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Sales Inventory Hits Record High in Queens, Home Prices Are Flat: Report

20 Cranford St | Listed for $4.15 million over the summer, the most expensive in Queens at the time (Source: Localize.city)

Oct. 24, 2019 By Allie Griffin

The number of Queens dwelling units for sale jumped to an all-time high during the third quarter of 2019, while house prices remained stagnant, according to a new report. 

There were 4,842 homes–including co-ops and condos– for sale in Queens during the third quarter, up 11.2 percent from the same quarter a year ago, representing the highest number on record. Listings in Northeast Queens rose nearly 20 percent — the highest increase in the borough, according to StreetEasy’s new market report released today. 

Queens house prices remained flat in the third quarter at $510,499, according to the StreetEasy Price Index. The quarter saw the slowest increase in six years. 

Queens house sellers, nevertheless, offered little in the way of discounts and price cuts in the third quarter, according to StreetEasy. Those who did cut asking prices in Queens, cut them by a median of 4.3 percent, the same amount as last year.

Nearly 20 percent of Queens sellers offered price cuts — the lowest amount compared to Manhattan, Brooklyn and Queens, according to the report.  

While home prices were stagnant, rental prices rose to record highs, according to the report. The StreetEasy Queens Rent Index increased 3.3 percent to $2,200 — the most significant jump in borough rents since 2016, according to the report. 

“Most sellers are still refusing to bow to the buckling market, causing would-be buyers to turn to the rental market, where they are finding a lot to like,” StreetEasy Senior Economist Grant Long said. “Until sellers recognize that prices are not what they once were, those with the means to buy will continue to play the waiting game from the comfort of their rental.”

To view the full market report, visit StreetEasy’s website here

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9 Comments

FoHi

Just looked at that listing and that proves my point exactly! There is nothing truly special about that house. It’s well preserved, the kitchen is nothing special, looks like it needs renovating. Something like that house you could find in let’s say Floral Park village in Nassau for like $600,000-$700,000; accounting for the fact that this house is in Forest Hills (albeit not a quick walk to the subway), maybe it should go for $800,000, maybe a tad bit more but 1.6 mil!!! Absolutely insane!!!

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FoHi

I guess the people who gave this a thumbs down are in favor of getting ripped off! Don’t get me wrong, I am a property owner in FH, and it’s nice to keep values high, but that house is so not worth 1.6 mil! It’s not in the Gardens, not even brick, totally not worth the price!

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Dartmouth Street

FOHI- Property tax in Floral Park Village are extremely high, kitchen renovation is a one time expense. Transportation is another factor that makes Forest Hills so desirable. Access to the shops and world class dining are just some of the things that brought me and my wife here from Nassau County.

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FoHi

Look carefully at that listing and the sales history. It last sold in Dec. 2016, for 1,050,000. That’s less than 3 years ago. Look at the current pictures and you can see the owners did not throw any real money into serious renovations. They turn around and sell the thing now for 1,625,000!! Yea, I think the person who bought that qualifies as a sucker. That house did not appreciate over 600k in under 3 years!! And again it’s not in the most convenient of locations, like near the subway or Austin st. The taxes on that house are over 9k, not quite a bargain (typical house like that in Floral Park might be 12-14k in tax) and remember the NYC tax that gets taken out of your pay, which can be substantial and totally out do any property tax savings from being in Queens. Again, I like the area here, but that particular deal was outrageous.

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FoHi

I can’t say this is very surprising. Prices throughout Queens have gone to absurd levels. I see listings for the typical Archie Bunker style colonial you find towards the Metropolitan Ave area, asking easily around 1 mil!! And then when you look at the interior pics some have kitchens from the 70’s and the whole house needs a gut renovation. It seems 1 mil is like the new starting price. And forget about looking into eastern Queens for a bargain. Just saw a ranch house with horrible landscaping (it did have updated IKEA kitchen and baths) but they’re asking a whopping 1.4 mil!! For Little Neck! With no subway and not really a walkable area either! I know Asians have pumped a lot into the market but I think even they will have a breaking point. It seems people have been willing to pay any price to be in Queens and are finally realizing it’s not all that.

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hart

The NYT seems to be trying its best to hurt the Queens housing market.
It feels like developers run the paper, now.
Their real estate section generally focuses on Brooklyn and Manhattan. The last two Queens sales offerings were claustrophobic rooms with no windows. Their coverage of Queens restaurants, is along the line of “pig intestines stuffed with mouse ears”.
Everything they write about Queens says “bottom income, gross place”
They’re making the borough the butt of jokes.

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queens5092181123d

You speak the truth, they hate it that they spend billions in brooklyn but people still hate that craphole that you can never get out of. It takes you 40 minutes to get in and out of a simple street in downtown brooklyn, narrow streets, huge buildings, ignorant fools all around jaywalking, it’s a mess, yet they are pushing BK BK BK day in day out..
They are trying to come into queens now but they are trying to drive prices down.

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