Six of the 10 most seller-friendly residential markets throughout the city for 2018 are located in Queens, according to a new real estate report.
Flushing was flagged as the No. 1 seller’s market for 2018 in StreetEasy’s Trends & Data report, published on March 8. In this neighborhood, residential properties spent an average of 52 days on the market in 2017. Approximately 11.4 percent of properties saw price cuts while on the market.
Coming in at No. 2 was Woodhaven, where 6.9 percent of properties on the market saw price cuts. Properties in this neighborhood spent an average of 56 days on the market and there was a 100 percent sale-price-to-list-price ratio, indicating buyers are buying at initial asking price.
No. 3 on the list was another Queens neighborhood: Kew Gardens Hills. Approximately 20 percent of listings in this neighborhood saw price cuts while on the market and properties spent an average of 61 days on the market.
The following Queens neighborhoods also placed on the top 10 list:
- No. 6: Glendale
- No. 7: South Jamaica
- No. 10: Briarwood
Seller’s markets are those with “a lower index value, where homes are less likely to see a price cut, sell more quickly and have sale-price-to-list-price ratios closer to or exceeding 100,” according to StreetEasy methodology.
When it comes to the best New York City markets for buyers, however, only one Queens neighborhood made the list.
Long Island City, one of the “well-established, higher-priced neighborhoods” that made the top 10 rundown, tends to favor buyers, according to StreetEasy. Coming in at No. 9, the western Queens neighborhood was the least expensive neighborhood on the list, which featured neighborhoods including Manhattan’s Midtown and Brooklyn’s DUMBO.
Buyer’s markets are identified by StreetEasy as those “with a higher index value, driven by more price cuts, homes staying on the market longer and lower sale-price-to-list-price ratios.”
Read the full report here.