Queens, NY Real Estate & Homes for Sale | realtor.com® (2024)

FAQs

Is real estate in New York worth it? ›

Yes, it's a good time to buy Manhattan property now if you are a cash buyer and especially if you plan to rent out the property. Properties on the market are negotiable while rents are at record levels. The price per sqft trend for Manhattan condos is stable appreciation in the long run.

The real estate sector in New York is characterized by high competition among agents vying for lucrative deals and client acquisitions. Success in standing out amidst the competition requires a unique blend of skills and strategies.

Recent Trends in NYC's Home Purchase Market

Based on data from StreetEasy, the median sales price for homes that sold in 2023 was $764K, down about 2% from a record high of $782K in 2022 but back up to $785K in early 2024.

The current real estate market conditions in New York are becoming favorable for home buyers. Here's how: Lower Mortgage Rates: The interest rates for home loans have decreased to 7.05%, marking a decline from approximately 8% in the preceding year of 2023.

That means the average person would need to earn around $76,500 to consider comfortably purchasing a home in the U.S. The data shows that New York City's median home price is $578,100 — and the salary needed to afford a home in the Big Apple comes in at $129,500.

According to the Bureau of Labor Statistics, in May 2021 the average New York real estate agent's salary was $81,020 a year.

Showing promising signs for an uptick, the Manhattan real estate market is entering its buyers era. The city is currently experiencing a nascent shift as its inventory grows and prices plummet; buyers are taking advantage.

One of the hardest things about being a real estate agent is smoothing your income so that it is consistent throughout the year. This requires discipline and rigorous budgeting. Some agents take second jobs.

What are the most important skills for real estate agents? It's not only about having industry knowledge and being able to sell—you need to understand people, build relationships, and empathize with your clients. Both hard and soft skills are important in real estate sales.