The Queens residential real estate market is currently undergoing a period of recalibration due to factors such as elevated mortgage rates, economic uncertainty, and geopolitical challenges. Despite these challenges, the eastern borough is uniquely positioned to perform better than other areas due to the value it offers and its rich diversity.

According to recent data, the average sale price in Queens closed at $690,373, representing a 2.3 percent increase year-over-year. This data is impacted by house sales, which constitute 56.9 percent of total transactions and have an average price of $935,709. However, those sensitive to higher mortgage rates can find unprecedented value in the co-op market in Queens, with buyers paying an average of $370,372.

Areas such as Jackson Heights, Rego Park, and Woodside in Central Queens are especially compelling to buyers due to their spaciousness, accessibility via public transportation, and the availability of different dwelling types for all lifestyles. These neighborhoods will continue to be popular among buyers in the coming year.

Despite the overall increase in inventory across the borough (13 percent), this has not translated to more sales or price declines, suggesting that buyers and sellers are becoming increasingly cautious in light of the frenzied market of the last two years.

As we move into the new year, Queens' affordability will provide a welcome refuge for many looking for value during uncertain times. Expect buyers who were previously looking at Manhattan and Brooklyn in particular, to consider Queens in 2023. With the value it offers and rich diversity, Queens is the perfect place for those looking for a home in the city that offers it all.