Market Overview

Balanced Market with Moderate Growth - Queens County is currently experiencing a balanced market with moderate growth. The months of inventory stand at 5.89, showing a slight decrease of 2.97% from the previous month, indicating that while there is sufficient supply, demand remains strong.

Rising Home Prices - The median sold price for properties in Queens County has risen to $767,500, reflecting a 5.14% increase from last month. The median estimated property value is $791,000, a slight increase of 0.3% month-over-month and a year-over-year increase of 0.1%.

Key Market Metrics

Active Listings

  • Number of Properties: 2,213
  • Median List Price: $775,000 (up 0.8% MoM)
  • Median $/Sqft: $697 (up 0.7% MoM)
  • Total $ Volume: $2,031,854,799 (up 1% MoM)

Pending Listings

  • Number of Properties: 443
  • Median List Price: $789,000 (up 1.8% MoM)
  • Median $/Sqft: $643 (up 1.4% MoM)
  • Total $ Volume: $374,354,948 (up 3% MoM)

Sold Listings

  • Median Sold Price: $767,500 (up 5.1% MoM)
  • Median $/Sqft: $583 (up 3% MoM)
  • Total $ Volume: $245,321,133 (up 5.8% MoM)

Days on Market and List-to-Sold Price Ratio

Median Days in RPR

  • New Listings: 42 days (down 2.4% MoM)
  • Active Listings: 73 days (up 7.4% MoM)
  • Pending Listings: 61 days (up 13% MoM)
  • Sold Listings: 56 days (up 15.2% MoM)

List-to-Sold Price Ratio

  • The average list-to-sold price ratio in Queens County is 96.8%, showing a slight increase of 0.23% from the previous month, indicating that homes are selling close to their asking prices.

Conclusion

The Queens County real estate market in April 2024 continues to demonstrate balanced conditions with moderate price growth. With rising home prices and a stable list-to-sold price ratio, both buyers and sellers can find opportunities in this market. For buyers, it’s important to act quickly due to the competitive nature of the market. For sellers, the current conditions present an ideal time to list properties, capitalizing on the appreciating home values.

Staying updated with the latest market trends is crucial for making informed real estate decisions. For personalized advice and detailed market analysis, consider working with an Educators Realty Realtor.