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Queens neighborhoods experience decline in new homes entering contracts: report
Queens neighborhoods experience decline in new homes entering contracts: report

Jun. 22, 2024 By Ethan Marshall

While much of New York City saw an increase in homes entering contract from May 2023 to May 2024, Queens was an exception to this trend, according to a report by the real estate listing site StreetEasy. When a home is ‘in contract’, it means an offer to buy the home is accepted by the seller and a purchase and sale agreement is signed with the buyer.

The number of homes in Queens to enter contract decreased 2.3% year-over-year, from 1,874 in 2023 to 1,831 in 2024. This decline was heavily impacted by slower condo sales in Long Island City, dropping 33.5%, from 206 in 2023 to 137 in 2024. While both Astoria and Flushing experienced slight increases in homes entering contract, it was not enough to counteract the heavy drop in Long Island City.

Conversely, the boroughs of Manhattan and Brooklyn both saw increases in home entering contracts compared to the previous year. Manhattan saw a 2.6% jump, from 4,697 in 2023 to 4,819 in 2024. In Brooklyn, there was a 0.6% rise year-over-year, from 2,896 in 2023 to 2,913 in 2024.

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