The Queens real estate market is currently a buyer’s market. The median sale price of a home in Queens was $598K in July 2023, down 1.5% from the previous year. The median price per square foot was $640, down 0.3% from the previous year. The number of homes sold increased by 49.2% year-over-year.
There are a few factors that are contributing to the cooling of the Queens real estate market. First, rising interest rates are making it more expensive to borrow money to buy a home. Second, the influx of new apartments and condos into the market is increasing the supply of housing. Third, some buyers are being priced out of the market due to the high cost of living in New York City.
Despite the cooling market, there are still some areas of Queens that are seeing strong demand. For example, the neighborhoods of Astoria, Long Island City, and Sunnyside are all popular with young professionals and families. These neighborhoods offer a variety of housing options, good schools, and easy access to public transportation.
Here are some of the expected trends for the Queens real estate market in 2023:
- Continued price appreciation: The median home price in Queens is expected to continue to appreciate in 2023, albeit at a slower pace than in recent years.
- Increased inventory: The supply of homes on the market is expected to increase in 2023, due to the completion of new construction projects and the listing of homes by sellers who are taking advantage of the rising prices.
- Shifting buyer demand: Buyers are expected to become more selective in 2023, as they have more options to choose from. This could lead to bidding wars for desirable properties.
- Increased competition from investors: Investors are expected to become more active in the Queens real estate market in 2023, as they look to capitalize on the rising prices.
If you are thinking of buying a home in Queens in 2023, it is important to be prepared for the possibility of rising interest rates and a shifting market. However, the Queens real estate market is still a desirable market, and there are still many great opportunities for buyers.
Here are some tips for buying a home in Queens in 2023:
- Get pre-approved for a mortgage before you start looking at homes. This will show sellers that you are a serious buyer.
- Be prepared to act quickly. Homes in Queens are still selling quickly, so you need to be ready to make an offer as soon as you find a home you like.
- Be prepared to negotiate on price. The market is cooling, so sellers may be more willing to negotiate.
- Do your research on the neighborhoods you are interested in. This will help you find the right neighborhood for your needs.