Is South Jamaica, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$660,000
$475/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in South Jamaica have sold for 2.2% more than they did a year ago.
Summary: The median home sold price in South Jamaica was $660,000 in May 2024, up 2.2% from last year, and the median price per square foot was $475.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $150K | - | N/A |
| 2 Bedrooms | $510K | $530K | +3.9% |
| 3 Bedrooms | $615K | $625K | +1.6% |
| 4 Bedrooms | $727.5K | $715K | -1.7% |
| 5+ Bedrooms | $970K | $922.5K | -4.9% |
Summary: South Jamaica housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 3.9%, 3 bedroom homes increased by 1.6%, 4 bedroom homes decreased by 1.7%, and 5+ bedroom homes decreased by 4.9%.
Median Sold Price Compared To Nearby Neighborhoods
| Southeastern Queens | $649.5K | $669.9K | +3.1% |
| South Jamaica | $645.8K | $660K | +2.2% |
| South Ozone Park | $697K | $700K | 0.4% |
| Rochdale | $695K | $679K | -2.3% |
Housing Supply in South Jamaica, NY
How many homes are available in South Jamaica, NY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 159 | 172 | +8.2% |
Summary: The South Jamaica real estate market had 172 homes for sale in May 2024, a 8.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 26 | 29 | +11.5% |
| 3 Bedrooms | 57 | 65 | +14.0% |
| 4 Bedrooms | 33 | 34 | +3.0% |
| 5+ Bedrooms | 42 | 43 | +2.4% |
Summary: The South Jamaica housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 11.5%, 3 bedroom homes increased by 14%, 4 bedroom homes increased by 3%, and 5+ bedroom homes increased by 2.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 21 | 5 | -76.2% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in South Jamaica, you may be able to get a good deal. 80% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in South Jamaica in May 2024, down by 76.2% month-over-month. Of the 5 sold homes, 80% were sold under asking, 0% were sold at asking, and 20% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 109 Days | 107 Days | -1.2% |
Summary: Homes in South Jamaica had an average of 107 days on market in May 2024, down by 1.2% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in South Jamaica has remained consistent over time.
Summary: During May 2024, 5 homes were sold in South Jamaica; 20% of homes were sold within 30 days, 60% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
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