Through periodically released market reports, our investment research professionals strive to provide our sales staff, clients and the real estate community with the latest market information. The value we give is never a specific number because true “market value” is what a buyer is willing to pay for it, and without being on the market, it is impossible for us to know that. What we can tell you is that demand for homes in Queens has gone down since the global pandemic hit. Zillow has 9,484 homes for sale in Queens NY. We are able to do this based on our recent sales and experience selling properties in that area. This report is based on information collected from NAR’s 2020 Q3 Commercial Real Estate Quarterly Market Survey about the commercial transactions of REALTORS® and members of NAR’ commercial affiliate organizations (CCIM, SIOR, RLI, IREM, and the Counselors of Real Estate) during the third quarter of 2020. When doing so, we only ask that you link back to this page, or PropertyShark.com. The 5/1 adjustable-rate mortgage (ARM) rate is 3.100% with an APR of 4.070%. , Our team members are not only experts at what they do, but more importantly, they are driven by their desire to help people. , Queens is not only the easternmost borough of NYC, but is also a very family friendly county. Here we are, just wrapped up the third quarter of the year and we are heading into a very uncertain fourth quarter. We encourage and freely grant you permission to reuse and repost the information, charts and images found in this report. Queens real estate appreciated 63.24% over the last ten years, which is an average annual home appreciation rate of 5.02%, putting Queens in the top 20% nationally for real estate appreciation. Median price for a condo in Queens is $515K. ballpark figure) of what their house is worth at any given time. JUST SOLD: Two Family in Maspeth. Neighborhoods in northern Brooklyn and western Queens dominated the top ten of listings near construction. Compare local Queens Park real estate reviews, weather, golf courses, Queens Park real estate maps . So if you're looking to purchase property, whether it be a home sale or apartment, think Queens. Some of the most common reasons for needing a home valuation include things like future plans to sell, probate & administration proceedings, divorces, bankruptcies, and of course plain curiosity. On: July 29, 2019. This month saw the first year over year increase in landlord concession market share in five months. Your overall selling timeline will depend on the agent you choose and how quickly they can get you an acceptable offer. Multifamily properties saw the most significant decrease in sales volume, down 92%, from almost $110 million to just $8 million in the first half of 2018. In Quarter 3, the median home sale price in Queens was $510K, a 2% change year-over-year. The only downside to a price range valuation is that you won’t have a very specific value, but if all you want is an idea of, then this can be helpful. The answer to this question depends on your personal situation. For example, the price range offered for a 1 bedroom coop may be $50K (+/-) while the price range for a 3 family may be $200K (+/-). For example, pending sales for the third quarter were up 292% from the second quarter of the year, and up 27% compared to the third quarter of last year. The median sales price in Queens hit a high mark in April, when it reached $630,000, a jump of 19 percent when compared to the year prior, the report said. The good news is that interest rates are still extremely low and that has helped to maintain a healthy real estate market in Queens. Median home values increased by 1.64% to 658413 USD, between 2019-11-30 and 2020-11-30. JUST SOLD: One Family in Jamaica Hills, $51K Over Asking Price; One Family in Jamaica, Full Asking Price; and Studio Coop in Jamaica, Full Asking Price! We understand that real estate is a service industry, therefore we treat it as such. What we call this is a home valuation or broker price opinion. In our opinion, this is because the desire to live in a building is not very popular right now, and because a lot of those would-be coop/condo buyers are probably the people who are now looking outside of NYC since many employers are adopting the new work from home economy. Based on the recent pending sales in July, August, and September, that is exactly what we are seeing. On our team however, we believe in full transparency and quality information so that people can make good decisions. Advance your marketing strategy and turn our market reports into your new business card. Commercial market impact, rental market impact, shutdowns, presidential election, flight to the suburbs, etc) so we will monitor the market and keep you posted. As we head into the fourth quarter we find ourselves with month’s supply of 14.2 months. 60-90 days). As a result, power shifted in two significant ways: from landlords to tenants, and from sellers to buyers. Download full report at: https://www.queenshometeam.com/wp-content/uploads/2020/10/Queens-NY-Real-Estate-Market-Report_Q3-2020.pdf. Typically, a market that favors sellers has less than 6 months of supply, while more than 6 months of supply indicates an excess of homes for sale that favors buyers. The Queens Home Team will not be liable for any loss or damage caused by your reliance on information contained in this report. Most agents will not offer a price range valuation because in our industry agents are trained to schedule an appointment before sharing any price or value information. Condo and coop prices in Queens trended similarly, with the median condo price flat year-over-year at $625K, and the median coop sale price flat at $305K. September 2017 Market Update Home sales and home prices both rose again in August. If you would like to get an even better idea of your property’s current value, have 3-4 agents give you their valuation. The data relating to real estate for sale comes in part from OneKey MLS. There is currently 14.2 month’s of inventory in Queens, this is UP from the 11.9 month’s supply we had last quarter. JUST SOLD: 2 BR Coop in Forest Hills, Sold in 30 Days + Studio Coop in Rego Park, Sold for $10K Over Asking Price! What is Month’s Supply? Email: [email protected]. The Queens Park real estate market is changing you need experienced Queens Park real estate agents experts who know current market trends. That’s UP from the 5,523 homes we had on the market last quarter and UP from the 5,134 homes we had on the market in the same quarter of last year. As a result, we have no problem offering free price range valuations and we actually send a lot of them to Queens homeowners. The average 15-year fixed mortgage rate is 2.550% with an APR of 2.840%. Nothing herein should be construed as investment advice. This weekend’s New York Times Real Estate Calculator column provides a visualization of the recent rental market results in The Elliman Report: October 2020 Manhattan, Brooklyn & Queens Rentals The Manhattan changes were the most interesting to me – record… View the most recent market trends and historic home sale prices in Unlock the Full Report Is there room to negotiate on listing prices? Every three months, a quarterly analysis is published. Price Range Valuation A price range valuation is just what it sounds like, a price range for the value of your home based on the recent comps as well as our experience in your neighborhood. - a real estate franchise company. Price range valuations are good for out-of-state owners, landlords who don’t want to disturb tenants, or someone who just wants to get an idea (i.e. More broadly, the real estate market has softened, with reports of a glut of new luxury rentals in Manhattan and Brooklyn. This is UP 292% from the previous quarter and UP 27% compared to the same quarter of last year. Queens is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer. Visit www.bklynhometeam.com. We will have to wait and see when demand comes back. Sales Report Sales volume in Southern Queens in the first half of 2018 dropped 6% overall, from approx. Sold in 24 Days, for 99% of Asking Price! The Queens Home Team is a group of friendly, service driven real estate agents in Queens NY. Property values in Queens are lower compared to NYC Median of Queens overall. QUEENS, N.Y., Jan. 10, 2019 /PRNewswire/ -- Stribling & Associates, a leading New York residential brokerage, today releases the fourth quarter Queens Market Report. This is a good sign that demand is coming back, however, demand for certain property types seems to have suffered and may not be coming back any time soon. By Zoe Rosenberg June 24, 2019 Real estate listings held by brokerage firms other than Fauqi Team at Keller Williams are marked with the HGMLS logo and information about them includes the name of the listing broker. When that happened there was talk of a surge in sales following the reopen due to pent up demand from home buyers and that would likely spill over into the third quarter of the year. Find the perfect family home in the Queens real estate market now by searching through our listings, or filtering by price, size, and amenities. Specifically, the median home price for Residential homes was UP .7%, median home price for condos was DOWN 6.4%, and the median price for coops was DOWN 2.4% compared to the same quarter last year. This allows us to not only provide the seller with the comps, but it also allows us to explain how we come to the valuation we are providing. Make smart decisions when investing or finding a location with commercial real estate market research featuring global, national and local trends. As for coops, the typical timeline to close, from contract signing, is 90-120 days. 2021 is looking up for the economy and the markets, Queens real estate market weathered COVID-19 crisis in first half of 2020: Report, City Council passes Queens lawmaker’s bills that will protect homeowners, New York Forward Loan Fund for Small Businesses, Nonprofits, and Small Landlords, Reports of NYC’s real estate market crash have been greatly exaggerated, Rental prices continued to fall across Queens in September, The Queens Home Team is a group of friendly, service driven real estate agents in Queens NY. One of the main reasons why we Queens homeowners contact us is to find out how much their property is worth. South Jamaica, Queens, New York City Community Information and Market Report. You should not treat any opinion expressed on this report as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. The median home sale price in New York City was $650K. What this means is less competition than you would have had last year or in previous years. You could say lightning struck twice in the New York City real estate market in 2019: First in the form of New York’s historic rent reforms and again with a pile up of luxury condos. San Antonio Office Insight - Q3 2020. As of September 30, 2020, there is a 14.2 month supply of homes for sale in Queens. If a homeowner cannot meet with is for some reason, then we will typically send the analysis and valuation by email. As of September 30, 2020, the median home price in Queens was $590,000, this is UP 5.4% % from the previous quarter, and UP .1% compared to the same quarter of last year. Queens’ real estate market was in a healthy position before the real estate market was shut down to slow the spread of COVID-19, the report said. Written by Queens Home Team at Keller Williams Realty. “The multifamily sector saw significant changes since New York City’s new Housing Stability and Tenant Protection Act of 2019 came into effect,” said a PropertyShark spokeswoman in an email. Queens Home Team at Keller Williams Realty Landmark II, Looking for help in Brooklyn? By: faruqisite. Copyright © 2000-2020 Keller Williams ® Realty. Queens real estate market report 2020, provided by the Queens Home Team at Keller Williams Realty Landmark II. If it is a cash deal, then the timeline would be one month less (i.e. Each brokerage is independently owned and operated. Queens Park real estate statistics: As December 11th 1:10pm currently properties for sale in Queens Park active with an average asking price $0.00.The highest priced property is $, lowest priced property $.Research Queens Park sales history property types include single family detached homes, attached, townhomes plus new Queens Park real estate reports. There are several factors that we have yet to see play out fully (i.e. In general, from the date of contract signing, it takes about 60-90 days to close on a residential home or condo in which the buyer is obtaining a mortgage. Months of supply is a good indicator of whether a particular real estate market is favoring buyers or sellers. Our team members are not only experts at what they do, but more importantly, they are driven by their desire to help people. South Jamaica is a suburban residential community in the southern part of the Queens borough of New York City, New York. In Quarter 3, the median price per square foot was $475, a -4% YoY change. In addition to this, inventory is currently at a 7 year high. About Us. Phone: (718) 715-1758 You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. After hearing and seeing 3-4 valuations, the value should be pretty clear as long as you are realistic and not just looking to hear the highest price So, to answer the age old question, “How much is my house worth?”, the answer is that it depends, but if you live in Queens we would be happy to offer you a free price range valuation or a free comprehensive home valuation. Rest assured that when you work with the Queens Home Team, you’ll be in good hands, with people who care . IT IS AN ESSENTIAL TOOL FOR PO- TENTIAL RENTERS SEEKING TRANSPARENCY … Most of our listings are still selling, albeit not as quickly as they did last year. Have a Question? $280 million to $263 million. 30-60 days). Real Estate in South Jamaica, Queens, New York City. If you have any questions or need some real estate advice, feel free to Contact Us anytime. This ensures expertise throughout all stages of the transaction and allows us to provide the superior level of service our clients deserve. Appraisers will typically include a handful of comps in the report, and they don’t typically sit with the homeowners to explain how they came up with the appraised price that they provided. The not so good news, is the fact that we are currently experiencing a “flight to the suburbs”, and as a result, some of our demand is exiting to areas like New Jersey, Long Island, Westchester county, and Connecticut. Based on what we’ve been seeing with our own listings, it appears that demand for multi family homes is still very high (as long as it’s priced right), demand for single family homes is slightly down but they are still selling, and demand for coops & condos is seems to be down the most. As of September 30, 2020, the median price for a residential home in Queens NY is $755K. As for active listings, currently there are a total of 6,321 homes for sale in Queens. The way our team likes to provide home valuations is by looking at the property in person, then sitting down with the homeowner(s) to go through all of the data (closed, pending, available, month’s supply, etc) together and ultimately offer our professional opinion of the value. the queens rental market report compares fluctuation in the city’s rental data on a monthly basis. Manhattan In the last 10 years, Queens has experienced some of the highest home appreciation rates of any community in the nation. Now that we are 6 months into the global pandemic, we are starting to get a good feel for the short term impacts COVID-19 is having on our local real estate market. Many times we speak with homeowners and they have no plans of selling their home, but they would like to get an idea of what the property is worth. Read the full report at: https://www.queenshometeam.com/blog/queens-real-estate-market-report-q3-2020/ According to Walletinvestor’s New York real estate market research, home values will increase in the next 12 months. Something important to note regarding price range valuations is that the range (or spread) will largely depend on the size and type of property you own. It really comes down to your objective, your priorities, your personal circumstance, and your goals after the sale. Fortunately we have been able to sell most of our listings, but the most challenging sales we’ve had since March have definitely been our coop and condo listings. It’s very common for homeowners to disagree with an appraisal because they don’t understand the methodology, or because the appraiser may not know the area well. The drumbeat of headlines have made clear that New York City’s real estate market is weakening. If you have any questions regarding your home’s value, or if you would like to know how much your property is worth here in Queens NY, feel free to reach out anytime. This is a staggering number that we have not seen since the global financial crisis. Click Here to See all Queens Housing Market Reports dating back to 2012. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. As of September 30, 2020, the Queens real estate market would be considered a “Buyer’s Market”. ... Office reports. Click Here to learn more about the timeline to sell in Queens. Q3 2020 Report of New York Real Estate Market Q2 was substantially impacted by COVID-19, which slowed the economy and housing activity along with it for much of the last three months. The neighborhood along with many others in the region serves primarily as a bedroom community for business centers in the city. It is very rare for homes and condos to close in less than 30 days unless you are selling to an investor, and when that is the case, you are usually selling for WAY below market value. • The market share of landlord concessions reached a new record for the decade it has been tracked • The amount of free rent tied a decade high this month - + = + + + Dashboard YEAR-OVER-YEAR Report September 2020 Manhattan, Brooklyn and Queens Rentals Prepared by Miller Samuel Real Estate Appraisers & Consultants IT IS AN ESSENTIAL TOOL FOR POTENTIAL RENTERS SEEKING TRANSPARENCY IN THE QUEENS APARTMENT MARKET AND A BENCHMARK FOR LANDLORDS TO EFFCIENTLY AND FAIRLY ADJUST INDIVIDUAL PROPERTY RENTS IN QUEENS. Staten Island. Boston Q3 2020 Urban Office Insight. The Long Island Board of Realtors reported a total of 1,361 closed home sales during the third quarter of 2020. As for pending home sales, the Long Island Board of Realtors reported a total of 3,025 pending sales during the third quarter of 2020. However, this is is not completely reflective of the current market because the second quarter of the year was brought to a complete halt by the shutdown. For example, if there are 50 homes on the market and 10 homes selling each month, there is a 5 month supply of homes for sale. Average days on market for coops in Queens is 93 days. Now is definitely a good time to buy a home in Queens because interest rates are low, and some demand has left to the suburbs. The good news is that the market is still moving, interest rates are still low, and there is still demand for homes. As of September 30, 2020, average days on market for residential homes in Queens was 97 days. Its sales activity was down 22% Y-o-Y in the first half 2020, but its median sale price actually went up 10% for the highest price increase across the four boroughs YTD. What our team does is offer two types of home valuations, one is a price range valuation (if we cannot see the property in person), and the other one is a more specific home valuation which requires us to see the property in person to assess the size, layout, condition, etc. Brooklyn All information presented herein is intended and should be used for educational purposes only. With this type of valuation, we would come in to see the property in person so that we can assess the size, layout, condition, internal obsolescence, external obsolescence, etc. For years, clients have relied on RAD Real Estate Appraisals to provide high-quality appraisals on all types of real estate on Long Island. All investments involve some degree of risk. … The StreetEasy Market Reports are a monthly overview of the Manhattan, Brooklyn and Queens sales and rental markets. Keep in mind that there are several issues that can cause delays to your transaction so it’s important that you hire an agent who has sold a lot of properties and knows how to anticipate and resolve issues quickly. Broker Price Opinion Vs Independent Appraisal In our opinion, the best way to understand the value of your property is to sit down with a local agent who can go through the comps with you and explain how they draw their estimated valuation of your property. THE QUEENS RENTAL MARKET REPORT COMPARES FLUCTUATION IN THE CITY’S RENTAL DATA ON A MONTHLY BASIS. In a reversal from last month in the Northwest Queens market, median rent gains were more significant in the entry-markets. The fourth quarter will be very telling for us and it will be a good indicator as to what we can expect to see in 2021.