It’s incredible the difference a year makes. In early 2020, the Forest Hills real estate market was prepping for success. After COVID-19 reared its ugly head, our future suddenly became unclear.
In the past year, the Forest Hills real estate market has made remarkable progress. Think about it: One year ago, NOTHING was happening in the real estate realm. Agents were assisting clients with pressing needs, juggling new technology and wondering if they would ever see their clients face-to-face again.
OK, maybe it’s not fair to say that NOTHING was happening. Significant events must have occurred to see the real estate industry bounce back to its current levels. Is it the same as pre-COVID? Of course not, but the Forest Hills real estate market has weathered the storm with extraordinary resilience.
Today we are going to share three real estate trends that illustrate this resilience. Who knows? After reading this, you might decide to dust off your pre-COVID plans to enter the Forest Hills real estate market!
- Queens maintained the highest level of residential sales activity compared to other New York City boroughs throughout the pandemic.
Forest Hills hasn’t lost its charm, which is good news for buyers and sellers alike! - The median sale price for homes in Queens has hovered right around $640,000 since November 2020 (except for January, when the median sale price was $614,000).
This number doesn’t mean much on its own. What if we tell you that this brings the median sale price up to $600,000 for the first year of the pandemic, which is a 9% increase over the preceding year? Not a terrible statistic for sellers, is it? - Queens is a buyer’s market.
Although the median sale price of Queens real estate has increased, it is still considered a buyer’s market. There are currently more sellers than buyers in the Forest Hills real estate market.
If you want to get your feet wet in the Forest Hills real estate market, get in touch with Forest Hills Realty today to get started!
Contact us today at (718) 997-6000 or email us here for more information.
