Queens Market Report
March 2024
Dear Neighbor,
After years spent in a home, nearly every homeowner reaches the point where they decide to downsize to free up finances and move to a location that offers more lifestyle flexibility. Of course, the first order of business is selling and securing all the equity you’ve built without feeling stressed.
For most of us, our homes are the largest asset we’ll ever own—so you are right to want to understand this asset and the market you are in. As you consider selling, you deserve the insight and guidance from an expert in your local market. Here are the top things to know about the Jackson Heights and surrounding area real estate market right now:
Inventory Is Low and Demand Is Up
With the inherently limited number of properties and consistently high demand, Jackson Heights regularly sees a boost in sale prices. With the thought of recession lingering in buyers minds and higher rates, homes were listed and staying on the market with median days on market up to 65 days—continuing to push sale prices lower. Now the numbers are changing and buyers are starting to look percentage (how close the actual sale price was to the original list price) dropped to 97.1% in January—0.6% from December! To capitalize on your investment, you want to work with a real estate expert who understands how to strategically price and market your home so you get maximum return.
Median Sale Price Has Gone Up
When correctly priced and positioned well on the market, homes are selling at or above list price—often in only a few days on market. Median sale price has gone up slightly to $910,000 in February. Median days on market climbed as well the prices, at 45, compared to 35 in January 2024. These stats really add up when you are selling your largest financial asset–and that’s exactly why you deserve a strategic marketing plan.
We Continue to See Homes Sell With Multiple Offers
The market is becoming more active as we go into spring. With the right strategic plan, pricing, and positioning for your property and your goals, we can attract maximum offers and get your home sold for the highest possible price in the fewest days on market.
As a homeowner, what does this mean for you?
If you’re thinking about selling in the next 12 months, now is the time to start preparing for market.
When I help my clients sell their homes, I’m with them every step of the way. This is not just another transaction. It is an opportunity for me to help you realize what is likely one of the most important milestones you will make in your lifetime. With my proven marketing strategies, we’ll get your home in front of the most qualified buyers and get you successfully transitioned to your next chapter with ease.
If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation → 805-551-4968
We will cover your goals and my unique approach to getting you the highest possible price in the fewest days on market.
Call Today →805-551-4968
From My Clients
Terrific experience! She lined up multiple properties so view the same day I called her. It was a tough battle getting things finalized and Erica was there every step of the way determined to find a solution for every obstacle. Her communicative skills are as superb as her composure and perseverance. You would doing your self a disservice to read this and not hire her on the stop !
~Dream Team
I personally worked with Mrs. Erica Long this year in the selling of my apartment. To start off, she is friendly, knowledgable and versatile. She was very personable and accommodating in helping me present my apartment in such an appealing way and provided me with the necessary guidance in navigating me through the ins and outs in a smooth sale. She would go beyond her call of duty to make sure tings are just right. Her personal touch helped an otherwise more difficult situation. I would highly recommend her hands down. She's a sheer winner!
-Dr. Lin
Erica is a rare gem as a real estate agent and even more as a person. Her laid back California demeanor mixes well with her NYC hustle. She was extremely patient, accommodating and attentive when it came to our search requirements. She always made us feel like we were in great hands and took out concerns as her own. We definitely recommend Erica in assisting anyone to find their perfect home.
Astrid & Dave
Single-Family Home Stats
Jan. 2023 vs. Jan. 2022
Analysis
Median Sale Price
↓ Down 2.62%
Median sale price is now at $$890,000 up 1.8% from $914,000 in January 2023. When you price correctly from day one, you can maximize offers and ultimately sell for the highest possible price as quickly as possible.
Median Days on Market
↑ Up 54%
Median days on market climbed higher, to 65 in February. Current demand plays a major role. January’s median days on market was 42 days. With strategic pricing and marketing, you can ensure your home sells for top dollar in only a few days on market.
Sale-to-List Price Ratio
↑ Up 0.3%
Correctly priced, strategically marketed homes are selling at or below list price, making it especially important to start with an expert strategy from day one to sell for the highest possible price in the fewest days on market.
Price per Square Foot
↓ Down 2%
Demand in Queens is on the rise, and price per square foot is now at $655/sq. ft. in January, much higher compared to $669 in January. To maximize your results, it’s extremely important to have a proven strategy and expert guidance from the beginning.
Information gathered from HGAR MLS
Looking Ahead
Here’s what we’ll be watching over the coming months:
1. Low Supply of Available Homes
Jackson Heights had low inventory in January, likely due to inflation and recession fears, but Things are starting to pick up. With inventory low and the median sale price steadily decreasing—down 7.2% in January compared to July 2022—sellers who work with an expert to properly position themselves on the market can generally expect to secure a nice return.
2. Buyers Are Searching
Buyers are eager to scoop up the available inventory. The days on market in February is at 45 days, a 16.7% increase from January 2023. With inventory as low as it is, it’s a great time to sell. Regardless of what twists and turns the market takes, to truly maximize your return on investment, it’s crucial that you strategically position your home to buyers.
3. Continued Growth In Queens
As Queens develops, we’ll continue to see property values increase. Here are just a few things to note:
Queens was ranked #5 being one of the most diverse places to live which means lots of food
5 different Subway lines to the city
Two major airports with one recently fully renovated and beautiful
4. What to Expect When Selling Your Home
The market consistently evolves–and you deserve to sell for the highest possible price no matter what. The right marketing strategy, pricing knowledge, and negotiation power are what make the difference when you’re ready to sell your home and embark on what may be one of the largest financial transactions of your lifetime.
If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation → 805-551-4968
Erica Long
License #1040134315
Keller Williams Landmark ll
e.long@kw.com
805-551-4968
I am here to help you get your dream home.
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© 2021 Erica Long Real Estate Sales Person