Bizzarro's April 2024 Market Update | Queens Real Estate: Buyer's Advantage?

The real estate market in Queens has shown nuanced shifts this April, presenting a buyer’s market scenario. Matthew Bizzarro, CEO and owner of the Bizzarro Agency, breaks down these subtleties in his latest market report, shedding light on what these changes mean for investors, homeowners, and prospective buyers.

Market Overview

In April 2024, the median sold price in Queens adjusted slightly to $686,000, marking a decrease of 1% from the previous year. While this change might seem modest, the real story lies in the detailed analysis of the prices by bedroom count.

Price Trends by Bedroom Count

  • Two-bedroom homes: Saw a marginal increase, indicating stability.
  • One and three-bedroom homes: Experienced decreases of 1.6% and 6%, respectively.
  • Four-bedroom homes: Faced a 2.8% dip.

Despite these varied trends, the market for larger living spaces remains robust, suggesting a balanced demand across various home sizes.

Inventory Changes

A significant development this April has been the 8.4% increase in inventory levels, providing buyers with a broader selection of properties. This is especially true for three-bedroom homes, which saw the highest increase in availability at 10.4%. The current market conditions favor buyers, who now have more leverage in price negotiations due to the increased inventory and somewhat longer sale times.

Strategic Implications for Sellers

For sellers, the evolving market demands a strategic approach to pricing and negotiation. The mixed stability and decline across different housing types highlight the importance of understanding market demands and positioning accordingly.

Conclusion

The insights provided by Bizzarro offer a clear guide to navigating the Queens real estate market’s current landscape. Whether you are looking to buy or sell, understanding these shifts can significantly enhance your ability to make informed decisions in this dynamic market.

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