Queens Real Estate Market Report: Q2 2026

The Queens real estate market showed a notable divergence between current contract activity and completed transactions in the second quarter of 2026. Across all property types, the median sales price rose, new inventory increased modestly, and pending sales activity strengthened substantially compared with the same quarter one year earlier. At the same time, closed sales declined, average marketing times lengthened, and different property types continued to experience very different supply-and-demand conditions.

All housing figures in this report are based on OneKeyMLS InfoSparks rolling three-month data ending in June 2026.

Overview of the Queens Market

The overall Queens real estate market entered the second half of 2026 with stronger current contract activity, modest price appreciation, and inventory levels that remained within the range of a balanced market. The principal tension in the data was between pending sales, which rose sharply, and closed sales, which declined materially.

That divergence suggests that the market may have gone through a softer period of contract formation in late Q1 and early Q2 before buyer activity strengthened. If a normal proportion of the 2,061 pending transactions recorded in Q2 ultimately close, closed-sales figures could improve in subsequent reporting periods. However, contract activity will need to be monitored alongside mortgage rates, employment conditions, consumer confidence, and changes in inventory.

The most important conclusion from the overall data is that there was no single Queens real estate market in Q2 2026. Market conditions depended heavily on property type. Buyers of 1- to 4-family homes faced a relatively constrained supply environment, while condo buyers generally had substantially more choice and negotiating leverage. Co-ops fell between those two extremes but moved slightly toward buyer-favorable conditions during the quarter.

Median Price

The median sales price across all Queens property types reached $635,000 in Q2 2026, compared with $620,000 in Q2 2025, an increase of 2.4 percent. The median was $600,000 in Q2 2024, meaning the borough-wide median increased approximately 5.8 percent over the two-year period.

This continued appreciation is significant because it occurred despite elevated borrowing costs and lower closed-sales volume. The result suggests that Queens property values remained generally resilient, although the borough-wide median should always be interpreted carefully because changes in the mix of co-ops, condos, and houses sold can affect the overall figure.

The property-type breakdown reinforces that point. Co-op prices declined slightly year over year, condo prices increased, and the median for 1- to 4-family properties remained unchanged. Buyers and sellers should therefore rely more heavily on property-specific and neighborhood-specific data than on the borough-wide median alone.

New Inventory

Queens recorded 3,536 new listings in Q2 2026, up 3.0 percent from 3,433 in Q2 2025 and 4.5 percent from 3,383 in Q2 2024.

The increase gave buyers somewhat more new inventory to consider, but the growth was not evenly distributed. Co-op new listings rose significantly, 1- to 4-family inventory increased modestly, and condo new listings declined. As a result, buyers experienced different levels of choice depending on the type of property they were seeking.

A 3.0 percent increase in new listings is meaningful, but not large enough by itself to fundamentally alter market balance, particularly when pending sales rose more than four times as quickly on a percentage basis. With contract activity increasing 12.4 percent year over year, much of the added supply was met by stronger buyer demand.

Contract Activity

Pending sales represented the strongest positive demand indicator in the Q2 2026 Queens market. A total of 2,061 properties went into contract, up from 1,833 one year earlier, an increase of 12.4 percent.

Pending activity also exceeded the 2,002 transactions recorded in Q2 2024. The Q2 2026 figure was therefore the highest of the three comparable quarters included in the supplied dataset.

This improvement was broad-based rather than concentrated in one property category. Co-op pending sales rose 14.4 percent, condo pendings increased 12.2 percent, and 1- to 4-family pending sales increased 10.6 percent. That consistency strengthens the conclusion that buyer activity improved throughout the Queens market.

Because pending sales provide a more immediate indication of current demand than closings, this is one of the most important statistics to watch moving forward. It does not guarantee that every contract will close, but it suggests a substantially more active market than the closed-sales numbers alone would indicate.

Closed Sales

Closed sales fell to 1,488 transactions in Q2 2026, down from 1,664 in Q2 2025, a decline of 10.6 percent. Closings were also below the 1,686 transactions recorded in Q2 2024.

The decrease was visible across all three principal property categories. Co-op closings declined 8.9 percent, condo closings fell 9.3 percent, and closings of 1- to 4-family properties declined 13.3 percent.

It would be misleading, however, to interpret the reduction in closings as evidence that current buyer demand was falling. A closing in April, May, or June frequently reflects an offer and contract signed months earlier. The stronger Q2 pending-sales numbers indicate that current activity was running ahead of the pace reflected in completed transactions.

For that reason, the relationship between pending and closed sales will be important to monitor in the next quarterly report. If the stronger contract pipeline translates into completed transactions, closed-sales volume could improve. If it does not, that would warrant closer examination of contract fallout, financing issues, appraisal challenges, or other obstacles between contract and closing.

Average Days on Market

The average time required to sell a Queens property increased from 75 days in Q2 2025 to 79 days in Q2 2026, an increase of 5.3 percent. The average remained well below the 88 days recorded in Q2 2024.

A four-day year-over-year increase is noticeable but does not suggest a major deterioration in market conditions. Instead, it indicates that properties generally required somewhat more time to secure a buyer than they did one year earlier.

The data also varied considerably by property type. Co-ops took an average of 97 days to sell, condos averaged 82 days, and 1- to 4-family properties averaged only 61 days. That gap further demonstrates why sellers should not rely on a borough-wide marketing-time estimate when planning a sale.

Correct pricing remains essential. In a balanced or buyer-leaning market, properties that enter the market above what buyers perceive as fair value can accumulate days on market quickly. In tighter segments, particularly well-priced 1- to 4-family homes, sellers may still benefit from meaningful competition.

Months of Inventory

Queens had 6.6 months of inventory in Q2 2026, down slightly from 6.8 months in Q2 2025 and Q2 2024.

Using a five-to-seven-month range as the benchmark for a balanced market, Queens overall remained firmly balanced. Neither buyers nor sellers held an overwhelming borough-wide advantage.

The modest decline in inventory is especially notable because new listings increased. Stronger contract activity helped absorb the additional supply entering the market, preventing inventory from expanding.

Once again, the property-type differences were substantial. The 1- to 4-family market had 4.9 months of supply, indicating relatively tight conditions and a seller tilt. Co-ops reached 7.1 months, placing them just beyond the upper boundary of the balanced range. Condos remained distinctly buyer-leaning at 9.9 months, although that represented significant improvement from 11.4 months one year earlier.

Co-ops

The Queens co-op market presented a mixed picture in Q2 2026. Prices softened slightly and supply increased, while closed-sales volume declined and marketing times lengthened. At the same time, pending sales rose sharply, providing evidence that current buyer demand strengthened during the quarter.

With 7.1 months of inventory, the co-op sector moved just beyond the five-to-seven-month range associated with a balanced market. That gave buyers somewhat greater leverage overall, particularly on properties that were overpriced, required significant updating, carried high monthly maintenance, or faced other building-specific challenges. However, the 14.4 percent increase in pending activity indicates that buyers were actively absorbing available inventory.

Median Price

The median co-op sales price was $325,000 in Q2 2026, down 1.5 percent from $330,000 in Q2 2025. The median remained above the $314,000 recorded in Q2 2024. The modest year-over-year decline does not suggest a major correction in co-op values. Instead, it points to a relatively stable pricing environment in which the median has remained within a comparatively narrow range.

Co-op pricing can also be affected significantly by the mix of units sold, including differences in unit size, condition, building financials, monthly maintenance, amenities, location, and submarket. For that reason, owners should avoid using the borough-wide median as a direct estimate of an individual apartment's value.

New Inventory

There were 1,250 new co-op listings in Q2 2026, up 8.7 percent from 1,150 one year earlier. New inventory also exceeded the 1,220 listings recorded in Q2 2024.

This was the largest year-over-year increase in new listings among the three principal property categories analyzed in this report. The additional supply contributed to the rise in months of inventory and gave buyers more choice.

However, stronger supply was met by even stronger growth in pending activity. New listings increased by 8.7 percent, while pending sales rose 14.4 percent. That relationship suggests that demand was capable of absorbing a substantial portion of the additional inventory.

For sellers, the practical implication is that competition increased, but so did buyer activity. Accurate pricing, strong presentation, and a clear understanding of competing inventory remain essential.

Contract Activity

Co-op pending sales rose from 710 in Q2 2025 to 812 in Q2 2026, an increase of 14.4 percent. Pending activity also exceeded the 795 contracts recorded in Q2 2024.

This was the strongest year-over-year percentage increase in pending sales among the property categories examined. It suggests that buyer activity in the co-op market improved substantially during the quarter despite the slight decline in median price and increase in overall supply.

The rise in contract activity could be particularly important moving forward because the co-op market's lower closed-sales count reflected transactions initiated in an earlier period. If the stronger contract pipeline continues through the closing and board-approval process, transaction volume could improve in subsequent quarters.

Closed Sales

A total of 593 co-op transactions closed in Q2 2026, down from 651 in Q2 2025, a decrease of 8.9 percent. Closings were also below the 666 recorded in Q2 2024.

The contrast with pending activity is substantial. While closed sales declined by nearly 9 percent, new contracts increased by more than 14 percent. This is precisely why current market conditions should not be evaluated through closed transactions alone.

Many Q2 closings originated with contracts signed during the prior quarter or earlier. The lower closing count therefore reflects a weaker earlier transaction pipeline, while the current pending numbers suggest an improvement in buyer engagement.

Average Days on Market

Queens co-ops took an average of 97 days to sell in Q2 2026, compared with 93 days one year earlier, an increase of 4.3 percent. Despite that increase, the average remained below the 106 days recorded in Q2 2024.

Co-ops continued to have the longest average marketing time among the three major property categories. That is not unusual given the additional building-specific factors that can influence buyer decisions, including financial requirements, board policies, maintenance charges, sublet restrictions, and financing considerations.

The four-day year-over-year increase was relatively modest. However, in a market with 7.1 months of inventory, sellers should be especially cautious about entering the market at an aspirational price and expecting buyers to negotiate upward. Properties that miss the market on price can face longer exposure and increased competition from new listings.

Months of Inventory

Co-op inventory increased from 6.7 months in Q2 2025 to 7.1 months in Q2 2026, a rise of approximately 6.0 percent. Inventory was also above the 6.8 months recorded in Q2 2024.

At 7.1 months, the co-op market moved just beyond the upper end of the range generally associated with a balanced market. That suggests a modest buyer tilt overall.

This does not mean every co-op buyer has substantial negotiating leverage. Desirable apartments in strong financial buildings, particularly those that are well-priced and well-presented, can still attract significant interest. The broader figure does mean that sellers face more competition overall and should price according to current market conditions rather than relying on isolated high sales from the past.

The increase in pending sales is the counterweight to the higher inventory figure. If strong contract activity continues, months of supply could tighten in future quarters. For now, however, the co-op market should be viewed as approximately balanced to modestly buyer-leaning.

Condos

The Queens condo market showed some of the strongest signs of improvement in Q2 2026, even though it remained the most buyer-favorable property category based on months of inventory. Median prices increased, pending sales rose by double digits, new listings declined, and months of inventory fell substantially.

At the same time, closed sales declined and average days on market edged upward. The condo market therefore remained mixed, but the direction of several forward-looking indicators was more favorable than one year earlier.

The most important figure was the reduction in supply from 11.4 months in Q2 2025 to 9.9 months in Q2 2026. Although 9.9 months still represents a clear buyer-leaning market, the magnitude of that decline suggests a meaningful improvement in the balance between supply and demand.

Median Price

The median condo sales price increased from $613,490 in Q2 2025 to $635,748 in Q2 2026, an increase of 3.6 percent. The Q2 2026 median also exceeded the $629,000 recorded in Q2 2024.

The price increase is notable because it occurred at the same time closed-sales volume declined. It suggests that the reduced number of closings did not translate into broad price weakness.

As with all median-price statistics, the composition of the properties sold matters. The Queens condo market includes a wide range of product, from older resale units to newer luxury developments, and changes in the transaction mix can affect the borough-wide median. Nevertheless, the year-over-year increase is consistent with the improvement seen in pending activity and inventory absorption.

New Inventory

There were 737 new condo listings in Q2 2026, down 4.2 percent from 769 one year earlier. New listings remained slightly above the 727 recorded in Q2 2024.

Condos were the only major property category in this report to record a year-over-year decline in new listings. Lower new supply, combined with a 12.2 percent increase in pending sales, helped reduce months of inventory materially.

For condo sellers, this is a more favorable competitive environment than the one that existed a year earlier, although nearly ten months of overall supply still means buyers generally have meaningful choice. Sellers should remain realistic about pricing, especially when competing against comparable units in the same building or immediate neighborhood.

Contract Activity

Pending condo sales increased from 288 in Q2 2025 to 323 in Q2 2026, a gain of 12.2 percent. Pending sales also surpassed the 302 transactions recorded in Q2 2024.

The combination of stronger contract activity and fewer new listings is one of the clearest signs of improvement in the condo sector. Demand increased while the flow of new supply declined.

This dynamic helped reduce the market's inventory burden and could support additional improvement if it continues. The key question moving forward will be whether stronger contract activity persists and whether it translates into a higher number of completed transactions.

Closed Sales

There were 245 closed condo sales in Q2 2026, down from 270 in Q2 2025, a decline of 9.3 percent. Closings were also slightly below the 253 recorded in Q2 2024.

Once again, the closed-sales data looks considerably weaker than the pending-sales data. Because closings generally reflect contracts signed in an earlier period, the decline suggests that the transaction pipeline coming out of the previous quarter was relatively soft.

By contrast, the current contract pipeline improved substantially. The 323 pending sales recorded during Q2 were 31 percent higher than the 245 transactions that closed during the quarter, although those two figures should not be viewed as directly interchangeable because of timing and transaction fallout.

The broader conclusion is that current buyer activity was stronger than the closing count alone suggests.

Average Days on Market

The average Queens condo took 82 days to sell in Q2 2026, compared with 80 days in Q2 2025, an increase of 2.5 percent. The average remained substantially below the 95 days recorded in Q2 2024.

The two-day year-over-year increase was modest and does not suggest a significant weakening in market velocity. More importantly, condos sold considerably faster than they did two years earlier.

Still, with 9.9 months of inventory, buyers generally have alternatives. Sellers who price above the market without a clear justification risk accumulating days on market while buyers compare their property against competing listings.

Months of Inventory

Months of condo inventory fell from 11.4 months in Q2 2025 to 9.9 months in Q2 2026, a decline of 13.2 percent. Inventory also improved substantially from the 12.5 months recorded in Q2 2024.

This was one of the most significant changes anywhere in the Q2 data. Over two years, condo inventory declined by 2.6 months, and the year-over-year reduction was particularly strong.

Nevertheless, 9.9 months of supply remains well above the five-to-seven-month range associated with a balanced market. The condo sector therefore continued to favor buyers overall.

The direction of the market, however, was clearly improving from the seller's perspective. Fewer new listings, more pending sales, higher median prices, and lower months of inventory all point to a healthier supply-demand balance than existed one year earlier.

Residential: 1- to 4-Family Properties

Queens 1- to 4-family properties remained the strongest seller-leaning segment of the market in Q2 2026. The median sales price held steady at $860,000, new inventory increased modestly, and pending sales rose by double digits. At the same time, closed sales declined substantially and average marketing time increased.

The clearest measure of market balance was months of inventory, which fell from 5.2 months to 4.9 months. That placed the residential sector just below the range associated with a balanced market and indicated relatively constrained supply.

The combination of only 4.9 months of inventory and a 10.6 percent increase in pending activity suggests that buyer demand remained strong relative to available supply. Well-priced homes in desirable neighborhoods can therefore continue to generate significant competition, although property condition, location, layout, legal configuration, and pricing remain critical.

Median Price

The median price for a Queens 1- to 4-family property was $860,000 in Q2 2026, unchanged from Q2 2025. The median remained substantially above the $820,000 recorded in Q2 2024, representing an increase of approximately 4.9 percent over two years.

Price stability in the face of a 13.3 percent decline in closed transactions is notable. It indicates that reduced transaction volume did not translate into a lower median price.

The tight inventory environment likely contributed to that resilience. With fewer than five months of supply, buyers seeking houses generally faced more constrained choices than those shopping for condos or co-ops.

New Inventory

There were 1,521 new 1- to 4-family listings in Q2 2026, compared with 1,484 one year earlier, an increase of 2.5 percent. New listings were also 6.1 percent above the 1,434 recorded in Q2 2024.

The additional supply was welcome for buyers, but it was not enough to materially loosen the market because pending sales also rose substantially.

New inventory increased by 2.5 percent while pending sales increased by 10.6 percent. Demand therefore grew significantly faster than the flow of new listings, helping reduce months of supply.

For sellers, this remains a generally favorable environment, but a tight market does not eliminate the consequences of overpricing. Buyers continue to compare properties carefully, especially given the monthly payment impact of current mortgage rates.

Contract Activity

A total of 917 Queens 1- to 4-family properties went into contract during Q2 2026, up from 829 in Q2 2025, an increase of 10.6 percent. Pending activity also exceeded the 905 contracts recorded in Q2 2024.

This was a strong demand signal. Even with borrowing costs remaining elevated, buyers continued to compete for houses across Queens.

The increase is particularly significant when considered alongside only 4.9 months of inventory. Stronger contract activity in an already relatively tight supply environment can support pricing and create competitive conditions for appropriately priced properties.

Closed Sales

Closed sales fell from 739 transactions in Q2 2025 to 641 in Q2 2026, a decline of 13.3 percent. This was the largest year-over-year percentage decline in closed sales among the three major property types.

Closings were also substantially below the 766 transactions recorded in Q2 2024.

As with the other property categories, the decline must be weighed against current pending activity. The 917 properties placed into contract during Q2 represented a much stronger current transaction pipeline than the 641 closings recorded during the same period.

The closing decline reflects weaker activity feeding the pipeline in an earlier period, whereas the pending-sales increase suggests that current buyer demand improved. The next several quarters will show whether that renewed contract activity converts into a corresponding recovery in completed transactions.

Average Days on Market

The average marketing time for a Queens 1- to 4-family property rose from 57 days in Q2 2025 to 61 days in Q2 2026, an increase of 7.0 percent. The figure remained substantially below the 70-day average recorded in Q2 2024.

Despite the year-over-year increase, 1- to 4-family homes continued to sell considerably faster than either co-ops or condos. The 61-day average compared with 82 days for condos and 97 days for co-ops.

That shorter marketing period is consistent with the relatively limited 4.9 months of inventory. Buyers generally had fewer months of available supply to choose from, which supported faster absorption.

Months of Inventory

The Queens 1- to 4-family market had 4.9 months of inventory in Q2 2026, down from 5.2 months in Q2 2025 and 5.0 months in Q2 2024.

This was the tightest inventory position among the major property types in Queens. Because five to seven months is generally considered a balanced market, 4.9 months indicates a modest seller advantage overall.

The seller advantage should not be overstated. It does not mean that every property will sell quickly or that buyers will accept any asking price. Condition, neighborhood, legal use, taxes, layout, and pricing all have a substantial effect on individual outcomes.

However, from a borough-wide supply perspective, the 1- to 4-family market entered the second half of 2026 in a stronger position for sellers than either co-ops or condos.

Interest Rates, Employment, Consumer Sentiment, and the Market Outlook

Real estate does not operate independently of the broader economy. Mortgage rates directly affect purchasing power, employment influences household confidence and the ability to qualify for financing, and consumer sentiment can determine whether potential buyers and sellers move forward or postpone major decisions.

The economic environment entering the second half of 2026 remained mixed. Mortgage rates were lower than they had been one year earlier but continued to constrain affordability. The national labor market slowed, while New York City's unemployment rate showed some month-to-month improvement. Consumer sentiment recovered in June but remained substantially weaker than one year earlier.

Interest Rates and Mortgage Rate Trends

Mortgage rates remained in the mid-6-percent range throughout much of Q2 2026. According to Freddie Mac, the average 30-year fixed mortgage stood at 6.46 percent on April 2, declined to 6.23 percent on April 23, and then rose to 6.49 percent by June 25. The comparable rate was 6.77 percent on June 26, 2025, meaning rates ended Q2 2026 approximately 28 basis points lower than one year earlier.

The quarter therefore offered some improvement in borrowing costs compared with the same period a year earlier. The consumer perception is that interest rates are high, but this is false when zooming out to a larger timeline than the past 5 years. Rates remain approximately 25% lower than the historical average of about 8.5%. That said, consumers seem to be feeling the combined impact of worldwide post-COVID inflation, and the subsequent hike in interest rates to tamp down that inflation. For Queens buyers, especially those purchasing higher-priced 1- to 4-family homes or condos, even relatively small movements in mortgage rates can materially change monthly payments and purchasing power, but the advice remains that, if one can afford to, "don't wait to buy. Buy and wait."

The Federal Reserve maintained its federal funds target range at 3.5 to 3.75 percent at its June 17 meeting. The federal funds rate does not directly determine mortgage rates, but monetary policy, inflation expectations, Treasury yields, and broader bond-market conditions all influence mortgage borrowing costs.

For the Queens market, the practical implication is that a significant reduction in mortgage rates could release additional buyer demand, but it could also increase competition and home prices, particularly in the already tight 1- to 4-family sector. Conversely, a renewed increase in rates could constrain affordability and slow transaction volume even if underlying buyer interest remains strong.

Employment and the Job Market

The June 2026 national employment report showed that nonfarm payrolls increased by 57,000 jobs and the unemployment rate held at 4.2 percent. The Bureau of Labor Statistics also revised April and May payroll growth downward by a combined 74,000 jobs. The June report therefore pointed to a labor market that was still adding jobs but had slowed meaningfully.

Locally, the New York City unemployment rate declined from 5.6 percent in April to 5.4 percent in May 2026, although it remained 0.4 percentage point above its May 2025 level. New York State added 11,800 private-sector jobs in May, while the statewide unemployment rate held at 4.6 percent.

The labor market matters to housing in several ways. Stable employment supports mortgage qualification and gives households greater confidence to make long-term purchasing decisions. A weakening labor market can have the opposite effect, reducing demand and increasing caution.

There is also an important relationship between employment and interest rates. A slower economy can increase the possibility of lower future interest rates, which would help housing affordability, but a significant deterioration in employment would also undermine buyer confidence. For the real estate market, the most favorable outcome would be a gradual moderation in economic growth and inflation that allows borrowing costs to decline without causing a sharp increase in unemployment.

Consumer Sentiment

Consumer sentiment improved in June 2026 but remained weak by historical and year-over-year standards. The University of Michigan Consumer Sentiment Index rose from 44.8 in May to 49.5 in June. However, that remained well below the 60.7 reading recorded in June 2025. The survey also found that high prices continued to weigh heavily on household finances and inflation concerns. The interesting fact is that the data doesn't support the weak consumer sentiment. All the data points to an essentially healthy economy, affordable mortgages, strong jobs market and stock market, and inflation -- so far -- that remains under control.

For housing, sentiment -- whether supported by data or not -- is important because purchasing or selling a home is a major financial and emotional commitment. Consumers may have sufficient income and credit to transact but still postpone a decision if they feel uncertain about about the broader economy.

The improvement in June sentiment is encouraging, but confidence remained fragile. This may help explain why the Queens market could simultaneously produce strong pending-sales growth and relatively restrained overall transaction volume. Serious buyers were active, but affordability pressures and broader economic caution continued to limit the depth of the market.

What the Economic Data Could Mean for Queens Real Estate

The economic environment does not point clearly toward either a major market acceleration or a significant downturn. Instead, it supports a more nuanced outlook.

Mortgage rates were lower than one year earlier and still 25% below the historical average, but remained elevated from 3 or 4 years previous. Employment growth slowed, yet the labor market continued to add jobs. Consumer sentiment improved but remained weak. Against that backdrop, Queens pending sales increased sharply across every major property type.

That resilience is important. It suggests that there is meaningful underlying buyer demand even under challenging affordability conditions.

Should mortgage rates decline materially without a corresponding deterioration in employment, Queens could see stronger transaction activity and increased competition, particularly for 1- to 4-family properties. Condos and co-ops may also benefit, although their higher inventory levels give buyers more choice.

If rates remain in the mid-6-percent range, the market is more likely to continue along its current path: selective, property-specific, and highly sensitive to price. Well-priced properties can sell successfully, while listings that enter the market above buyer expectations may require longer marketing periods or price adjustments.

Where the Queens Real Estate Market Stands Now

The Queens real estate market ended Q2 2026 in a position of relative resilience, but the overall numbers only tell part of the story.

Across the borough, the median sales price rose 2.4 percent to $635,000. New listings increased 3.0 percent. Most importantly, pending sales surged 12.4 percent, indicating considerably stronger current contract activity than one year earlier.

At the same time, closed sales fell 10.6 percent and average days on market increased from 75 to 79 days. Those figures reflect a market that has not been uniformly strong and underscore the need to distinguish between current demand and the lagging transaction pipeline represented by closings.

Overall inventory stood at 6.6 months, placing Queens squarely within the range of a balanced market. Yet conditions varied substantially by property type.

The co-op market was approximately balanced to modestly buyer-leaning, with 7.1 months of supply. Median prices declined slightly, but pending activity increased by more than 14 percent.

The condo market remained the most favorable to buyers, with 9.9 months of inventory. However, conditions improved materially from one year earlier as inventory declined, pending sales increased, new listings fell, and median prices rose.

The 1- to 4-family market remained the strongest segment for sellers, with just 4.9 months of inventory. The median price held at $860,000, and pending sales increased by more than 10 percent despite a decline in closed transactions.

For sellers, the principal lesson is that there is active buyer demand, but pricing remains critical. The strongest results are likely to go to properties positioned accurately against current competing inventory and recent sales rather than those priced according to past market conditions or aspirational expectations.

For buyers, opportunities depend heavily on property type. Condo and co-op buyers may have greater negotiating leverage and more inventory from which to choose, while buyers of 1- to 4-family homes face tighter supply and may need to act more decisively when a well-priced property becomes available. That said, Queens property prices double about every 12 years, and a buyer who manages to purchase now is likely to see substantially more equity built up over time than one who waits 3-4 years for what they perceive to be more favorable buying conditions.

Real estate conditions can also vary substantially from one Queens neighborhood to another and even from one building or housing type to another within the same neighborhood. Borough-wide statistics provide valuable context, but they cannot replace a detailed analysis of the specific property and local submarket.

For a more detailed analysis of current conditions in your particular Queens neighborhood and for your specific property type, reach out to me directly. I can provide a more focused review of recent sales, current competition, pricing trends, inventory, and buyer activity relevant to your individual situation.

Daniel Akerman
Licensed Real Estate Salesperson
646-982-3768