Queens sales were up in the third quarter just ended from the second quarter, although total sales

For the year are down as a result of the Covid shutdowns.  There is usually a slowdown of market

Activity in the fall, but  September showed an increase in pending sales of homes/apartments going into 

Contract of +51.4% over last September – 1,061 units sold this year versus 701 in contract last 



Buyers who feel secure in their jobs and income have continued to buy homes since the lockdown was 

lifted in June.  As of October 20,2020, the rate for a 30 year fixed-rate mortgage is still under 3% – 2.75%

for the most creditworthy, qualified buyers.  The 15 year fixed-rate mortgage is 2.125% – a decrease

even from last week’s rate.  So buyers are continuing to take advantage of increased purchasing

power afforded by these historically low rates.


The median price for September is $620,000 and is up +4.2% from last year’s median of $595,000. We 

have, however, seen more listings come on the market this past quarter and now have 8.8 months

for sale this September versus 6.4 months September of 2019.  (Over six months begins a trend in favor 

of buyers with more homes to choose from. )  While many areas of the US are experiencing a shortage

of homes for sale, New York City has been impacted more by the virus resulting in many reevaluating

their  lifestyle and choosing to make a move.  With employers allowing remote work options, many are  

seeking  out homes with more space for office and in-home learning.  The possibility

of yard space and access to many parks is also high on the “must have” list for buyers today. Queens,

always noted for its many residential neighborhoods, is still a highly desirable choice for those making

a move from more densely populated neighborhoods in Manhattan.


With the election uncertainty and a second wave of the virus expected, the market may slow for a

few weeks, but continue forward as the trends encouraging those to purchase will not change 



The luxury and co-op and condo markets have seen more severe declines in sales and a resulting

oversupply situation.  Each market segment and location should be looked at separately.  For an update

on your home’s current value reach us for a CMA – Comparative Market Analysis. We are glad to do a 

complementary update as this is helpful for family planning and insurance purposes.



Helen Keit 

Licensed Real Estate Broker

Certified Relocation Professional

Global Mobility Specialist

Certified Senior Advisor (CSA)®

Certified Luxury Homes Marketing Specialist

Seniors Real Estate Specialist

Realtor Short Sale Professional

The Keit Team at Keller Williams Realty Landmark

The Keit Team at Keller Williams Realty Landmark Ranked Top Producing For Queens/NYC – Real Trends 2016, 2017 and 2018 America’s Best Real Estate Agents List!


Statistics and Data provided by One Key Multiple Listing Service, Miller Samuels Research, Redfin Press