Bizzarro's February 2024 Market Update | Queens Real Estate Market: Prices Drop & Inventory Rises

The Queens real estate market is undergoing noticeable shifts as we progress into 2024. With changes in pricing and inventory levels, both buyers and sellers need to adapt their strategies to succeed. Here, Matthew Bizzarro offers a detailed analysis to help you make informed decisions whether you're looking to buy or sell in Queens.

Market Trends

The start of 2024 has brought some significant changes to the Queens real estate landscape:

  • Price Adjustments: The median sold price in Queens has seen a decrease of 3% from the previous year, now standing at about $679,000. This reflects a $20,000 drop from January 2023. Two-bedroom homes have seen a 2.8% price decrease, while four-bedroom homes dropped by 4.1%.
  • Inventory Changes: The number of homes on the market in January rose by 5.2% to nearly 7,000 listings. This increase was consistent across various home sizes, with one-bedroom units seeing a 5.8% increase, two-bedrooms 4.4%, three-bedrooms 2.3%, and four-bedrooms 5.8%. Homes with five or more bedrooms saw the largest increase at 8.2%.

Current Market Dynamics

Despite the rise in inventory, the number of homes sold in Queens has decreased by 15% compared to last year, with 568 homes sold. Furthermore, 86% of these homes sold below the asking price. The average time on the market has increased to 85 days, up from last year's average of 80 days, indicating a cooler market where buyers might find more room to negotiate.

Strategic Implications for Buyers and Sellers

  • Buyers: With increased inventory and homes staying on the market longer, buyers are in a stronger position to negotiate. This is an opportune time to look for potential bargains, especially in larger homes where inventory has grown the most.
  • Sellers: While the market conditions suggest a challenge due to increased competition and lower selling prices, sellers who adopt strategic pricing and effective marketing can still achieve successful outcomes. Standing out in a crowded market is key.

Conclusion

The Queens real estate market in early 2024 presents both challenges and opportunities. Understanding these market dynamics can help you strategically navigate whether you are buying or selling. At The Bizzarro Agency, we are here to guide you from curiosity to closure with expertise and commitment.

Stay Informed

Keep up with the latest trends and get expert real estate advice by following our blog. For personalized assistance with your real estate needs in Queens, contact us today.

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