Are Homes Prices Dropping Soon?!? - A Look at Queens NY Market Update | TAYEB GROUP Real Estate

Queens NY residential housing market did insanely well in 2021. But SHOULD we expect the same for 2022?! The Feds have strongly indicated interest rate hikes this year to combat inflation. Will this cause the home prices to drop?

Looking at the January 2022 data from OneKey MLS for residential, condos & co-ops activity in Queens:

In January, there were a total of 4,647 listings (residential, condos & co-ops) on the market.

📈 1,465 New Listings (⬇17.5% down from same time last year)
📈 812 New Contracts/pending (⬆7.5%)
📈 911 Closings - (⬆31%)

On average, these homes were on the market for 80 days before closing.

🏡 🏡 Single & Multi-families 🏡 🏡
Average LIST price: $937,000 (⬆9%)
Avg. SOLD price: $899,000 (⬆9.6%)

🏙 Condos & Co-ops 🏙
Avg. LIST price: $375,000 (⬆1.6%)
Avg. SOLD price: $355,000 (⬆1.7%)

BOTTOM LINE

→ Inventory (of homes for sale) remains tight
→ Demand remains strong
→ Homes are selling faster and for more compared to the same time last year
→ Price appreciation is still going strong
→ Mortgage rates remain relatively low, which is why it's more important than ever to compare rates before selecting a lender!

If you're thinking of buying or selling your home, let's connect! We'll help you explore several options so you can make your move with confidence.  

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TAYEB GROUP is a leading full-service real estate brokerage and your guide to the BEST real estate in Queens, Bronx, Brooklyn, and Long Island, NY.

Do you need help with the purchase or sale of your home in Queens, Bronx, Brooklyn, or Long Island, NY? Get in touch with us for all your real estate needs at (718) 701-8585 | TheTayebGroup.com

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