Q3 2026 Queens Market Report

Queens Real Estate Market Report Q3 2026: Prices, Inventory and Sales Trends

The Queens real estate market ended the 3rd quarter of 2026 with higher prices, relatively stable transaction volume, and a more or less balanced market overall. As we’ll see, this varied (as usual) depending on the particular housing type.  The transition from Q2 into Q3 was particularly notable, with strong contract activity during the second quarter beginning to show up as an increase in closings in Q3. Compared with Q3 2025, the overall picture is of an increasingly active market, resulting in faster sales and higher sale prices for sellers, and potentially more challenges for buyers. We break down each market segment in detail below.

(All housing figures in this report are based on OneKeyMLS data for Queens County for the third quarter of 2026. Days on market refers to median days on market. The Residential category refers to 1- to 4-family properties.)

Queens Real Estate Market Overview: Q3 2026

Looking at the market as a whole and including all housing types, the Queens market remained broadly balanced in Q3 2026, but the headline numbers point to continued strength beneath the surface. Prices appreciated considerably year over year, contracts signed increased, median marketing time declined slightly, and inventory tightened modestly. The number of closed transactions was almost unchanged from Q3 2025, but closings rose 17.1 percent from Q2 2026. This suggests that at least part of the stronger contract pipeline established during the spring moved through to closing during the third quarter. We can probably expect some of that to spill into the 4th quarter as well, as many closings in NYC take longer than 90 days from contract signing to be completed.

As in previous quarters, however, there was no single market condition that applied equally across Queens. The 1- to 4-family market continued to operate with substantially tighter inventory than the condo market, while the co-op market was just on the edge between a balanced market and buyer’s market. Sellers and buyers should therefore evaluate conditions by both property type and neighborhood rather than relying solely on borough-wide statistics, and the guidance of an experienced and knowledgeable real estate professional can be invaluable in providing needed context.

Queens Median Sales Price

The median sales price across all Queens property types reached $670,000 in Q3 2026, up 6.3 percent from $630,000 in Q3 2025.

The year-over-year gain was broad enough to reinforce the continued resilience of Queens property values despite elevated mortgage rates and affordability constraints. However, the borough-wide figure remains sensitive to the mix of properties that closed during the quarter. Changes in the proportion of houses, condos, co-ops, and other property types sold can move the overall median even if individual submarkets behave differently.

That distinction will become clear as we dig into the property-specific data. Residential, condo, and co-op median prices all increased year over year, but at meaningfully different rates.

Queens New Listings

A total of 3,218 new listings came to market in Queens during Q3 2026, down only 1.0 percent from 3,251 in Q3 2025. Compared with Q2 2026, when 3,536 properties came to market, new listing activity declined by approximately 9.0 percent. Some reduction between the spring and late summer quarters is consistent with the normal seasonal pattern of the New York real estate market.

The year-over-year decline was small enough that it does not indicate a meaningful contraction in overall supply. More importantly, the change varied significantly by property type. New condo listings increased sharply, while new co-op and 1- to 4-family listings declined. That divergence had a direct effect on the market balance within each segment. Condo buyers saw more new choices than they did one year earlier, while buyers looking for houses or co-ops faced somewhat less new inventory entering the market.

Queens Contracts Signed

There were 1,865 contracts signed across Queens during Q3 2026, compared with 1,803 in Q3 2025, an increase of 3.4 percent.

The increase is important because contracts signed are a more current indicator of buyer activity than closed sales. The fact that contract activity remained above its 2025 level despite higher mortgage rates by the end of the quarter suggests that underlying demand remained relatively durable.

Contracts did show a decline of approximately 9.5 percent from Q2, but Q2 was particularly strong with 2,061 contracts signed, and some seasonal decline after the spring market is not unusual. The year-over-year comparison is therefore more useful for evaluating the underlying direction of demand.

The property-type data were mixed. Co-op contract activity increased dramatically, while both condo and 1- to 4-family contracts declined year over year. That makes the co-op sector one of the most notable demand stories of the quarter.

Queens Closed Sales

Queens recorded 1,742 closed transactions in Q3 2026, compared with 1,755 one year earlier, a decline of just 0.7 percent. On a year-over-year basis, transaction volume was therefore essentially flat. The more significant comparison is with the previous quarter. Only 1,488 transactions closed in Q2 2026, meaning Q3 closings increased approximately 17.1 percent.

That increase is consistent with the pattern identified in the Q2 report. At that time, closed-sales volume was weak while contracts signed were considerably stronger, suggesting that the closing figures were lagging behind current buyer activity. Q3 appears to show at least part of that stronger contract pipeline converting into completed transactions.

The relationship between contracts and closings remains important moving forward. Q3 contracts moderated from Q2 levels, which could mean that closed-sales growth also moderates in subsequent quarters unless new contract activity strengthens again.

Queens Median Days on Market

The median Queens property spent 45 days on the market in Q3 2026, compared with 46 days in Q3 2025, a decline of 2.2 percent.

The one-day difference is very modest, and it supports the view that the market did not materially weaken during the quarter. Despite affordability pressures and elevated borrowing costs, properties that successfully sold were finding buyers at approximately the same pace as they did one year earlier.

However, marketing time did vary considerably by property type, as we’ll see in the sections below. Residential properties had the shortest median at 37 days, condos stood at 54 days, and co-ops at 59 days. Those differences reinforce the importance of evaluating the specific competitive environment around a property. A seller of a 1- to 4-family home should not use a borough-wide or co-op marketing-time figure as the basis for expectations, and vice versa.

Queens Months of Inventory

Queens had 6.8 months of inventory in Q3 2026, compared with 7.0 months in Q3 2025, a decline of 2.9 percent.

A market with approximately five to seven months of inventory is generally considered balanced. At 6.8 months, Queens remained within that range, although near its upper boundary. Inventory also increased slightly from 6.6 months in Q2. That change was modest, but it suggests the overall market loosened somewhat as summer progressed despite remaining slightly tighter than it was one year earlier. The more important story was again the difference between property types. Residential properties had only 5.1 months of inventory, co-ops had 7.2 months, and condos had 10.4 months.

Queens 1- to 4-Family Residential Market Report: Q3 2026

Queens 1- to 4-family properties remained the tightest major segment of the market in Q3 2026. The median price rose to $910,000, closed sales increased year over year, and months of inventory fell to 5.1 months. New listings and contracts signed declined, however, indicating that the market was active but operating with relatively limited turnover and supply. Compared with condos and co-ops, residential sellers continued to operate in the most favorable supply environment.

Queens 1- to 4-Family Median Sales Price

The median sales price for Queens 1- to 4-family properties reached $910,000 in Q3 2026, up 1.6 percent from $895,000 in Q3 2025. The year-over-year increase was relatively modest, but the $910,000 median reinforces the continued resilience of house values despite elevated financing costs.

Limited supply remains an important support for this segment. Buyers seeking 1- to 4-family properties had considerably fewer months of available inventory than condo buyers and somewhat less supply than co-op buyers.

Queens 1- to 4-Family New Listings

There were 1,327 new residential listings in Q3 2026, down from 1,359 in Q3 2025, a decline of 2.4 percent. The reduction in supply was meaningful because this was already the lowest-inventory property category. Fewer new homes coming to market can reinforce competition among buyers when appropriately priced properties become available. At the same time, sellers should not interpret constrained supply as permission to disregard market value. Affordability remains a meaningful constraint and a primary concern for buyers, particularly as mortgage rates moved higher during the quarter.

Queens 1- to 4-Family Contracts Signed

There were 815 contracts signed for 1- to 4-family properties during Q3 2026, down from 851 one year earlier, a decline of 4.2 percent. The decline indicates that buyer activity moderated during the quarter even as inventory remained relatively tight. Higher borrowing costs during late Q3 may have contributed to greater affordability pressure, potentially moving some buyers away from purchasing at this point in time. The important counterweight is supply. However, because the reduction in contract activity roughly tracked with supply, the reduced contract activity did not produce an oversupplied market and months of inventory was relatively stable, as we will see.

Queens 1- to 4-Family Closed Sales

Closed residential sales increased from 790 in Q3 2025 to 816 in Q3 2026, a gain of 3.3 percent. The quarter-over-quarter increase was even more substantial. Only 641 residential transactions closed in Q2, meaning closings increased approximately 27.3 percent in Q3.

This is the clearest example of the Q2 contract pipeline feeding into Q3 closings. During Q2, residential pending activity was strong even while closings were sharply lower. The Q3 data show a significant normalization in completed transactions.

Because contracts signed moderated during Q3, however, that pace of closing growth should not automatically be assumed to continue.

Queens 1- to 4-Family Median Days on Market

The median residential property spent 37 days on the market in Q3 2026, compared with 36 days one year earlier. The one-day increase is negligible in practical terms. More importantly, houses continued to sell materially faster than condos or co-ops, and a seller who priced correctly could expect strong offers in the first 3-4 weeks of the listing period, getting into contract in under 45 days.

The shorter marketing period is also consistent with the tighter inventory environment. Buyers looking for 1- to 4-family properties generally had fewer alternatives available, particularly within specific neighborhoods and price ranges. For well-priced homes, that scarcity can still generate strong buyer attention even when overall contract volume has tapered off.

Queens 1- to 4-Family Months of Inventory

Residential inventory declined from 5.5 months in Q3 2025 to 5.1 months in Q3 2026, a decrease of 7.3 percent. At 5.1 months, the market was technically within the five-to-seven-month balanced range but was very close to ticking over into seller’s market territory. It was therefore considerably tighter than either the co-op or condo market.

For buyers, that still means desirable and accurately priced homes may require decisive action and strong offers. For sellers, it means the supply environment remains supportive, but affordability and pricing discipline continue to be important considerations.

Queens Condo Market Report: Q3 2026

The Queens condo market was the most buyer-favorable of the major property types in Q3 2026. Prices increased modestly, but new listings rose sharply while contracts signed and closed sales declined, leading to increased choice and negotiability for buyers, and more challenges for sellers. Months of inventory increased to 10.4 months, reinforcing the relatively high level of buyer choice. Sellers therefore continued to face greater challenges finding their buyer than those in the residential or co-op markets.

Queens Condo Median Sales Price

The median Queens condo price reached $630,000 in Q3 2026, up 1.8 percent from $619,000 in Q3 2025.

The median was slightly below the $635,748 recorded in Q2, a quarter-over-quarter decline of approximately 0.9 percent. Taken together, those comparisons suggest a generally stable pricing environment rather than either strong appreciation or significant price deterioration. That stability is notable because the condo market continued to carry substantially more inventory than the other major property types. Buyers had considerable choice, yet the borough-wide median remained above its year-earlier level.

Queens Condo New Listings

There were 743 new condo listings in Q3 2026, up sharply from 657 in Q3 2025, an increase of 13.1 percent. This was the largest increase in new listings among the major property categories.

New condo inventory was also essentially unchanged from Q2, when 737 properties came to market. Unlike co-ops and residential properties, the condo market did not experience a meaningful seasonal reduction in new listings between the second and third quarters. That additional competition is significant for sellers. A condo coming to market must compete not only with recent sales but with a relatively large pool of active and newly listed alternatives.

Queens Condo Contracts Signed

A total of 302 condos went into contract in Q3 2026, down from 315 one year earlier, a decrease of 4.1 percent. Contracts also declined from 323 in Q2, a quarter-over-quarter decrease of approximately 6.5 percent.

The combination of more new listings and fewer contracts is an additional factor leading to the  supply-demand imbalance within the condo sector. Buyers had more properties entering the market while slightly fewer units were being absorbed through new contracts, leading to more months of inventory.

This does not mean that condos were broadly declining in value, as we can see from the year-over-year increase in median price. What it does mean is that sellers had to compete more directly for available buyer demand and be shrewd about pricing and presentation to make sure their listing stood out as attractive value to buyers.

Queens Condo Closed Sales

There were 257 closed condo transactions during Q3 2026, down from 280 in Q3 2025, a decline of 8.2 percent. Closings did improve modestly from the 245 recorded in Q2, an increase of approximately 4.9 percent. The quarter-over-quarter increase likely reflects contracts signed during the stronger spring market moving through to closing. However, the simultaneous year-over-year and quarter-over-quarter declines in current contract activity suggest that future closing volume may remain restrained unless buyer demand improves.

Queens Condo Median Days on Market

The median condo spent 54 days on the market in Q3 2026, compared with 55 days in Q3 2025. The 1.8 percent year-on-year decline is not significant and is essentially flat, but it does indicate that the increase in inventory did not produce a significant lengthening of marketing time for properties that ultimately sold. That distinction is important. Months of inventory reflects the overall balance of available supply and transaction activity, while days on market reflects the properties that successfully secured buyers. A condo can therefore exist within a buyer-favorable market while correctly priced individual units continue to sell in a reasonable period. A condo owner looking to sell now would be wise to look at closed sales and pay particular attention to the pricing of condos that sold at or below the median days on market as a good guide to competitive pricing in the current environment.

Queens Condo Months of Inventory

The condo market had 10.4 months of inventory in Q3 2026, up from 10.2 months in Q3 2025.

With supply well above the five-to-seven-month balanced-market range, the Queens condo market remained clearly favorable to buyers. This was also the only major property category in which months of inventory increased year over year.

The combination of higher new listings, lower contracts signed, and more than ten months of inventory means realistic pricing remains particularly important for condo sellers. Buyers generally have the ability to compare multiple alternatives and may be less inclined to pursue a property that is positioned substantially above competing units.

Queens Co-op Market Report: Q3 2026

The Queens co-op market produced some of the strongest contract activity of any property category in Q3 2026. Median prices rose, new listings declined, and contracts signed increased by nearly 18 percent year over year. Closed sales remained slightly below the prior year's level, but closings improved substantially from Q2. At 7.2 months of inventory, the co-op market remained close to balance but continued to provide buyers with somewhat more negotiating leverage than the residential market.

Queens Co-op Median Sales Price

The median Queens co-op sales price increased from $325,000 in Q3 2025 to $338,000 in Q3 2026, a year-over-year gain of 4.0 percent.

The Q3 median was also 4.0 percent above the $325,000 median recorded in Q2 2026. This represents a reversal from the previous quarter, when co-op prices were slightly lower year over year. Combined with the strong increase in contracts signed, Q3 pricing suggests that buyer demand was sufficient to support modest appreciation despite inventory remaining near the buyer-leaning side of the market.

As always with co-ops, individual values remain heavily dependent on apartment size and condition, building financials, maintenance charges, board requirements, sublet policies, amenities, and location.

Queens Co-op New Listings

There were 1,130 new co-op listings in Q3 2026, down from 1,206 in Q3 2025, a decline of 6.3 percent. New listings also declined from 1,250 during Q2, a quarter-over-quarter decrease of approximately 9.6 percent. The reduction in new supply was important because it occurred at the same time contract activity increased sharply from the prior year. Fewer new listings combined with stronger year-over-year buyer activity helped prevent co-op inventory from expanding despite the market already operating near the upper end of balanced conditions. For sellers, this created a somewhat more favorable competitive environment than the new-listing numbers alone might suggest.

Queens Co-op Contracts Signed

A total of 742 Queens co-ops went into contract during Q3 2026, up from 631 in Q3 2025. That represents a substantial year-on-year increase of 17.6 percent. This was by far the strongest year-over-year increase in contracts signed among the major property categories. If that elevated contract activity carries through the co-op board process and closing, it should result in a higher year-on-year transaction volume going forward into Q4.

Contract activity did decline from 812 in Q2, but the year-over-year improvement is more significant because it shows considerably stronger buyer engagement than was present during the same seasonal period one year ago.

Queens Co-op Closed Sales

There were 667 closed co-op transactions in Q3 2026, down slightly from 678 in Q3 2025, a decline of 1.6 percent. However, closings increased significantly from the 593 recorded in Q2, a quarter-over-quarter increase of approximately 12.5 percent. That improvement reflects the trend in the overall Queens market. Stronger earlier contract activity worked its way through the transaction process and helped increase the number of completed sales during Q3.

Queens Co-op Median Days on Market

The median co-op spent 59 days on the market during Q3 2026, compared with 58 days one year earlier. The 1.7 percent increase represents essentially stable marketing time. Co-ops remained the slowest-moving of the three principal categories, which is typical, but the difference from the prior year was minimal.

Given the additional financial, legal, and building-specific considerations involved in purchasing a co-op, a longer marketing period relative to houses is not unexpected. For sellers, the most important factor remains pricing. With inventory slightly above the balanced-market range, buyers generally have enough alternatives to be selective, and sellers must price attractively or risk staying on the market much longer than these median numbers would suggest. This becomes readily apparent when we look at the average days on market for co-ops in Queens, which stood at 95 days – an increase of 8% from the same period last year and a variance of 61% over the median. This variance between the median and the average is the result of some listings not being priced appropriately and sitting on the market for extended periods, dragging the average days on market up.

Queens Co-op Months of Inventory

The co-op market had 7.2 months of inventory in Q3 2026, down from 7.4 months in Q3 2025. 5-7 months of inventory is typically used as the benchmark for a balanced market, so co-ops remained just beyond the upper end of that range and therefore modestly favored buyers overall.

Months of inventory increased only slightly from 7.1 months in Q2. The market balance was therefore relatively stable from one quarter to the next. The strong increase in year-over-year contract activity is particularly important in this context. If that demand continues while new listing activity remains restrained, months of inventory could shift closer to balanced conditions, but only time will tell if that will in fact be the case.

Interest Rates, Employment, Inflation and Consumer Sentiment: Outlook for the Queens Real Estate Market

The broader economic environment became more challenging for housing during Q3 2026. Mortgage rates experienced a meaningful increase as the quarter progressed, inflation remained above the Federal Reserve's target, and national job growth continued to be slow. At the same time, the New York City labor market remained comparatively resilient and consumer spending remained strong. Those competing forces help explain why Queens real estate continued to support higher prices even while transaction activity remained selective.

Mortgage Rates and Interest Rate Trends

Mortgage rates moved noticeably higher during the third quarter. Freddie Mac reported an average 30-year fixed mortgage rate of 6.43 percent on July 2. By September 24, that rate had risen to 7.03 percent, an increase of approximately 60 basis points over the course of the quarter.

The Federal Reserve also raised the target range for the federal funds rate by 0.25 percentage point at its September 16 meeting, bringing the range to 3.75 to 4.00 percent. The Fed cited elevated inflation while describing economic activity as continuing to expand at a solid pace.

Mortgage rates are not set directly by the federal funds rate, but they respond to many of the same forces, particularly inflation expectations and bond-market conditions. The increase in borrowing costs during Q3 therefore represented a significant headwind for affordability entering the fall market.

For Queens buyers, the practical effect can be substantial. A rate increase of even half a percentage point can materially change the monthly payment on a typical condo or 1- to 4-family purchase. For sellers, higher rates can reduce a buyer's maximum purchasing power even when underlying demand remains strong. Because sellers must contend with the real world circumstances faced by buyers, they cannot look at pricing their home in a vacuum and therefore need to think of attracting buyers given the real-world circumstances they face.

Employment and the Job Market

The national labor market continued to slow during Q3. The September employment report showed an increase of only 29,000 non-farm payroll jobs, while the unemployment rate stood at 4.2 percent. The Bureau of Labor Statistics also revised July and August payroll growth downward by a combined 60,000 jobs. Average monthly payroll growth over the preceding 12 months was only 45,000.

The New York City labor market, however, presented a somewhat stronger picture. The latest available local data showed the city's seasonally adjusted unemployment rate at 4.8 percent in August, down from 5.0 percent in July and 0.7 percentage point below August 2025. New York City private-sector employment was 27,600 jobs higher than one year earlier, although much of the growth remained concentrated in education and health services.

For the Queens housing market, employment remains one of the most important variables to monitor. Stable employment supports mortgage qualification and gives households greater confidence in taking on a long-term housing obligation. A significant weakening in the job market would work in the opposite direction.

Right now, the data suggests a labor market that is slowing rather than collapsing. That is a meaningful distinction for housing.

Inflation, Economic Growth and Consumer Spending

Inflation remained an important constraint on the interest-rate outlook at the end of Q3. The Consumer Price Index increased 0.6 percent in September and 3.7 percent over the preceding 12 months. Core inflation, excluding food and energy, increased 2.6 percent year over year, while shelter costs were up 3.2 percent.

The broader economy nevertheless continued to expand. The Bureau of Economic Analysis reported that real U.S. GDP increased at a 2.2 percent annual rate in Q2, the most recent official quarterly GDP estimate available at the end of Q3. New York State's real GDP increased at a 4.0 percent annualized rate during the same quarter, the strongest growth rate among the states in that report.

Consumer spending also remained resilient during the third quarter. Census Bureau data showed that U.S. retail and food-service sales increased 1.2 percent in August from July and were 6.0 percent higher than in August 2025.

That combination of persistent inflation and continued spending creates a complicated environment for housing. Strong consumer demand and positive economic growth help support employment and household finances, but persistent inflation can keep borrowing costs elevated. Without a deep recession or some other kind of dramatic macro-economic shift, the Fed has no justification to lower interest rates, and mortgage rates are likely to stay more or less in the range we have been seeing for the last 3 years. Buyers must come to terms with the reality that, barring some economic calamity, sub-5% interest rates are not likely to be seen for years to come.

Consumer Sentiment

Even though most of the current economic data should lead to the opposite, consumer confidence remained weak during the quarter. The University of Michigan Consumer Sentiment Index rose to 55.2 in July before falling to 51.7 in August. FRED's published series reflected the August reading as the latest available observation at the end of September.

The University of Michigan's final September survey subsequently showed sentiment falling further to 48.1, down from 51.7 in August and 55.1 in September 2025. The survey also showed weakening expectations for personal finances and business conditions.

Weak consumer sentiment does not necessarily translate directly into falling home prices or lower transaction volume. However, it can cause households to delay major financial commitments, particularly when combined with higher borrowing costs and concerns about future expenses.

That caution is consistent with the Q3 housing data. Buyers remained active, but activity was selective, and conditions varied sharply by property type.

What the Economic Data Could Mean for Queens Real Estate

The primary challenge for both buyers and sellers in Queens heading into Q4 is affordability. Queens entered the fall market with prices generally higher than one year earlier, while mortgage rates had simultaneously moved above 7 percent by late September.

If borrowing costs remain elevated, transaction activity is likely to remain sensitive to pricing. Buyers may continue to participate, but monthly payment considerations will place a ceiling on what many households can afford. Sellers who price according to past expectations rather than current purchasing power may encounter greater resistance.

At the same time, supply remains an important counterweight. The borough overall has only 6.8 months of inventory, and 1- to 4-family properties have just 5.1 months. Unless inventory expands materially, limited supply should continue to provide some support for prices even if demand softens.

The condo market remains the exception. With 10.4 months of inventory and new listings up more than 13 percent year over year, buyers have considerably greater leverage in that segment.

Queens Real Estate Market Outlook: What Buyers and Sellers Should Know

Queens ended Q3 2026 as a generally balanced market with stronger prices and relatively stable year-over-year transaction activity. The borough-wide median sales price increased 6.3 percent to $670,000, contracts signed increased 3.4 percent, closed sales were nearly unchanged from one year earlier, and inventory declined slightly to 6.8 months. The strong increase in closings from Q2 also suggests that much of the contract activity generated during the spring successfully moved through the transaction pipeline during the third quarter.

For sellers, the market remains favorable when a property is priced correctly for its particular segment and given its current condition. The strongest supply conditions continue to exist in the 1- to 4-family market, where inventory is only 5.1 months. Co-op sellers are operating in a roughly balanced to slightly buyer-leaning environment, while condo sellers face significantly more competition. 

For buyers, the reverse is true: condo buyers generally have the greatest selection and negotiating leverage, while buyers of well-priced 1- to 4-family properties should expect a more competitive environment. Across all property types, elevated mortgage rates make accurate pricing and affordability more important than ever.

Queens is made up of many distinct neighborhoods and submarkets, and borough-wide statistics cannot tell you precisely what is happening with a particular house, apartment, building, or block. If you are considering buying or selling and would like a more detailed analysis of your specific Queens neighborhood and property type, reach out to me directly. I can provide a focused review of recent sales, current competition, inventory, pricing trends, and buyer activity relevant to your individual situation.