A recent report found that listing price growth throughout the borough has slowed down compared to years prior.
StreetEasy recently released their April market report, which took a look at real estate trends in Queens last month. According to their findings, Queens saw a 2.4 percent growth in listing prices compared to last year, reaching $516,739. However, despite the growth the market showed signs of slowing from the higher rates seen since 2016.
“While many sellers are still struggling to attract a buyer, April brought some good news to those who have feared a continued slide in the sales market,” said StreetEasy Senior Economist Grant Long. “Early signs tell us that some sellers are finally pricing their homes more realistically and finding buyers when they do so. Those still struggling to find the right buyer should take this as a sign to revisit their pricing expectations. Buyers are out there, but with most of the bargaining power in their hands, they’re going to continue to hold out for more reasonable prices.”
Sales inventory also saw some slow growth in Queens. While the total inventory rose 21.1 percent overall, it is the slowest increase since the summer of 2018. Year-over-year, new home inventory in Queens grew 13.4 percent during April.
The report found that more Queens homes stayed on the market for longer periods on time in April. Homes in Queens spent a median of 57 days on the market — a nine-day increase from last year.
Despite the longer periods of time on the market, more homes went into contract during April compared to last year— Queens saw a 10 percent increase in pending sales compared to April 2018. Northwest Queens in particular had 4.1 percent more homes go into contract in April, however compared to March 2019, the northwest Queens submarket had 100 less pending sales in April 2019.
The number of listings offering a price cut saw a slight increase in Queens, raising to 9.9 percent, marking a 1.3 percent increase year-over-year. Northwest Queens saw a decrease in the share of price cuts — dropping down 2.6 percentage points to 12.4 percent.
Visit streeteasy.com to read the full report.