While New York City as a whole has experienced a decline in the number of housing units on the market over the past year, the borough of Queens has bucked the trend.
Unlike the other boroughs, Queens experienced an increase in new listings in March 2024 compared to March 2023, according to a report by the real estate research firm StreetEasy.
New listings in Queens rose 9.4% year-over-year, from 658 in March 2023 to 720 in March 2024. Approximately one in 10 of these 720 new listings were brand-new units in condo buildings being sold by developers.
Demand for dwelling units in Queens has also increased. In March 2024, 429 homes/units entered into contract in Queens, representing a 10.3% boost from the 389 homes in March 2023. The increased demand has also led to an increase in the median asking price. The median asking price for Queens listings went up 5.7%, from about $614,950 to $650,000 year-over-year.
As housing inventory shrinks across New York City, the cost of the available units has consequently been rising. Furthermore, with mortgage rates declining and affordability improving—at least slightly—more sidelined buyers could soon rejoin the market.
The median asking price for a dwelling unit across New York City increased 10.4% year-over-year from $997,000 in March 2023 to $1.1 million in March 2024, representing the city’s highest median asking price since 2017. Over the same period of time, listings decreased 1.6%, from 4,049 in 2023 to 4,114 in 2024. According to the report, 27 neighborhoods had a typical asking price of over $1 million in March 2024, up from 24 neighborhoods one year prior.
Despite the fact that asking prices increased year over year, the current median sale-to-list price ratio is significantly less than it was in 2022. In March 2022, home sellers in the city typically received 97.1% of their asking price. That percentage has since dropped to 95.2% in March 2024.
Over the past six months, mortgage rates in New York City have dropped from 7.6% in October 2023 to 6.8% in March 2024. While this has helped to increase buyers’ purchasing power, this downward trend will likely need to continue for more potential buyers to join the market.
