Last Updated on April 19, 2024
Queens Real Estate Market 2024, a quarterly report produced by the Queens Home Team at Keller Williams Realty Landmark II. Need Help? Contact Us
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Market Snapshot
Happy Spring from QHT! As we enter the Spring season, we are reviewing the first quarter activity and drawing conclusions, trends, and projections for the remainder of the year. In short, mortgage rates have spiked in the first quarter of the year, going from 6.92% in January to 7.44% in April. In addition to that, consumer credit has continued to increase which will likely be a headwind for the market moving forward. New listings in Queens were down 4% year over year, pending sales were up 4%, closed sales were down 17%, days on market was up 3%, median sale price was up 13.8%, and total inventory was down 12.6%.
All in all, the market has been pretty slow in terms of transactions, however, buyers are still out there buying because all of the listings that we have listed this year have moved into contract in a reasonable amount of time. Residential 1-3 family homes appear to still be doing very well and demand for them seems to be healthy. As for coops and condos, demand appears to be healthy for move-in ready units, but apartments that need work or are in original condition still are seeing the higher days on market. The key in this market is just making sure that a property is priced right.
If we had to describe the market in general, we would say that activity is slow, however home prices are still up and that is due largely to the lack of inventory in Queens. Although rates are high, the lack of inventory appears to be what is holding the market up. For home sellers, if you’ve been thinking of selling your home, now is still a good time because inventory is low and demand is still pretty strong. If you’re thinking of buying, depending on o what you’re looking for the market may be competitive.
In our opinion, it’s a good time to look at those properties that need some work because that is where there is less competition and more opportunity. It’s important to be mindful right now and make sure that you’re running your numbers because rates are rising at a pretty rapid pace so far this year. If you want to be conservative, run your numbers with a .5% increase in the current rates just to make sure that you’ll be comfortable with the payments.
There is a lot of uncertainty in the market right now but overall employment is strong, wages are up, and the area (Queens) is still a sought after borough. As long as inventory remains tight, we imagine that the market will remain steady. The question we’re asking ourselves is when will we see more inventory? Our guess is that we will probably see more sellers come off the fence once mortgage rates get into the 5’s.
We’ll continue to watch the market and keep you posted on any new developments 🙂
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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: 4,510 (was 4,267 last quarter)
………. Average # of Homes selling each month: 664 (was 730 last quarter)
………. Month’s Supply: 6.8 (was 5.8 last quarter)
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Closed Home Sales
The One Key MLS reported a total of 1,802 closed home sales during the 1st quarter of 2024. This was DOWN 17.4% from the previous quarter and DOWN 4.6% compared to the same quarter last year. Specifically, Residential home sales were DOWN 4.1%, Condo sales were UP 4.8%, and Coop sales were DOWN 8% compared to the same quarter last year.
Over the last 12 months, closed home sales in Queens were DOWN 16.1%.
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Pending Home Sales
As for pending home sales, the One Key MLS reported a total of 2,354 pending homes sales during the 1st quarter of 2024. This was UP 20% from the previous quarter and UP 10.6% compared to the same quarter of last year. Specifically, residential pending home sales were UP 6.5%, condo pending sales were UP 30.2%, and coop pending sales were UP 11.2%.
Median Home Price
As for Home Prices, the One Key MLS reported a median home price in Queens of $665,000, that’s UP 2.3% from the previous quarter and UP 4.3% compared to the same quarter last year. Specifically, the median sale price for residential 1-4 family homes was DOWN 2.6%, median sale price for condos was UP 3.3%, and the median sale price for coops was UP 1.6% compared to the same quarter last year.
Over the last 12 months (i.e. Jan – Dec 2023), the median home price in Queens is DOWN 4.4%.
Mortgage Rates
(4/22) – Mortgage rates began the new week at almost exactly the same levels seen at the end of last week. There were no major events or economic reports to cause volatility in the underlying bond market, but bonds were able to improve modestly by the end of the day. In general, bond market improvemen… (continue reading)
Housing Inventory
There is currently 6.8 month’s supply in Queens, this is UP from the 5.8 month’s supply we had last quarter, and DOWN from the 7.1 month’s supply we had in the same quarter of last year. As for active listings, currently there are a total of 4,506 homes for sale in Queens. That’s UP from the 4,297 homes we had on the market in the previous quarter and DOWN from the 4,815 homes we had on the market at this time last year.
Queens Real Estate Market 2024, 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.
