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The Queens real estate market kicked off 2025 with steady growth, maintaining upward trends in pricing while inventory levels remained stable. While some segments saw a cooling in contract activity, overall, the borough continues to attract buyers looking for value and long-term appreciation. Let’s break down the latest numbers shaping Queens real estate this January.

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Market Overview

• Median Sale Price: $661,663 (▼ 0.7% MoM | ▲ 4.0% YoY)
• Average Sale Price: $744,721 (▲ 1.3% MoM | ▲ 7.3% YoY)
• Average Price Per Square Foot: $728 (▲ 11.1% MoM | ▲ 29.8% YoY)
• Inventory: 5,023 active listings (▼ 1.7% MoM | ▼ 6.0% YoY)
• Contracts Signed: 642 (▲ 0.9% MoM | ▼ 17.7% YoY)

Despite a slight monthly dip in the median sale price, the borough is still seeing strong year-over-year appreciation. The rise in price per square foot suggests continued competition, particularly in high-demand areas.

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Property Type Breakdown

• Condos: The median sale price increased slightly by 1.0% MoM to $649,909, while the average price per square foot surged 8.0% to $1,040. However, signed contracts saw a slight dip (▼ 2.0% MoM), reflecting a more cautious approach from buyers at current price points.
• Co-Ops: The average sale price climbed 2.2% MoM to $355,328, with inventory tightening. Contracts signed dropped 15.5% MoM, but demand for affordable co-op units remains steady.
• Houses: The strongest-performing segment, with a 7.3% MoM increase in the average sale price, hitting $1,016,378. Signed contracts jumped 17.7% MoM, highlighting strong demand for single-family homes in Queens.

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Neighborhood Insights

• Northwest & Northeast Queens: These areas accounted for 44% of all signed contracts, indicating continued buyer interest in well-connected neighborhoods.
• Central Queens: The largest market share at 33%, showing stability across all housing types.
• Southeast Queens & The Rockaways: These segments remain more affordable but saw slower transaction activity compared to other areas.

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Key Takeaways for Buyers & Sellers

• Buyers: Pricing remains on the rise, particularly for single-family homes. Expect competitive bidding in desirable neighborhoods.
• Sellers: The market still favors sellers, but pricing competitively will be key to securing deals as contract activity softens in some segments.

Queens remains one of NYC’s most dynamic housing markets, with price growth continuing across most property types. As we move further into 2025, interest rates and broader economic conditions will play a key role in shaping buyer sentiment. Stay tuned for next month’s update!

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