Queens Real Estate Market Update - New for January 2024!

Queens Real Estate Market UpdateDive into the heart of New York City's real estate scene with a spotlight on Queens. This analysis of the December 2023 Queens real estate market data, presented by Matthew Bizzarro of The Bizzarro Real Estate Agency, offers a fresh perspective on the evolving landscape for buyers, sellers, and investors. As current and prospective Queens residents hang their 2024 calendars, the borough's real estate scene is exhibiting signs of a buyer's market; here's everything you need to know!

Queens Real Estate in Focus: Unveiling the December 2023 Market Shifts

Median Sold Price in Queens: December 2023

Key Highlights

  • Shift to a Buyer's Market: The median sale price in Queens dropped to $677,857, a 3.2% decrease, signaling a shift towards a buyer's market.
  • Selective Inventory Reduction: Overall housing inventory decreased by 1.2%, with a notable decline in two-bedroom and three-bedroom homes.
  • Changing Sales Dynamics: Sales slowed down by 9.3%, with a majority of homes selling below the asking price.
  • Quickened Market Pace: Homes are selling faster, averaging 80 days on the market, down from 87 days the previous year.

Number of Homes for Sale in Queens: December 2023

Number of Homes Sold in Queens: December 2023

In-Depth Analysis

Opportunities for Buyers:

The current market trend in Queens is a boon for buyers. With most homes selling below the asking price and a general dip in prices, it's an ideal time to invest in a property. Buyers have more negotiating power and a better chance of finding a great deal. Prospective buyers can explore available homes for sale in Queens to capitalize on these trends.

Strategies for Sellers:

Sellers need to adapt to the fast-paced market. Setting a competitive price and effective marketing are crucial to attract buyers. Understanding the pricing dynamics and getting a free market analysis can be instrumental in making informed decisions.

Average Sale Time in Queens: December 2023

Asking vs. Sold Price in Queens: December 2023

Jumping Into the 2024 Queens Real Estate Market

The Queens real estate market is evolving, presenting unique opportunities and challenges for buyers and sellers. Whether you're looking to purchase your dream home or sell your property, understanding these trends is key. For personalized advice and expert guidance, connect with Matthew Bizzarro and the team at Bizzarro Real Estate Agency. They are committed to helping you navigate the market confidently and successfully. Contact us today to start your real estate journey in Queens.

Homes for Sale by Bedroom in Queens: December 2023

Median Price by Bedroom in Queens: December 2023

FAQs

Q: Is now a good time to buy real estate in Queens?

A: Yes, with the current buyer’s market, it's an opportune time to invest in Queens real estate.

Q: How can I determine the right price for selling my home in Queens?

A: Consider getting a free market analysis and consulting with real estate experts like Bizzarro Agency for accurate pricing.

Q: What are the most sought-after property types in Queens currently?

A: Two-bedroom and four-bedroom homes are currently experiencing significant demand and price adjustments.

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Exploring the Queens Real Estate Market: Insights 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.

Key Highlights

  • Median Sold Price: Has dropped a few percentage points from this time last year
  • Inventory Shifts: Increasing inventory, particularly for larger homes
  • Sales Activity: Despite increasing inventory, there were fewer home sales compared to last month
  • Pricing Trends: The majority of homes are selling below listing price

The Current State of Queens Real Estate

Welcome to the latest insights into the Queens real estate market, brought to you by The Bizzarro Real Estate Agency, a leader in New York City's residential real estate. As we delve into the November 2023 market trends, it's clear that understanding these shifts is crucial for both buyers and sellers.

Recent Market Trends

The median sold price in Queens has seen a notable decrease to $678,813, a 3.1% drop from last year. This trend spans across various property sizes, with 1-bedroom properties experiencing a 3% dip and 4-bedroom homes a 3.3% decrease. Such consistent downward trends across different property sizes signal a significant shift in the market.

Queens NY Median Sale Price Year-Over-Year, November 2023 Queens NY Median Sale Price Year-Over-Year by Number of Bedrooms, November 2023

Inventory Changes

November witnessed a slight increase in available homes for sale in Queens, up by 1.4% from October, totaling 7,574 properties. Larger homes, particularly those with 4 or more bedrooms, saw the most significant increases in availability. This rise in spacious homes on the market could be attributed to changing homeowner preferences or needs.

Queens NY Number of Homes For Sale Month-Over-Month, November 2023 Queens NY Number of Homes For Sale Month-Over-Month by Number of Bedrooms, November 2023

In-Depth Analysis

Buyer’s Market Dynamics

The Queens market is currently favoring buyers. With a 17.6% decrease in home sales from the previous month and 69% of homes selling below the listed price, buyers have substantial negotiation power. The average time homes spent on the market was 85 days, slightly longer than last year, indicating a more relaxed market pace.

Queens NY Number of Homes Sold Month-Over-Month, November 2023 Queens NY Real Estate Asking Price vs. Sold Price, November 2023 Queens NY Average Time to Sell a House Year-Over-Year, November 2023

Opportunities for Buyers

For those looking to purchase in Queens, the current market offers a variety of choices, especially in larger homes. The reduced competition and pressure from other buyers provide a conducive environment for finding the perfect home at a comfortable pace.

Guidance for Sellers

Sellers need to adopt a strategic approach in this market. With homes taking longer to sell and many fetching prices below the asking rate, it's essential to price homes correctly and market them effectively. Pricing tips for sellers and a free market analysis can be invaluable tools in this regard.

Navigating the Market with Expertise

Whether you're a buyer or a seller, the Queens real estate market presents unique opportunities and challenges. It's crucial to understand these dynamics to make informed decisions. At The Bizzarro Real Estate Agency, led by Matthew Bizzarro, we are committed to guiding you through every step of your real estate journey. Explore our buyer services and seller services for tailored assistance.

Stay Informed and Connected

For more insights and updates on the New York City real estate market, visit our blog. If you have any questions or need expert advice, don't hesitate to contact us. We're here to help you make the best real estate decisions in NYC.

Queens Real Estate Market FAQ

Q: Is now a good time to buy property in Queens?

A: With the current buyer’s market conditions, it's an opportune time to purchase property, especially if you're interested in larger homes.

Q: What should sellers in Queens focus on in the current market?

A: Sellers should concentrate on setting the right price and effective marketing. Utilizing resources like a free market analysis can be highly beneficial.

Q: How can I calculate my mortgage for a property in Queens?

A: Use our mortgage calculator to estimate your mortgage payments for properties in Queens.

Remember, whether you're buying or selling, the Bizzarro Real Estate Agency is here to support you with expert guidance and a proven process for successful transactions.


Historic Market Updates

Queens Real Estate Pulse: November 2023 Market Insights

Key Highlights

Queens Median Sold Price by Bedroom: November 2023 Queens Average Sale Time: November 2023

  • 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.

In-Depth Analysis

Median Sold Price

Queens Median Sold Price: November 2023

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%.

Queens Homes for Sale by Bedroom: November 2023

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%.

Queens Number of Homes for Sale: November 2023

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.

Queens Number of Homes Sold: November 2023

Strategic Considerations

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 Asking vs. Sold Price: November 2023

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.


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.

Key Highlights:

  • 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.

In-Depth Analysis:

Median Sold Price

Median Sold Price in Queens 2022 vs. 2023 Median Sold Price by Number of Bedrooms in Queens September 2022 vs. 2023

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.

Inventory Dynamics

Housing Inventory in Queens August vs. September 2023 Housting Inventory by Number of Bedrooms in Queens August vs. September 2023

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.

Sales Activity

Number of Home Sales in Queens August vs. September 2023 Median Time to Sell in Queens August vs. September 2023

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.

Pricing Trends

Asking Price vs. Sold Price in Queens September 2023

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.

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!


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.

Key Highlights:

  1. 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%.
  2. 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%.
  3. 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.
  4. 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.

In-Depth Analysis:

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

Number of Homes for Sale in Queens, NYC

From May to June, the number of homes for sale in Queens rose by 7.2% to over 8,100.

Average Length of Sales in Days for Homes in Queens, NYC

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

Median Sold Price for Homes in Queens, NYC

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."

Median Sold Price for Homes in Queens, NYC by Bedrooms

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

Sold Prices vs. Asking Prices for Homes in Queens, NYC

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. Number of Sold Homes in Queens, NYC 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.

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

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