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

20 Cranford St. Forest Hills | 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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Peter Beadle

I suspect this is also a reflection of differences between more versus less dense areas. Dense development is doing well – where a lot of rentals are located, and the prices at my co-op in Rego Park have likewise increased. And that is I think because we live in a dense area, with great transit, lots of shopping you can walk to and plenty of things to do locally. That is what most people want.

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