New York City saw the number of new listings in July 2024 reach its lowest level since 2016, with Queens experiencing a deep decline in new listings over this period, according to a report by the real estate listing site StreetEasy.
Year-over-year, the number of new listings in Queens decreased 8.7%, from 585 in 2023 to 534 in 2024.
While new listings dove in Queens, there was actually a 6.3% increase in new contracts, from 378 last year to 402 this year. This would suggest the presence of resilient buyer demand in the World’s Borough. Co-ops in Queens have traditionally had a more affordable price point compared to the other boroughs, making them reliable sources for starter homes. Now, with new listings declining and new contracts rising, the market is very competitive for first-time buyers.
Even with new listings down in Queens, some neighborhoods account for the most in all New York City boroughs in recent months. From May to July 2024, Astoria had the fifth-most new listings among all New York City neighborhoods, with 225. Forest Hills was not too far behind, with 199 new listings, ranking seventh among all neighborhoods in the city.
Astoria is a neighborhood frequently sought after by New Yorkers due to its close proximity to Manhattan. With so many new developments there, options for potential buyers are expanding. The 225 new listings there from May to July 2024 is more than double the 112 seen over the same months last year. The median asking price there has gone up with the amount of listings, rising 5.6%, from $869,319 last year to $918,000 this year.
Of the 199 newly listed Forest Hills units, 149 of them were co-ops located near the Long Island Rail Road or subway stops for the E or F train. With a median asking price of $417,000 from May to July 2024, this neighborhood is much more affordable for potential homeowners compared to Astoria.
Jackson Heights was another Queens neighborhood with a notably high number of new listings from May to July 2024. This neighborhood had 133 new listings over this period of time, with a median asking price of $400,000. With a more affordable price point and easy access to public transit, Jackson Heights has seen a rise in popularity in 2024.
