Is Queens, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 2023
Since last year, Queens has remained a Buyer's Market.
Key Takeaway
Queens is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Queens, NY
How much do homes in Queens, NY cost?
Median Sold Price
$698,551
$500/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Key Takeaway
Homes in Queens have sold for 1.3% more than they did a year ago.
Summary: The median home sold price in Queens was $698,551 in June 2024, up 1.3% from last year, and the median price per square foot was $500.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $311.2K | $300.2K | -3.5% |
| 2 Bedrooms | $438K | $449.9K | +2.7% |
| 3 Bedrooms | $760.2K | $766.5K | +0.8% |
| 4 Bedrooms | $900K | $900K | 0.0% |
| 5+ Bedrooms | $1.1M | $1.1M | +2.6% |
Summary: Queens housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3.5%, 2 bedroom homes increased by 2.7%, 3 bedroom homes increased by 0.8%, 4 bedroom homes did not change, and 5+ bedroom homes increased by 2.6%.
Median Sold Price Compared To Nearby Cities
| Valley Stream | $632K | $670K | +6.0% |
| Queens | $689.5K | $698.5K | +1.3% |
| New York | $848.7K | $850.1K | 0.2% |
| Bellerose | $700K | $675K | -3.6% |
Housing Supply in Queens, NY
How many homes are available in Queens, NY?
Number of Homes For Sale
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 7,545 | 8,003 | +6.1% |
Summary: The Queens real estate market had 8,003 homes for sale in June 2024, a 6.1% increase compared to May 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1,639 | 1,737 | +6.0% |
| 2 Bedrooms | 1,693 | 1,752 | +3.5% |
| 3 Bedrooms | 1,681 | 1,777 | +5.7% |
| 4 Bedrooms | 951 | 1,041 | +9.5% |
| 5+ Bedrooms | 1,581 | 1,696 | +7.3% |
Summary: The Queens housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 6%, 2 bedroom homes increased by 3.5%, 3 bedroom homes increased by 5.7%, 4 bedroom homes increased by 9.5%, and 5+ bedroom homes increased by 7.3%.
Number of Homes Sold
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 696 | 660 | -5.2% |
Asking Price vs. Sold Price
454 Homes Were Sold
Under Asking
90 Homes Were Sold
At Asking
116 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Queens, you may be able to get a good deal. 68.8% of homes here sold below asking price last month.
Summary: A total of 660 homes were sold or pending in Queens in June 2024, down by 5.2% month-over-month. Of the 660 sold homes, 69% were sold under asking, 14% were sold at asking, and 18% were sold over asking.
Days on Market for Queens, NY
How long does it take to sell a home in Queens, NY?
Average Sale Time
| Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|
| 93 Days | 84 Days | -9.9% |
Summary: Homes in Queens had an average of 84 days on market in Jun 2024, down by 9.9% compared to last year.
Breakdown of Home Sale Times
225 Homes Were Sold
Under 30 Days
204 Homes Were Sold
In 30 - 90 Days
195 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Queens are selling fast, if you're buying plan to act quickly.
Summary: During June 2024, 660 homes were sold in Queens; 34% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 30% of homes were sold over 90 days.
Listings courtesy of OneKey MLS as distributed by MLS GRID.
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