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Low supply of Queens homes driving high prices: report

Photo courtesy of Multiple Listing Service

The inventory of homes for sale in Queens is continuing to fall, driving higher prices throughout the borough, according to a monthly report on Queens homes sales by Keller Williams Realty Landmark II.

The current median price of a home in Queens is $405,000, which is up 9.6 percent from last year.

The report, which is based on data from the Long Island Board of Realtors, found that there are 27 percent fewer homes available for purchase in March this year than a year ago. Currently, there are 3,902 homes available in the “World’s Borough,” while there were 5,338 in March of 2014.

Sellers have an edge in the market, since demand is high but supply is low, and so they are pricing their homes higher than this time last year.

The low inventory is also having another effect on the market. Although the demand is great, people aren’t buying homes as fast, because they don’t have enough choices.


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