What Does Queens Real Estate Future Looks Like?

Queens, New York has seen impressive growth in the real estate market over the past few years, and it continues to be a hot spot for buyers. As we look towards the future of Queens real estate, it’s important to understand the current market trends and how they may shape the market in the years to come.

Market Update

According to data from the Queens County Market Report, the median sales price of a home in Queens in 2022 was $669,000, up from $635,000 in 2021. The number of sales in 2022 was 6,052, up from 5,717 in 2021. This represents a 6% increase in both median sales price and the number of sales.

Looking ahead to 2023, it’s expected that the Queens real estate market will continue to grow. The number of sales is projected to increase to 6,500, while the median sales price is expected to rise to $690,000. This represents a 7% increase in both the number of sales and median sales price.

Real Estate News

One of the biggest factors shaping the Queens real estate market is the ongoing pandemic. As more people continue to work from home, the demand for larger living spaces has increased. This has led to more buyers looking for single-family homes with outdoor space, as well as larger apartments with home offices.

Another trend that has emerged in the Queens real estate market is the demand for new construction. Developers are responding to this demand by building more luxury apartment buildings and townhomes in the area. These new developments offer modern amenities and are often located near public transportation, making them attractive to buyers.

Comparison of Sales in 2023 vs 2022

When comparing the sales in 2023 to 2022, it’s clear that the Queens real estate market is continuing to grow. The projected increase in the number of sales and median sales price illustrates that buyers are still interested in investing in the area.

However, it’s important to note that the rate of growth in Queens is slightly slower than the overall growth of the real estate market in New York City. According to data from StreetEasy, the median sales price of homes in New York City is expected to increase by 10% in 2023, compared to the 7% increase projected for Queens.

Overall Comparison of NYC

When comparing Queens to the rest of New York City, it’s clear that the borough is still a more affordable option for buyers. The median sales price in Queens is significantly lower than in Manhattan, for example, where the median sales price is expected to be $1.3 million in 2023.

However, it’s important to note that other boroughs, such as Brooklyn and the Bronx, are also experiencing growth in the real estate market. In Brooklyn, the median sales price is expected to increase by 8% in 2023, while the Bronx is projected to see a 9% increase in median sales price.

In conclusion, the future of Queens real estate looks promising, with projected increases in both the number of sales and median sales price. However, it’s important to keep in mind that the rate of growth in Queens is slightly slower than the overall growth of the real estate market in New York City. Nonetheless, Queens remains an attractive option for buyers looking for more affordable housing options within the city.