A new report found that while home prices are starting to level out, rents in Queens are continuing to rise.
StreetEasy recently released their July market report, which took a look at real estate trends in Queens last month. According to their findings, Queens remained at the exact same price compared to July 2018 at $508,339, making it the first time the prices haven’t risen since 2013.
StreetEasy attributes this to the surplus of inventory in northeast Queens, which caused a dip in prices. The report also found that the share of homes with price cuts stayed flat at 10.8 percent in Queens overall, but decreased in northwest Queens, dropping 1.9 percentage points to 11.3 percent.
“It’s typical for the number of price cuts to dip during the summer, when many sellers skip town and shift their focus away from selling their homes,” StreetEasy Economist Nancy Wu said. “But for motivated sellers, now is actually the time to offer discounts and help prospective buyers notice your property. With the return of home-shopping season this fall, and a wave of new homes coming to market, sellers will soon have even more competition, making additional price cuts — possibly at record levels — virtually inevitable.”
The report found that Queens had the highest number of total homes for sale in July 2019 with 3,610 homes, marking a 17.8 percent increase from last year. Queens also saw that the median recorded sales price reached a record high of $585,000, marking an 8.3 percent increase year-over-year.
Queens rents were the fastest-growing in the city in July, growing 3.5 percent overall. The StreetEasy Rent Price Index reached an all-time high of a new high of $2,182.
Visit streeteasy.com to read the full report.