A recent report found that Queens saw some significant increases not only in the number of houses last month, but also in home and rental prices.
StreetEasy released its February 2019 Market Report on March 21. Compared to Manhattan and Brooklyn, which each saw an 18.4 percent increase and 21.9 percent increase, respectively, Queens saw the most significant jump in sales inventory with a 26.5 percent increase year-over-year. Of the three boroughs, homes in Queens moved off of the market the fastest at a median of 67 days. Brooklyn had a median of 90 days, while Manhattan had a median of 117 days on the market.
“With a strong economy and home-shopping season right around the corner, plenty of New Yorkers are well-positioned to buy this spring. However, many are willing to walk away from deals that just aren’t financially attractive and continue renting instead — creating a market poised to punish sellers who don’t price their homes sensibly,” said StreetEasy Senior Economist Grant Long. “When the inevitable wave of new inventory hits the market this spring, interested buyers should expect to see an uptick in price cuts as the market forces ambitious sellers to accept reality.”
The Queens StreetEasy Price Index rose to $523,592, marking a 4 percent increase year-over-year. StreetEasy found that while prices throughout Queens are still increasing, growth slowed down compared to the high levels in February 2018.
The share of homes with a price cut in Queens also rose to 8.8 percent, marking a 3.1 percent increase year-over-year.
Rents in Queens were also on the rise in February 2019. The StreetEasy Queens Rent Index reached $2,163, marking a 2.4 percent year-over-year. Northwest Queens saw the largest increase in rents in February 2019, raising 2.3 percent to $2,254.
To read the full report, visit streeteasy.com/blog/february-2019-market-reports/.