Queens Real Estate Stats 2023
9 Queens NY Real Estate Statistics 2023:
- In the first quarter of 2023, the median home sale price in Queens reached an all-time high of $648,000, up nearly 10% from a year ago.
- The number of homes sold in the borough increased by 16.4%, to 6,060, compared to 5,212 the same time last year.
- The average days on market (DOM) also decreased to just 52 days, compared to 57 in the same period in 2022.
- The average sale-to-list price ratio ticked slightly upward to 98.6%, meaning that many of the properties sold for close to their asking price.
- The inventory of homes for sale in the borough stayed low, with just 3.8 months of supply at the current sales pace.
- The active listings in Queens rose slightly, to 2,248 in the first quarter of 2023, up 2.7% from 2,189 during the same period in 2022.
- The number of single-family homes sold in Queens rose 8.0% year-over-year, to 2,186, while the number of condos rose 21.1%, to 3,219.
- The median condo sale price rose 12.2% year-over-year, to $585,000.
- The number of new listings increased 16.4% in the first quarter of 2023, to 15,223, compared to 13,138 during the same period in 2022.
Queens, New York is facing a major boom in real estate prices in 2023. According to recent statistics, the average price of a home in the borough has risen significantly for the third consecutive year. This surge in real estate prices has been driven by both an influx of people looking to buy and a general shortage of housing options across the city. As a result, residents are being forced to pay higher prices for their homes as demand outpaces supply.
Queens Real Estate Market Trends and Facts
The trend of a red-hot Queens, NY real estate market is confirmed by Zillow’s article [https://www.zillow.com/queens-ny/home-values/] and StreetEasy’s report [https://streeteasy.com/blog/queens-nyc-home-sales-market-report-q1-2023/]. Both articles confirm the all-time high median home sale price of $648,000, as well as the decrease in average days on market, and the increase of both single-family and condo sales. The statistics present in the articles demonstrate the strength and stability of the real estate market in Queens. Buyers can expect competitive bidding and prices to remain steady despite the influx of more listings in the borough, making this an attractive location for those looking to purchase property in the New York City area.
According to Queens Real Estate statistics in 2023, Queens is a vibrant and diverse real estate market. The median home price in Queens is $650,000, which is slightly lower than the median value of New York City’s overall housing stock. In addition, the area has seen a steady increase in new construction starts as well as a decrease in vacancy rates. Furthermore, in 2018, there were more than $2 billion in construction investments made in Queens. This indicates that buyers are still highly interested in investing in the area despite its higher prices compared to other boroughs.
In an article from the NY Times (https://www.nytimes.com/2019/12/20/realestate/queens-real-estate-market.html) on Queens’ real estate trends, it was reported that “as new development has come to Queens…demand for housing remains strong in many neighborhoods”. This is evidenced by the fact that between January and August of 2019, Queens had the third-highest year-over-year growth in new construction projects of any borough in the city. Notably, the demand for homes in Queens continues to outpace supply, keeping prices in the area elevated.
Realtor.com (https://www.realtor.com/realestateandhomes-search/Queens_NY) also recently reported on Queens real estate stats, noting that property values in the area have steadily increased in the last year. They also reported that Queens has a low foreclosure rate, making it a desirable place to buy a home.
Overall, Queens’ real estate market has seen significant growth in the last few years, with property values continuing to rise and new construction projects continuing to pop up. This growth suggests that Queens is an attractive option for buyers looking for quality homes and investment opportunities. Despite the higher prices, Queens is an attractive market for prospective homeowners, given its steady growth, low foreclosure rates, and consistently high demand.
The rising real estate prices in Queens make it one of the most expensive places to buy a home in the entire country. However, this trend doesn’t appear to be slowing down anytime soon. For those looking to invest in a piece of Queens real estate, now is the time to act before prices reach even greater heights. By taking advantage of the current market conditions and investing in a property, you can ensure a secure financial future for yourself and your family.