Can I find a home in Queens, New York under $500,000?
Over the last 12 months there has been a lot of activity in the real estate market here in Queens, New York. Just as an example as of today there are 2,558 Homes for Sale, 2,156 Homes Under Contract, and in March 2021 there have been 227 Residential closings so far. When it comes to prices the average sales price in Queens is $849,070 and we have an absorption rate of 5.7 months which means that we are close to a balanced market for buyers and sellers in Queens as a whole. If we look at specific neighborhoods/zip codes the absorption rate is lower which represents a sellers market while other areas are above 6 months of inventory which indicates a buyer market. It is quite remarkable to see the differences throughout Queens County. If you travel over to Nassau you can see a true seller's market where Open Houses have long lines out the door and multiple offers as buyers look for more space and continue to move away from the City.
With all that said. Can you find a home in Queens, New York under $500,000? The answer is yes! Currently, there are 96 homes available in all of Queens for under $500,000. As I pull up a search, the neighborhoods that have a home under $500,000 include Broad Channel, Cambria Heights, Far Rockaway, Floral Park, Hamilton Beach, Howard Beach, Jamaica, Jamaica Hills, Ozone Park, Richmond Hill, Rosedale, S. Ozone Park, Springfield Gardens, St. Albans. Keep a close eye on the market because as you see this price range doesn't have a ton of properties so your opportunities are limited.
So out of 2,558 homes for sale, only 96 are under $500,000 today and I want to ask you since your reading this, "Is price the only thing holding you back from buying a home in today's market?" Because if it is, we should have a 5-minute chat about the different options that are available to you to finally achieve your dreams of homeownership. I look forward to hearing from you!
If you would like to find out what homes have reduced their price in the last 7 days to get some of the best deals on the market visit the link below
https://bit.ly/3906B7V
Want to know what open houses are available this weekend?
https://bit.ly/3vSS1Jo
Are you curious about your home's value?
https://sellyourqueenshome.kw.com/contact