Q3 Queens Real Estate Market Report by @TopQueensAgent
Summary of Findings:
1. Inflation ends at 3.7% higher YOY.
2. Mortgage Rates up from 6.49% at end of Q2 to 7.4% at end of Q3 (30 yr/fx).
3. Prices trending higher YOY for all property types including apartments but not for 2 families.
4.Transaction numbers higher YOY for all residential properties except Condos.
5. Months of supply for all residential properties stable around 10 months, confirming a Buyer´s Market.
6. Closed Price/ List Price Ratio remains largely stable between 96-99%.
7. Median Rents Slightly lower across of unit types from Studios to 3 Bedrooms.
8. Days on the market mostly stable for all property types YOY but slightly higher for apartments (condos and coops).
9. Conclusions:
a. Affordability lower due to increase in mortgage rates.
b. Prices remain stable but may soften in the new buyer´s market.
c. Residential Rents slightly lower, which may affect Multifamily sales if trend continues.
d. Pricing remains key to lock in yearly market gains and record prices.
#QueensRealEstateMarketUpdate
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