Here’s a summary of the key trends in Queens real estate sales for January 2024:
Prices:
- Median sold price: $687,317, representing a slight decrease of 1.8% from December 2023.
- Median listing price: $570,000, showing a downward trend of 1% year-over-year.
- Prices increased across most home sizes: One-bedroom (+0.2%), three-bedroom (+1.4%), four-bedroom (+1.1%), and five-bedroom (+2.5%).
Sales Activity:
- Sales volume: Decreased by 16% compared to previous periods.
- Days on market: Likely increased due to lower buyer demand.
- Negotiations: About 65% of properties sold below asking price, indicating a shift in buyer bargaining power.
Inventory:
- Listings increased by 4.1%, providing a wider selection for buyers.
- One-bedroom and four-bedroom properties saw the most significant inventory growth.
Overall:
- The Queens real estate market showed signs of cooling down in January 2024 compared to the previous year’s heated activity.
- Prices remained relatively stable, with some increases in specific segments.
- Buyer demand softened, leading to decreased sales volume and more negotiating power for buyers.
- Inventory increased, offering more options for buyers but potentially putting downward pressure on prices.
Do you have any specific questions about the Queens real estate market? Call us at 1-800-222-NEAL or fill out the contact form.
