Queens Real Estate Market Update - New for May 2023!

In the diverse and ever-evolving borough of Queens, the real estate market is experiencing intriguing changes. Is Queens County currently in a buyers' market or a seller's market? Let's look to the data for an answer.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Queens Real Estate Market Update | May 2023

The Rise of Inventory & Prices in Queens

May brought about an upward trend in Queens' real estate listings. With a 6.7% increase, the borough now boasts 8,455 homes for sale. The median list price stands at $694,489, with homes in Queens staying on the market for an average of 97 days.

Buyer's Market with a Twist

Interestingly, Queens is showing signs of being a buyer's market, with 65% of homes selling below their asking price. Prospective homeowners should stay vigilant for potential bargains in this bustling borough. However, the market holds a fascinating twist: despite a majority of homes selling below the asking price, the actual prices of these homes are on the rise.

The Price and Inventory Spectrum

Prices across all home sizes in Queens saw an uptick in May. One-bedroom properties experienced a modest 0.2% increase, three-bedrooms climbed by 1.4%, while larger homes didn't lag behind either. Four-bedroom home prices rose by 1.1%, and five-bedrooms witnessed a significant 2.5% increase.

Inventory changes were also noteworthy, with a 4.2% increase in one-bedroom homes, a 6.3% decrease in two-bedrooms, and a substantial 7.1% growth in four-bedroom properties.

Navigating the Queens Real Estate Scene

Whether you're considering buying or selling a home in Manhattan, The Bronx, Brooklyn, or Queens, staying on top of current trends is crucial. Understanding these shifts can help you make informed decisions about your next move in the real estate market.

If you're thinking of buying or selling a home in Queens, NYC, or Westchester County, the Bizzarro Real Estate Agency is ready to be at your service!

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.