The Queens real estate market in November 2023 showed signs of a shift compared to the frenzied pace of the past year. Here’s a summary of the key trends:
Prices:
- Median sale price: $678,813, down 3.1% from a year ago and 1.6% from October 2023.
- Median price per square foot: $497, down 19.8% from a year ago.
Sales:
- Number of homes sold: 643, down 17.6% from October 2023 and 64.6% lower than November 2022.
- Percentage of homes sold under asking price: 69%, indicating a buyer’s market.
Inventory:
- Number of listings: 8,192, up 4.7% from October 2023. This is the first increase in inventory since January 2023.
- Days on market: 83, up 12.4% from a year ago.
Overall, the Queens market seems to be cooling down after a period of rapid price growth and intense competition. Several factors are likely contributing to this, including rising interest rates, economic uncertainty, and increased inventory.
Here are some additional insights:
- Different property types are experiencing varying trends. For example, two-bedroom properties saw the most significant price decrease in November, while five-bedroom homes had the biggest jump in listings.
- Certain neighborhoods are performing better than others. Astoria, Long Island City, and Forest Hills continue to be popular choices for buyers, while some less expensive areas like Far Rockaway and Jamaica are seeing more interest.
If you’re thinking about buying or selling in Queens, it’s important to stay up-to-date on the latest trends and consult with a local real estate agent who can provide expert advice.
Do you have any specific questions about the Queens real estate market or areas you’d like to learn more about? Call us at 1-800-222-NEAL or fill out the contact form.
