Last Updated on October 22, 2024
Queens Real Estate Market 2024, a quarterly report produced by the Queens Home Team at Keller Williams Realty Landmark II. Need Help? Contact Us
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Market Snapshot
Fall is here and fortunately the weather has remained pretty mild, so far. As for the local real estate market, it too has remained pretty mild. We really haven’t experienced any significant changes this year. As you can imagine, the higher mortgage rates have slowed the market down from 2020 and 2021 levels, but all in all the market has continued to move. Mortgage rates have actually moved down for most of 2024, but in the last 30 days they have shot up dramatically so as of right now (10/22/24), the average rate for a 30 year fixed rate mortgage is about the same as it was in January of this year (6.85% vs 6.90%). This will likely have an impact on the 4th quarter of the year and possibly the first quarter of 2025 depending on where rates move in the next 3 months.
In terms of closed sales, they were down modestly (3.3%) in the third quarter but up about 4% compared to the second quarter of 2024. Over the last 12 months, sales are pretty flat, but that’s a significant improvement from the 26% year over year decrease we had last October. When you look at the 12 month sales trend, you’ll notice that we have been on an upward trend in closed sales for the last 12 months. At this rate, we should swing into positive territory very soon, on a year over year basis.
Pending sales on the other hand, were up, year over year, about 12% in the third quarter but down about 3% from the second quarter of 2024. Overall, pending sales have remained pretty flat all year. This is not a big surprise considering that mortgage rates have remained in the 6’s all year, and inventory levels have not increased much.
Regarding home prices, they are back in positive territory with the median home price in Queens rising 3.7% on a year over year basis and about 1% on a quarter over quarter basis. The largest home price increases have been in the residential 1-4 family home market which is not surprising because that is what we’re still seeing the field as well. Coops and condos are also up, but very modestly.
And lastly, when we look at month’s supply, which measures supply & demand in the real estate market, we see that month’s supply in Queens dropped from Q2, and is also down from the month’s supply we had in Q3 of last year. We’re currently at a month’s supply of 6.5 months which would be considered a “balanced market”. And available inventory currently stands at about 4,615 properties for sale which is lower than the 4,842 properties that were for sale in Q3 of last year. As you can see, not much has changed. If mortgage rates make their way into the 5’s next year, then we assume that home prices will continue to rise, and may do so at a higher rate than this year, especially if inventory remains tight.
We’ll continue to watch the market and keep you posted on any new developments 🙂
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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: 4,615 (was 4,626 last quarter)
………. Average # of Homes selling each month: 710 (was 652 last quarter)
………. Month’s Supply: 6.5 (was 7.1 last quarter)
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Closed Home Sales
The One Key MLS reported a total of 2,173 closed home sales in the 3rd quarter of 2024. This was UP 4% from the previous quarter and DOWN 3.3% compared to the same quarter last year. Specifically, Residential home sales were DOWN 4%, Condo sales were UP 4.4%, and Coop sales were DOWN 4.3% compared to the same quarter last year.
Over the last 12 months, closed home sales in Queens were DOWN 0.8%.
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Pending Home Sales
As for pending home sales, the One Key MLS reported a total of 2,477 pending homes sales in the 3rd quarter of 2024. This was DOWN 2.9% from the previous quarter and UP 11.8% compared to the same quarter of last year. Specifically, residential pending home sales were UP 11.8%, condo pending sales were UP 28.9%, and coop pending sales were UP 6.7%.
Median Home Price
As for Home Prices, the One Key MLS reported a median home price in Queens of $700,000 that’s UP 0.7% from the previous quarter and UP 3.7% compared to the same quarter last year. Specifically, the median sale price for residential 1-4 family homes was UP 5.7%, median sale price for condos was flat, and the median sale price for coops was UP 1.6% compared to the same quarter last year.
Over the last 12 months, the median home price in Queens is UP 3%.
Mortgage Rates
Tuesday, October 22, 2024
Mortgage rates jumped to their highest levels since late July yesterday. Underlying market movement wasn’t readily attributable to any singular headline or economic report. Leading theories involve changes in election odds and more esoteric aspects of the bond market’s plumbing.
The damage was much easier to quantify as it resulted in one of the bigger single day jumps seen in 2024 and certainly the biggest jump that occurred in the absence of an immediately obvious, quantifiable reason.
Today was much calmer although the average lender dialed rates up just a hair more. The day over day change was a modest 0.03%, bringing the average 30yr fixed rate up to 6.85% on top tier scenarios.
In general, it’s a good idea to plan for additional rate volatility through the first half of November at the very least. (view article)
Housing Inventory
There is currently 6.5 month’s supply in Queens, this is DOWN from the 7.1 month’s supply we had last quarter, and DOWN from the 6.9 month’s supply we had in the same quarter of last year. As for active listings, currently there are a total of 4,615 homes for sale in Queens. That’s DOWN from the 4,626 homes we had on the market in the previous quarter and DOWN from the 4,842 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.
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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.
