Is Northwestern Queens, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Northwestern Queens has remained a Buyer's Market.
Key Takeaway
Northwestern Queens is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Northwestern Queens, NY
How much do homes in Northwestern Queens, NY cost?
Median Sold Price
$726,850
$549/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Northwestern Queens have sold for 1.5% more than they did a year ago.
Summary: The median home sold price in Northwestern Queens was $726,850 in May 2024, up 1.5% from last year, and the median price per square foot was $549.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $349.2K | $347K | -0.6% |
| 2 Bedrooms | $508.9K | $540K | +6.1% |
| 3 Bedrooms | $875K | $869.2K | -0.7% |
| 4 Bedrooms | $1.0M | $1.0M | +6.3% |
| 5+ Bedrooms | $1.2M | $1.2M | -2.1% |
Summary: Northwestern Queens housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.6%, 2 bedroom homes increased by 6.1%, 3 bedroom homes decreased by 0.7%, 4 bedroom homes increased by 6.3%, and 5+ bedroom homes decreased by 2.1%.
Median Sold Price Compared To Nearby Neighborhoods
| Jackson Heights | $449.8K | $462.5K | +2.8% |
| Woodside | $429K | $440K | +2.6% |
| Northwestern Queens | $715.7K | $726.8K | +1.5% |
| Maspeth | $900K | $848K | -5.8% |
| Elmhurst | $625K | $505K | -19.2% |
Housing Supply in Northwestern Queens, NY
How many homes are available in Northwestern Queens, NY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2,504 | 2,705 | +8.0% |
Summary: The Northwestern Queens real estate market had 2,705 homes for sale in May 2024, a 8.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 813 | 879 | +8.1% |
| 2 Bedrooms | 619 | 649 | +4.8% |
| 3 Bedrooms | 355 | 382 | +7.6% |
| 4 Bedrooms | 183 | 192 | +4.9% |
| 5+ Bedrooms | 534 | 603 | +12.9% |
Summary: The Northwestern Queens housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 8.1%, 2 bedroom homes increased by 4.8%, 3 bedroom homes increased by 7.6%, 4 bedroom homes increased by 4.9%, and 5+ bedroom homes increased by 12.9%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 219 | 198 | -9.6% |
Asking Price vs. Sold Price
134 Homes Were Sold
Under Asking
35 Homes Were Sold
At Asking
29 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Northwestern Queens, you may be able to get a good deal. 67.7% of homes here sold below asking price last month.
Summary: A total of 198 homes were sold or pending in Northwestern Queens in May 2024, down by 9.6% month-over-month. Of the 198 sold homes, 68% were sold under asking, 18% were sold at asking, and 15% were sold over asking.
Days on Market for Northwestern Queens, NY
How long does it take to sell a home in Northwestern Queens, NY?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 113 Days | 98 Days | -13.0% |
Summary: Homes in Northwestern Queens had an average of 98 days on market in May 2024, down by 13% compared to last year.
Breakdown of Home Sale Times
49 Homes Were Sold
Under 30 Days
57 Homes Were Sold
In 30 - 90 Days
59 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Northwestern Queens are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During May 2024, 198 homes were sold in Northwestern Queens; 25% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 30% of homes were sold over 90 days.
Listings courtesy of OneKey MLS as distributed by MLS GRID.
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