A recent report found that while prices for homes slowed down, the number of homes for sale in Queens rapidly increased during the last three months.
StreetEasy released their Queens Market Report for the third quarter of 2019. According to their findings, the Queens market saw an 11.2 percent increase in inventory, an all-time high for the borough. Northeast Queens in particular had a 19.9 percent increase in inventory, the highest in the whole borough.
Throughout the third quarter, Queens home prices remained stagnant at $510,499, keeping the overall price growth for the borough at the slowest its been in six years. On the other hand, rental prices in Queens saw a 3.3 percent increase this past quarter, marking the most significant price jump for the borough since 2016.
“Most sellers are still refusing to bow to the buckling market, causing would-be buyers to turn to the rental market, where they are finding a lot to like,” StreetEasy Senior Economist Grant Long said. “Until sellers recognize that prices are not what they once were, those with the means to buy will continue to play the waiting game from the comfort of their rental. With job growth in the city continuing to support demand for homes, we expect to see an unusually competitive winter in the rental market, including likely record rates of rent growth.”
The report also found that 19.3 percent of homes on the market offered a price cut, remaining unchanged year-over-year. Those homes that did offer a discount made a median of 4.3 percent cut to their asking prices, which was also the case this time last year.
To read the full report, visit streeteasy.com/blog/