Queens saw an uptick in the percent of homes sold at a loss last year, according to a new report. The rest of the New York City experienced a similar fate — citywide, about one in 10 home sellers took a loss in 2019.
In Queens, about 6.3 percent of homes sold were done so at a loss in 2018. The following year, that number rose to 7.8 percent, according to StreetEasy. Meanwhile, the average price of a home in Queens remained at a record high.
In the early months of 2020, the story in Queens remains the same. A little over 7 percent of homes are selling for a loss this year, according to the real estate company.
Nonetheless, the borough fared better than Manhattan last year. In 2019, about 15 percent of homes sold at a loss, an increase of about seven percentage points, according to the report. And while Queens’ home prices were stagnant, Manhattan’s market continued to take a dive. Home prices fell 5 percent year-over-year, the fastest declining rate on record, according to StreetEasy.
The report also found that condos were more likely to sell at a loss than co-ops in 2019. This trend can be contributed to the fact that condos tend to be newer, according StreetEasy.
Based on the numbers from the first two months of 2020, StreetEasy expects even more homes to sell at a loss this coming year.
In addition, the coronavirus crisis will likely have an impact on the future average price of homes. While it is remained to be seen whether or not home prices will follow recent declines in the stock market, StreetEasy notes, that in the previous recession, the housing market bottomed out several years after stock prices hit their lowest points.