Here’s a recap of the key trends shaping Queens’ real estate market in December 2023:
Prices:
- Median sold price: $677,857 (down 3.2% from the previous year)
- Median listing price: $575,000 (down 1.7% year-over-year)
- Sale-to-list price ratio: 97.19% (buyers gaining slightly more negotiating power)
Inventory:
- Available inventory: 4.1% increase compared to December 2022, offering more options for buyers.
- Median days on market: 83 days (a 12.4% rise compared to the previous year, possibly indicating slower sales pace).
Market conditions:
- Shifting towards a buyer’s market: Increased inventory and lower prices suggest a transition from a seller’s market.
- Sales activity: Declined by 16% compared to previous periods.
- Pricing trends: 65% of properties sold below asking price, further supporting a buyer’s advantage.
Additional insights:
- Two-bedroom homes experienced the steepest price decline (5.7%), while five-bedroom houses saw the biggest jump in available listings (8.5%).
- The Queens market witnessed a slowdown in sales compared to earlier months in 2023.
Overall, December 2023 presented a shifting landscape in Queens’ real estate market. With increased inventory, slower sales, and price adjustments, the power dynamics seem to be moving towards buyers.
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.
