All the information you need to know about the Real Estate Market in Queens NY during the Third Quarter of 2024. We are including information on median prices and transaction numbers for single families, two families, small multifamilies and coops and condo apartments. Also here, in this short 1 minute video you can find information about the Q3 2024 inventory and negotiability for Queens NY Real Estate Market, average DOM (days on market), the rental market, information about mortgage rates and inflation and our customary summary with my own conclusions.
And here is a summary of the main points and my conclusions:
1. INFLATION CONTINUED TO DECREASE & THE FED REDUCES OVERNIGHT RATES BY 0.5%
2. MORTGAGES END Q3 AT 6.125% BUT JUST BRIEFLY…
3. ONE AND TWO FAMILY HOUSES AND APARTMENTS MEDIAN PRICES ARE UP YEAR OVER YEAR
4. SMALL MULTIFAMILY PRICES (3 & 4 UNITS) STABLE YEAR OVER YEAR
5. TRANSACTION NUMBERS ARE LOWER IN GENERAL, EXCEPT FOR CONDOS AND COOPS WITH HIGHER NUMBER OF SALES
6. PRICE NEGOTIABILITY DEEPS TO 2.9%
7. SUPPLY AT 6 MONTHS, MEANING A BALANCED MARKET
8. THE RENTAL MARKET IS STRONG, AND RENTS TREND HIGHER
9. THE BOTTOM LINE, RATES PROVIDED A TEMPORARY RELIEF TO BUYERS AND PRICES TRENDED HIGHER
