Queens Real Estate Market Report: Q2 2024, a quarterly report produced by the Queens Home Team at Keller Williams Realty Landmark II. Need Help? Contact Us
Data Source:
Market Snapshot
Our apologies for the delayed publishing of our Q2 Queens real estate market report. Although we are updating this in August, the data referenced is for the second quarter of the year (i.e. Apr – Jun). That said, below is a breakdown of the local real estate market both by the numbers, and by our personal experiences in the field.
As we close out the Summer, we are noticing that mortgage rates are trending downward, pending sales are up, home prices are up, and inventory is up modestly although still very low. Closed sales are up year over year and quarter over quarter, but not by a huge amount, and still not near the pre-pandemic sales figures.
As for month’s supply, it ticked up very modestly from 6.8 months in Q1 to 7.1 in Q2. 5-7 months of supply is considered a balanced market and based on our experience in the field this year, we would agree that the market feels pretty balanced. Generally speaking, it doesn’t feel like an extreme seller’s market and it doesn’t feel like an extreme buyer’s market either. If we had higher inventory, we’re positive that it would feel like more of a buyer’s market but due to the supply constraint of homes in Queens, the market still feels pretty balanced.
For example, from January – July, our team has listed 21 properties in Queens. Of these 21 properties, 5 of them have closed, 7 are under contract, 8 are still available, and 1 of them was withdrawn due to personal reasons. Of the 8 properties that are still available, 5 of them are coops. For the most part, a residential 1-3 family home priced well will sell fairly quickly. However, coops appear to still be a laggard in the market, most likely due to the fact that coop buyers are typically entry level buyers and entry level buyers are the ones who get impacted the most by rising mortgage rates.
What we’ve noticed with residential homes is that if a property is being sold with tenants, or if there are non-paying tenants in the building, it appears to be reducing the amount of interest in the home and it appears to negatively impact the overall value of the property. We assume this is because buyers are aware of the landlord tenant laws in NYC and they are wary of inheriting a tenant (or tenants) that they did not personally vet.
All in all the market appears to be pretty steady, and now that Jerome Powell has confirmed the need to cut rates, it should lead to increasing demand for homes as long as mortgage rates keep falling. In our opinion, once mortgage rates drop another point, we will likely see an uptick in buyer activity as well as an uptick in new inventory coming on the market.
We’ll continue to watch the market and keep you posted on any new developments 🙂
Sign Up for our Queens Homeowner Newsletter
A monthly roundup of content and resources specifically related to Queens Homeowners.
Month’s Supply
What is Month’s Supply? Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. For example, if there are 50 homes on the market and 10 homes selling each month, there is a 5 month supply of homes for sale.
Months of supply is a good indicator of whether a particular real estate market is favoring buyers or sellers. Typically, a market that favors sellers has less than 6 months of supply, while more than 6 months of supply indicates an excess of homes for sale that favors buyers.
Month’s Supply in Queens NY
………. # Homes currently Available for Sale: 4,626 (was 4,510 last quarter)
………. Average # of Homes selling each month: 652 (was 664 last quarter)
………. Month’s Supply: 7.1 (was 6.8 last quarter)
Sign Up for our Queens Homebuyer Newsletter
A monthly roundup of content and resources specifically related to Queens Homebuyers.
Closed Home Sales
The One Key MLS reported a total of 2,063 closed home sales in the 2nd quarter of 2024. This was UP 11.6% from the previous quarter and UP 1.7% compared to the same quarter last year. Specifically, Residential home sales were UP 2.5%, Condo sales were UP 18%, and Coop sales were DOWN 4.5% compared to the same quarter last year.
Over the last 12 months, closed home sales in Queens were DOWN 6.7%.
Free Home Valuation
Request a free home valuation from one of our local Queens real estate experts.
Pending Home Sales
As for pending home sales, the One Key MLS reported a total of 2,615 pending homes sales in the 2nd quarter of 2024. This was UP 19.5% from the previous quarter and UP 7.8% compared to the same quarter of last year. Specifically, residential pending home sales were UP 7.8%, condo pending sales were UP 14.7%, and coop pending sales were UP 5.4%.
Median Home Price
As for Home Prices, the One Key MLS reported a median home price in Queens of $695,000 that’s UP 4.5% from the previous quarter and UP 6.9% compared to the same quarter last year. Specifically, the median sale price for residential 1-4 family homes was UP 4.1%, median sale price for condos was UP 12.2%, and the median sale price for coops was DOWN 0.1% compared to the same quarter last year.
Over the last 12 months, the median home price in Queens is UP 1.2%.
Mortgage Rates
Mon, Aug 26 2024, 4:07 PM
Mortgage rate movement is tied to activity in the bond market and like many things in the world of finance, the bond market depends on participation from human beings. As such, late summertime Mondays are occasionally superfluous when it comes to contributing to the broader interest rate narrative. Today was just such a Monday.
The absence of meaningful impact can nonetheless be seen as a good thing considering there were no negative impacts. In fact, the average mortgage lender was able to lower its top tier conventional 30yr fixed rates by a microscopic amount compared to Friday’s levels.
While the rest of the week’s data and events could result in more substantial movement, the potential volatility pales in comparison to what we may see in the following two weeks as the most highly consequential data is released. (view article)
Housing Inventory
There is currently 7.1 month’s supply in Queens, this is UP from the 6.8 month’s supply we had last quarter, and the same as the 7.1 month’s supply we had in the same quarter of last year. As for active listings, currently there are a total of 4,626 homes for sale in Queens. That’s UP from the 4,506 homes we had on the market in the previous quarter and DOWN from the 4,899 homes we had on the market at this time last year.
Queens Real Estate Market 2024, provided by the Queens Home Team at Keller Williams Realty Landmark II. Have a Question? Contact Us anytime.
Good Reads & Listens
Transfer on Death Deeds: State Amends New York Real Property Law
Rates Plummet as the Market Buys into the Big Shift
Counties, towns to see 2% tax cap as inflation slows
Latest Videos
About Us
The Queens Home Team is a group of friendly, service driven real estate agents in Queens NY. Our team members are not only experts at what they do, but more importantly, they are driven by their desire to help people. The team approach is what truly separates us from the average Queens broker, because while most agents are one person doing several things, we have several agents doing one thing, and being great at it! This ensures expertise throughout all stages of the transaction and allows us to provide the superior level of service our clients deserve. We understand that real estate is a service industry, therefore we treat it as such. Rest assured that when you work with the Queens Home Team, you’ll be in good hands, with people who care 🙂
*The opinions expressed in This Queens Real Estate Market Report are intended to supplement opinions on real estate expressed by local and national media, local Queens real estate agents and other expert sources. You should not treat any opinion expressed on this report as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. The Queens Home Team at Keller Williams Realty Landmark II does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. The Queens Home Team will not be liable for any loss or damage caused by your reliance on information contained in this report.
