The number homes that were on the market in Queens took a sharp increase at the end of the year, according to a recent report.
StreetEasy recently released their Q4 2018 Market Report, which tracks the real estate trends throughout the city. According to their findings, the number of homes for sale in New York City as a whole grew at double-digit rates, particularly in Queens, which saw a 30.8 percent annual increase in 2018.
In the wake of the Amazon HQ2 announcement, Long Island City saw a 45.2 percent increase annually in sales inventory, which was the most out of all the Queens neighborhoods.
StreetEasy’s Queens Price Index rose to $520,312, marking a 5 percent increase in the fourth quarter. While prices rose throughout the borough, the increase was led by sales in Central Queens (Woodside, Jackson Heights, East Elmhurst, North Corona, Elmhurst, Corona, Maspeth, Middle Village, Ridgewood, Glendale, Rego Park and Forest Hills), where prices rose 6.9 percent to $539,006.
The report found that the number of homes that were offered a price cut rose to 19.3 percent, marking a 5.6 precent increase year-over-year in Queens. However, the median price cut amount remained unchanged at 4.5 percent.
The fourth quarter report also found that the StreetEasy Queens Rent Index increased 2.6 percent annually, reaching $2,164. However, the share of rentals advertising concessions fell to 9.6 percent in Queens, marking a 5.6 percent decrease annually.
Visit streeteasy.com to read the full report.
