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, yet the eastern borough is uniquely positioned to perform better than other areas due to the value it offers and its rich diversity.
Buyers can find unprecedented value in the co-op market in Queens, with average prices 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.
Despite the overall increase in inventory across the borough, 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. Expect buyers who were previously looking at Manhattan and Brooklyn to consider Queens in 2023 due to its affordability and rich diversity.