QUEENS MARKET UPDATE
MAY 2025
New York
May 2025 New Signed Contracts
<
$1
CO-OP
$1
$3
$4
Brooklyn
"The market for newly signed contracts declined annually for the first time this year, with condos recording the only overall annual gain. Newly signed contracts exceeding the $2 million threshold outperformed the rest of the market, achieving a modest increase. However, the annual growth rate for new listings above the luxury threshold was higher than that of the overall market."
$3.99M
Brooklyn (continued)
QUEENS MARKET OVERVIEW
CONDO, CO-OP AND SINGLE-FAMILY HOMES
May 2024 vs. May 2025
In Queens, the current period saw 81 residential sales contracts signed, up from 70 in the prior year, with a slight decrease in median days on market (DOM) from 64 to 63 days, indicating a robust market activity.
Median prices for residential sales recorded in the current period rose modestly to $606,706 from $593,333 last year, with price per square foot (PPSF) up at $565 from $546, showing a positive trend in property value.
QUEENS CONDO
May 2024 vs. May 2025
For condos, 39 contracts were signed in the current period compared to 34 a year ago, with DOM increasing from 63 to 72 days, suggesting a slightly slower but growing interest.
Condo recorded sales saw a median price increase to $668K from $630K, although PPSF showed a marginal decrease to $921 from $925, suggesting buyers are opting for larger spaces.
QUEENS CO-OP
May 2024 vs. May 2025
Coop contracts signed went up to 31 from 28 year-over-year with DOM improving from 71 to 64 days, indicating stronger demand and quicker transactions.
For coops, the median price climbed to $327,500 from $318,000, and PPSF increased to $400 from $379, reflecting rising values in this segment.
TOWNHOUSES AND DETACHED SINGLE-FAMILY HOMES
In the single-family segment, contracts signed increased from 8 to 11, with DOM decreasing slightly from 47 to 43 days, showing a faster-paced market environment.
Record sales for single-family homes maintained a steady median price of approximately $791K, while PPSF rose to $567 from $546, displaying a stable and appreciating market.
QUEENS MONTHLY REAL ESTATE UPDATE
The real estate market in Queens experienced varied trends across different market segments in May 2025
Marketwide Overview
Overall, the market in Queens reflected mixed signals. Contracts signed were down by 6.80%, while the average price rose significantly by 15.91%, indicating potential strong buyer interest in higher-priced properties. New listings slightly increased by 1.57%, pointing towards a stable influx of properties
New Development
The new development segment showed a positive uptick, with contracts signed rising by 18.18% and the dollar volume soaring by 37 75% Despite this, there were declines in average price per square foot by 4 50%, suggesting buyers may be capitalizing on competitive pricing structures.
Luxury ($4M+)
The luxury market, while smaller in scale, revealed a noticeable increase in recorded sales by 50% However, there was a downturn in average price per
square foot by 51 57% and average price by 21 62%, possibly indicating a more competitive environment or discounted rates in the luxury sector
Resale Condo
Resale condos experienced a reduction in contracts signed by 35%, though recorded sales dramatically rose by 28 07% This, coupled with a robust increase in dollar volume by 59.33%, implies a notable interest in closed deals within this segment
Single-Family and Multi-Family
Single-family homes saw increased contracts by 10% and dollar volume by 15.07%, amid a slight increase in new listings For multi-family properties, contracts rose by 20%, alongside a moderate increase in average prices, suggesting heightened demand and interest.
In summary, Queens' market showcased robust activity in new development and luxury sales, while enduring competitive pricing, with a strong buyer focus on resale and family-oriented properties.
Data by | 6/4/2025
1,549