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Co-op, Condo and 1-3 Family Sales
The Queens real estate market experienced a notable shift in the fourth quarter of 2024, as highlighted in the Douglas Elliman report. Both price trend indicators increased slightly year over year for the fourth consecutive time. However, the inventory witnessed a sharp decrease of 35.6%, and the number of sales declined for the first time in four quarters. This analysis provides an overview of the key findings from the report, focusing on sales trends, pricing, inventory, and market dynamics.
Sales and Pricing Overview
- Number of Sales: Queens recorded a total of 2,932 sales in Q4 2024.
- Average Sales Price: The average sales price reached $743,138.
- Median Sales Price: The median sales price was $700,000.
In comparison to Q4 2023, the average and median sales prices increased by 1.2% and 3.7%, respectively.
Inventory and Market Dynamics
- Listing Inventory: There was a sharp decline in listing inventory of 35.6% year over year, with 2,899 units.
- Time to Sell: The average time to sell listing inventory was three months, which is 34.8% faster than the previous year.
- Listing Discount: The average listing discount decreased to 6.8%, down from 12.4% in Q4 2023.
Market Segments
General Market Trends
- Market Median Sales Price: The median sales price saw an increase of 3.7% compared to the previous year.
- Co-op Median Sales Price: Decreased by 1.8% to $319,000, with the number of sales decreasing by 8.3% to 782 compared to Q4 2023.
- Condo Median Sales Price: Showed a slight decrease of 1.3% to $683,552, with the average price per square foot decreasing by 6.1% to $959. There was a sharp decrease in the higher-end median sales price of -11.4% and a sharp increase of 11% in lower-end condos (top 20% vs bottom 20%).
- 1-3 Family Median Sales Price: The median price slightly increased by 1.2% to $870,000, with an average price per square foot decrease of 1.7% to $530. Listing inventory declined annually for the seventh time.
Luxury Market
- Luxury Market Share: The top 10% of sales started at $1,280,000, marking the third-highest price on record, although slightly lower than the previous year.
- Luxury Median Price: Decreased by 3.5% to $1,466,280, with the number of sales increasing by 12.2% to 303 units.
New Development
- Market Share: New developments constituted 38% of total sales, down from 43% the prior year, equating to 188 units.
- Price Growth: The median sales price for new developments decreased sharply by 21% to $707,481, largely due to a shift toward smaller units averaging 677 square feet. The average price per square foot decreased by 12.9% to $1,152.
For more detailed information and a deeper dive into the specific findings, consulting the full report is recommended. The Elliman Report: Q4-2024 Queens Sales
While this report offers a general overview of the Queens real estate market, it’s important to note that each neighborhood and property has its unique characteristics. Urban Appraisals New York, with over 20 years of expertise, are neighborhood experts providing appraisal services for diverse property types, including brownstones, condos, co-ops, 2-4 family homes, and vacant land. Whether you need an appraisal or market insights, we are ready to assist. Explore our services or request a quote today.