t typically sit with the homeowners to explain how they came up with the appraised price that they provided. It’s very common for homeowners to disagree with an appraisal because they don’t understand the methodology, or because the appraiser may not know the area well.
The way our team likes to provide home valuations is by looking at the property in person, then sitting down with the homeowner(s) to go through all of the data (closed, pending, available, month’s supply, etc) together and ultimately offer our professional opinion of the value. The value we give is never a specific number because true “market value” is what a buyer is willing to pay for it, and without being on the market, it is impossible for us to know that. Instead, what we provide is a realistic idea of where we believe offers would come in if we were to list the property at that time. We are able to do this based on our recent sales and experience selling properties in that area.
In our experience, experienced agent valuations tend to be more accurate than appraisals because in addition to the sales data which we both have access to, a local agent can also apply their recent sales experience, knowledge of the area, and local market trends to get a better idea of the property’s current value.
If you would like to get an even better idea of your property’s current value, have 3-4 agents give you their valuation. After hearing and seeing 3-4 valuations, the value should be pretty clear as long as you are realistic and not just looking to hear the highest price 🙂
So, to answer the age old question, “How much is my house worth?”, the answer is that it depends, but if you live in Queens we would be happy to offer you a free price range valuation or a free comprehensive home valuation.
If you have any questions regarding your home’s value, or if you would like to know how much your property is worth here in Queens NY, feel free to reach out anytime.