Is South Jamaica, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, South Jamaica has remained a Buyer's Market.
Key Takeaway
South Jamaica is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in South Jamaica, NY
How much do homes in South Jamaica, NY cost?
Median Sold Price
$640,000
$459/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in South Jamaica have sold for 1.5% less than they did a year ago.
Summary: The median home sold price in South Jamaica was $640,000 in March 2024, down 1.5% from last year, and the median price per square foot was $459.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $369K | $145K | -60.7% |
| 2 Bedrooms | $515K | $515K | 0.0% |
| 3 Bedrooms | $615K | $610K | -0.8% |
| 4 Bedrooms | $715K | $700K | -2.1% |
| 5+ Bedrooms | $965K | $932.5K | -3.4% |
Summary: South Jamaica housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 60.7%, 2 bedroom homes did not change, 3 bedroom homes decreased by 0.8%, 4 bedroom homes decreased by 2.1%, and 5+ bedroom homes decreased by 3.4%.
Median Sold Price Compared To Nearby Neighborhoods
| Southeastern Queens | $650K | $659.9K | +1.5% |
| South Ozone Park | $697K | $700K | 0.4% |
| Rochdale | $682K | $677K | -0.7% |
| South Jamaica | $650K | $640K | -1.5% |
Housing Supply in South Jamaica, NY
How many homes are available in South Jamaica, NY?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 175 | 175 | 0.0% |
Summary: The South Jamaica real estate market had 175 homes for sale in March 2024, the same as February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 30 | 29 | -3.3% |
| 3 Bedrooms | 58 | 57 | -1.7% |
| 4 Bedrooms | 35 | 40 | +14.3% |
| 5+ Bedrooms | 50 | 47 | -6.0% |
Summary: The South Jamaica housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 3.3%, 3 bedroom homes decreased by 1.7%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes decreased by 6%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 19 | 15 | -21.1% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in South Jamaica, you may be able to get a good deal. 53.3% of homes here sold below asking price last month.
Summary: A total of 15 homes were sold or pending in South Jamaica in March 2024, down by 21.1% month-over-month. Of the 15 sold homes, 53% were sold under asking, 7% were sold at asking, and 40% were sold over asking.
Days on Market for South Jamaica, NY
How long does it take to sell a home in South Jamaica, NY?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 93 Days | 105 Days | +12.3% |
Summary: Homes in South Jamaica had an average of 105 days on market in Mar 2024, up by 12.3% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in South Jamaica are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During March 2024, 15 homes were sold in South Jamaica; 27% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 47% of homes were sold over 90 days.
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