Bizzarro's March 2024 Market Update | Queens Real Estate Market Breakdown: What You Need to Know!

The real estate landscape in Queens, New York, has shown intriguing shifts as we move through the first quarter of 2024. Prices have seen a slight decline, but the availability of homes has increased, suggesting a potential buyer's market. Here’s a breakdown of the current trends and what they could mean for prospective buyers and sellers.

A Slight Dip in Prices

The median sold price in Queens has experienced a modest decrease of 2.2%, settling at $683,000. This decline was most pronounced in one-bedroom properties, which saw a 2.8% drop, while larger homes with five or more bedrooms held steady in price.

Increased Home Availability

One of the most notable changes has been a 6.3% increase in the number of homes for sale, rising to 7,050 properties. This increase is spread across all types of homes but is most significant in properties with five or more bedrooms, which saw an 8.6% increase. More homes on the market mean more choices for buyers, enhancing their negotiating power.

Sales Dynamics

While the number of homes for sale has increased, the number of completed sales in February dropped by 13.2% to 531 properties, with a substantial 87% of these homes selling at or under asking price. This suggests that buyers currently have the upper hand in negotiations.

Market Speed

The average time homes stayed on the market was 91 days, slightly less than last year's 94 days. This slight acceleration in sales pace indicates a somewhat balanced market, despite the favorable conditions for buyers.

Implications for Buyers and Sellers

For buyers, the current market in Queens offers favorable conditions, especially with the increased inventory providing more options and better leverage in negotiations. Sellers, particularly those with one-bedroom units or those seeking quick sales, may need to adjust their expectations and strategies to align with the current market dynamics. Larger homes maintain their appeal, suggesting resilience in this segment.

Understanding these trends is crucial for making informed decisions in Queens' real estate market. Whether you are buying or selling, the key to success lies in adapting to the evolving market conditions.

Post a Comment