Queens saw a year-over-year increase in the median sales price of co-ops, condos, and one-to-three-family homes during the second quarter of 2025, even as both inventory and the number of closed sales declined, according to a report by Douglas Elliman Real Estate.
The borough’s median sales price of condos, co-ops, and one-to-three-family units rose 4.1% year-over-year, from $686,500 in the second quarter of 2024 to $714,383 in the second quarter of 2025.
Condos experienced a year-over-year median price increase for the first time in five quarters, having gone up 1.8%, from $638,500 in the second quarter of 2024 to $650,000 in the second quarter of 2025. Co-ops reached a new high after going up 2.4%, from $322,120 in 2024 to $330,000 in 2025. Family units also reached new highs over this period of time, rising 4.7%, from $860,000 last year to $900,000 this year.
The inventory of available listings declined significantly in Queens year over year. There was a 30.1% drop in inventory, from 4,891 in the second quarter of 2024 to 3,420 in the second quarter of 2025. This also marked the tenth consecutive quarter in which the listing inventory went down year over year.
As the inventory of available units went down in the borough, so too did the number of closed sales. Closed sales decreased 7.1%, from 3,084 in the second quarter of 2024 to 2,866 in the second quarter of 2025. It was the third quarter in a row to have a drop in sales year-over-year. While condos actually had an 11.3% increase in closed sales, from 468 in 2024 to 521 in 2025, the declines experienced among co-ops and one-to-three-family units more than negated these gains. Closed sales for co-ops fell 10.2%, from 824 last year to 740 this year. One-to-three-family units had a 10.4% drop, from 1,792 to 1,605.
Year-to-date, the first six months of 2025 have seen a 4.4% jump in the median sales price compared to the same time in 2024. Through the first two quarters of 2o24, the median sales price was $675,000, while the median price in 2025 stood at $705,000.
Over the same period, sales dropped 3.9%, from 5,892 in the first half of 2024 to 5,665 in the first half of 2025.
