Queens Real Estate Market Update - New for November 2023!
As the leaves change in Queens, so does the housing market, revealing a number of trends that mirror the season's transformation. Matthew Bizzarro of the Bizzarro Real Estate Agency, your neighborhood real estate expert, unpacks the latest shifts in the real estate market in Queens and what they could mean for your next move.
Queens Real Estate Pulse: November 2023 Market Insights
- Median sold prices in Queens experience a slight seasonal dip.
- Two-bedroom and four-bedroom homes adjust to the cooler market.
- Listings increase, providing a broader spectrum of choices.
- Sales decelerate, indicating a growing buyer's market.
Median Sold Price
Regarding homes for sale in Queens, the median sold price has seen a 2.5% decrease, now at $682,447, marking a $17,587 drop from the previous year. The market's cool-down is more pronounced in two-bedroom and four-bedroom homes, with respective price reductions of 4.7% and 2.5%.
Number of Homes For Sale
The narrative of listings is one of growth, with a 5.3% increase in new listings in Queens entering the market. This equates to 400 more opportunities for buyers, especially those seeking one-bedroom or expansive five-plus-bedroom homes, which have seen increases of 5.9% and 10%.
Number of Homes Sold
The plot thickens with a slight slowdown in sales, totaling 727 homes sold, a modest decrease from last month. The majority of these homes, 83.6%, sold at or below asking price, signaling a shift towards buyer advantage. The average time on the market has extended to 86 days, offering buyers more time to make considered decisions.
For buyers, the current market conditions suggest that patience could indeed be a virtue, offering leverage in negotiations. Sellers may find the market less brisk than before, but the serious nature of current listings indicates a market ripe for opportunity.
Queens Real Estate Market: November 2023
The Queens real estate market this November is characterized by an increase in options and a slight easing of prices, creating a landscape that leans towards buyers. If you're contemplating your next step, now might be the opportune time to explore your options regarding Queens condos and apartments. With Matthew Bizzarro's guidance, you can navigate this market to find a choice that's not just good but potentially a wise investment for your future.
Keep in touch for regular monthly updates on Queens’ property scene. Make sure to hit like and subscribe for ongoing insights, and we're excited to continue bringing you the tales from our local streets.
Trust Us to Help You Sell Your Home
Queens Real Estate Market Update | October 2023
Matthew Bizzarro from the Bizzarro Real Estate Agency presents an in-depth look at the Queens real estate market for October 2023. From slight changes in median sold prices to fluctuations in inventory, this report is a treasure trove of insights for both potential buyers and sellers.
- Median Sold Price: A slight decrease of 1.8%, standing at $687,317.
- Inventory Shifts: A 4.1% increase in listings, providing a wider selection for buyers.
- Sales Activity: A downtick compared to previous periods.
- Pricing Trends: Sales volume decreased by 16%, and about 65% of properties sold below asking price..
Median Sold Price
While the median sold price has decreased, the dip is subtle. This could offer buyers new opportunities to purchase one of the many new home listings in Queens, especially those eyeing 2-bedroom properties, which saw the most notable decline.
A slight swell in listings indicates a richer variety for prospective buyers. Total listings increased by 4.1% to 8,092, with five-bedroom homes seeing a 7.1% uptick.
Although inventory has expanded, the same vigor isn't observed in the sales department. Sellers might want to reassess their market approach in light of this.
A considerable portion of homes have closed below their asking price, providing a window for buyers to negotiate favorable terms. While this means sellers are entering a slightly more competitive arena, it offers buyers an enriched pool of choices.
What Does This Mean for the Queens Market?
The Queens market in October 2023 offers a nuanced landscape for both buyers and sellers. The variations in pricing and inventory levels present unique opportunities for those who are well-informed.
Keep your finger on the pulse of this vibrant market by tuning into our regular monthly reports. Don't forget to like and subscribe to our YouTube channel for more updates on the Queens real estate market. See you in the neighborhood!
Buy and Sell With the Bizzarro Team
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.
Historic Market Updates
Queens Real Estate Market Update | August 2023
Join Matthew Bizzarro from the Bizzarro Real Estate Agency as he breaks down the August 2023 Queens Market Report. From subtle shifts in median sold prices to the rise in listings, especially in the five-bedroom property segment, this report offers essential insights for potential buyers and sellers in Queens.
- Median Sold Price: The median sold price has seen a modest dip of 1.6% to $688,061, with two-bedroom properties experiencing the most substantial decrease of 5.7%.
- Rise in Listings: The number of homes for sale has risen by 4.7% to 8,192, with five-bedroom properties marking the most dramatic increase of 8.5%.
- Fall in Homes Sold: The number of homes sold has taken a 15.9% slide to 600, with 84.5% sold at or under the asking price.
- Longer Time on Market: Listings have been on the market for an average of 83 days, a 12.4% increase from last year's 74-day average.
Median Sold Price:
The modest decrease in median sold price, particularly in two-bedroom properties, may present opportunities for buyers looking for affordable homes in Queens.
Rise in Listings:
The 4.7% rise in listings, especially in the five-bedroom segment, indicates that it might be the perfect time for those searching for a larger home or an upgrade in Queens.
Fall in Homes Sold:
With most homes sold at or under the asking price, buyers should consider getting serious about making offers. This trend may offer unique opportunities for those looking to invest in Queens.
Longer Time on Market:
The increase in listing durations suggests that sellers may need to consider strategic pricing and marketing to attract potential buyers.
Looking Forward to August 2023
The August 2023 Queens Market Report unveils a vibrant and ever-evolving real estate market. Whether you're a buyer or a seller, understanding these trends is key to navigating the Queens property scene with confidence.
Stay ahead of the curve and explore the dynamic Queens real estate market with our monthly reports. Don't forget to like and subscribe for more insights. See you around the neighborhood!
Queens Real Estate Market Update | July 2023
Standing on the edge of a skyline, you can watch the city change right before your eyes—especially in Queens, NY! Join us as we take an in-depth look at the Queens section of the New York City real estate market in this July 2023 report, guided by expert Matthew Bizzarro.
The Rise in Listings and Time on the Market
From May to June, the number of homes for sale in Queens rose by 7.2% to over 8,100.
Interestingly, these properties also stayed on the market for longer, with a 24.4% increase from last year, resulting in listings spending over 90 days in the spotlight.
Changes in Price and Opportunities
Discussing the price tags, Bizzarro states, "The median list price in our real estate market came in at just over $688,000." This marks a slight dip of 1% or around $6,000 since June 2022. However, he reminds us that "every market swing is a new opportunity."
Those seeking two-bedroom homes are in for a treat, with prices down 4.9% and an increase in availability by 7% compared to the previous year.
The Sale Statistics
In an eye-opening revelation, Bizzarro shares, "Last month, a whopping 66% of listings in Queens, NY were sold below asking price." In contrast, only 14% were sold above the asking price. And if you thought Queens likes to stay put, think again! The number of homes sold in May 2023 was 665, but by June 2023, this figure climbed by 5% to nearly 700.
The Dynamic Queens Real Estate Market
In essence, the Queens real estate market is a lively, ever-changing entity teeming with opportunities. Whether you're interested in single-family homes or high-rise condos, this market warrants your attention. As Bizzarro concludes, "The Queens real estate market is dynamic, ever-changing, and full of opportunities." So, stay informed, stay focused, and make the most of this dynamic real estate market.
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 in April, 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 going into 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.