Here’s a summary of Queens real estate sales trends for February 2024:
- Prices: The median sales price dipped slightly compared to January, reaching around $679,000, which reflects a 3% decrease year-over-year and a $20,000 drop compared to February 2023. Two and four-bedroom properties saw the most significant price reductions, dropping by 2.8% and 4.1%, respectively.
- Sales volume: The number of homes sold in February decreased by 13.2% compared to January, with a total of 531 homes sold or pending.
- Inventory: The number of homes available for sale continued to rise, with an increase of 5.2% from January, reaching almost 7,000 listings.
- Market conditions: The market shifted slightly towards a buyer’s market, with 72% of properties selling below the asking price, 15% selling at asking price, and only 13% selling above asking price.
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