As the Queens real estate market continues to gain momentum, Q4 2024 showcased resilience despite ongoing inventory challenges. Buyers remained highly engaged, with sales increasing despite a notable decline in new listings. This report explores the borough’s market trends, submarket dynamics, and what to expect heading into 2025.
Market Overview
Queens maintained its competitive edge in Q4 2024, with increased buyer activity counterbalancing inventory constraints. The total number of sales climbed 2.1% from Q3, reflecting steady demand across multiple price segments.
Key Q4 2024 Metrics:
- Total Sales Volume: 3,858 transactions, up 2.1% from Q3
- Median Sales Price: $653,500, up 5.1% YoY
- Average PPSF: $644, reflecting a 3.6% YoY increase
- Inventory: 5,300 properties, down 7.0% YoY and 20.9% from Q3
- Contracts Signed: 3,858 contracts, up 6.6% YoY
Demand Outpaces Inventory Declines
Despite the 7.0% YoY drop in total inventory, Queens saw steady transaction volume, particularly in the condo and single-family home segments. Condos recorded a 12.8% YoY growth in sales, largely due to the influx of new listings.
Conversely, co-op sales declined 4.0% YoY, reflecting limited availability and seller hesitation. Homes priced between $2M-$3M saw the highest inventory increases, while entry-level properties became increasingly scarce.
Submarket Trends Reveal Diverging Performance
- Northwestern Queens, including Astoria and Long Island City, was the only submarket to see a 6.2% YoY decline in sales.
- Northeastern Queens, encompassing Flushing and Bayside, saw the highest price per square foot growth, up 16.2% YoY.
- Central Queens had the largest share of active inventory, with a notable rise in average and median prices.
Looking Ahead to 2025
The Queens market is set to remain competitive, particularly for buyers seeking condos and homes in high-demand neighborhoods. With active listings still trending lower YoY, pricing may continue to rise in early 2025. Expect continued growth in the luxury segment ($1.5M and above) and a shift in buyer strategies amid persistent inventory challenges.
Stay tuned for our Q1 2025 report as we continue to track the evolving Queens real estate market.
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