Thanks to a strong local economy and the law of supply and demand, the Queens housing market is on fire. The median sales price was up 8.5% year-over-year, reaching $385k, and the entry threshold into the luxury market rose 8.6% to $814,600. The condo median sales price shot to a new record high of $468k; up 12.8% from Q2 2014, Elliman's Quarterly Survey reveals. Sales in Q2 2015 were up 5.6% from the same period last year to 2,539 sales despite inventory falling 12.6% to 5,148. The marketing time also declined by 18 days, to 92 days. So, if you're hunting, run—don't walk—because prices are rising, and quickly.
Queens' Median Sales Price Reaches Record High
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Douglas Elliman
, Queens
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