Why Queens is Outperforming Other NYC Boroughs in the Housing Market
Over the past year, New York City has seen fewer homes on the market, but Queens is moving in a different direction. While most of the city saw a drop in housing units, more homes came up for sale in Queens, highlighting its stronger housing market compared to other boroughs.
More Homes Listed in Queens
In March 2024, Queens had more homes listed than the year before. According to a report from real estate research firm StreetEasy, new listings in Queens grew by 9.4%. In March 2023, there were 658 new listings, but by March 2024, that number increased to 720. Developers sold about 10% of these new listings as brand-new condo units, adding fresh inventory to the market.
Increased Demand for Queens Homes
Not only are there more homes being listed, but more buyers are also interested in Queens properties. In March 2024, 429 homes in Queens went under contract, which is a 10.3% increase compared to 389 homes in March 2023. This rise in demand is contributing to higher asking prices for homes in the area.
Rising Prices in Queens
With more buyers in the market, the prices for homes in Queens have gone up. The median asking price for homes in Queens increased by 5.7% from $614,950 in March 2023 to $650,000 in March 2024. This trend shows that even though more homes hit the market, strong demand keeps prices high.
NYC Housing Market Trends
Across New York City as a whole, housing inventory is shrinking, leading to higher prices for the homes that are available. The median asking price for a home in NYC reached $1.1 million in March 2024, a 10.4% increase from $997,000 in March 2023. This marks the highest median price the city has seen since 2017. Despite higher prices, the number of homes for sale slightly decreased by 1.6%, with 4,114 homes listed in 2024 compared to 4,049 in 2023. Additionally, 27 neighborhoods in NYC had asking prices over $1 million in March 2024, up from 24 neighborhoods a year before.
Mortgage Rates Affect Buyer Power
Another factor influencing the housing market is mortgage rates. Over the past six months, mortgage rates in New York City dropped from 7.6% in October 2023 to 6.8% in March 2024. While this reduction in rates helps buyers afford more expensive homes, further decreases may be necessary to bring more buyers into the market. The median sale-to-list price ratio has also fallen, with sellers receiving 95.2% of their asking price in March 2024, compared to 97.1% in March 2022.
With these changes, Queens continues to stand out in the city’s housing market as more listings and increased demand keep prices rising.