Queens NY, experienced an increase in new listings in March 2024 compared to March last year. According to the Queens news and entertainment outlet QNS, “New listings in Queens rose 9.4% year-over-year, from 658 in March 2023 to 720 in March 2024.”
The average sales price of properties in Queens for the month of March 2024 is $687,009, which is 3.7% higher than last year’s $662,618.
Photo source: compass.com
Though there’s a decrease in inventory year-over-year, it didn’t stop Queens from outshining other boroughs in terms of new listings. In addition to what QNS reported, 1 in 10 of the total 720 listing inventory for March 2024 were brand new condo units, making Queens the only borough in NYC to have an increase in new listings year-over-year.
Despite the decrease in inventory year-over-year, there’s a surge in demand for dwelling units in Queens, leading to an increase in the median asking price. It went up from $614,950 to $650,000 year-over-year. This is a good thing, especially for those looking to sell their properties this year. There’s less inventory, but the market is competitive, with lots of buyers from all directions. Buyers are eager to find their dream homes before the summer rush. Sellers can benefit from increased demand and competition among buyers.
However, this doesn’t mean that it’s a bad thing for buyers at all. Buyers can benefit from the springtime market now that the median sale price is 2.7% lower than in February.
Photo source: compass.com
If you’re looking to buy/sell but don’t know how to navigate the Queens real estate market, I’m here to help! Give me a call at 347-354-9101 or send me an email at [email protected].