6 Queens neighborhoods that are among the best home seller’s markets in New York: StreetEasy report

Six of the 10 most seller-friendly residential markets throughout New York City for 2018 are located in Queens, according to a new real estate report.

Flushing was flagged as the No. 1 seller’s market for 2018 in StreetEasy’s Trends & Data report, published on March 8. In this neighborhood, residential properties spent an average of 52 days on the market in 2017. Approximately 11.4 percent of properties saw price cuts while on the market.

Coming in at No. 2 was Woodhaven, where 6.9 percent of properties on the market saw price cuts. Properties in this neighborhood spent an average of 56 days on the market and there was a 100 percent sale-price-to-list-price ratio, indicating buyers are buying at initial asking price.

No. 3 on the list was another Queens neighborhood: Kew Gardens Hills. Approximately 20 percent of listings in this neighborhood saw price cuts while on the market and properties spent an average of 61 days on the market.

The following Queens neighborhoods also placed on the top 10 list:

  • No. 6: Glendale
  • No. 7: South Jamaica
  • No. 10: Briarwood

Seller’s markets are those with “a lower index value, where homes are less likely to see a price cut, sell more quickly and have sale-price-to-list-price ratios closer to or exceeding 100,” according to StreetEasy methodology.

Queens did not make the same impact on the buyer friendly market where the only neighborhood to make it to the top 10 was Long Island City.

Link to report: https://streeteasy.com/blog/best-home-buyers-and-sellers-markets-nyc/

Queens Home Prices

The median home price in Queens rose to $546,000 in February.

This is a decrease of 0.2% from January, and an increase of 14.9% compared to February of last year. The median home price has increased by approximately $71,000 since last year. Specifically, Queens real estate market report March 2018 shows that:

  • Queens residential home prices are up 7.3%,
  • Queens Condo prices are UP 6.7%, and
  • Queens Coop prices are UP 17.2%

compared to February of last year. Over the last 12 months, the median home price in Queens is up about 12.3%.

In January, the average home price for Queens real estate were as follows:

  • Average sale price for a 1 family home in Queens was: $714K
  • Average sale price for a 2 family home in Queens was: $890K
  • Average sale price for a 3 family home in Queens was: $1.12M
  • Average sale price for a 1 bedroom condo in Queens was: $440K
  • Average sale price for a 2 bedroom condo in Queens was: $605K
  • Average sale price for a 1 bedroom coop in Queens was: $257K
  • Average sale price for a 2 bedroom coop in Queens was: $303K