We had a very active market in October with pending sales (those going into contract) up 42.5% over last October. Our median price for October remained level at $620,000, which is good for sustainability of sales. We do currently have a balanced market with 6.2 months of inventory for sale. (Less than six months is a sellers’ market and over 6 months is a buyers’ market). This is, of course, a healthy place for our local market.
Queens Residential Market Update October 2020
While November may have a little slowdown, the market is predicted to be very active for 2021. Demand is strong from millennials, interest rates are historically low and expected to remain stable, the housing market has sustained the impact of Covid, and historically the year after an election is the strongest of the four-year cycle.
It is a good time to buy and a good time to sell! Reach us for a free update on your home’s current value!