Here is a look at the Forest Hills housing (excludes Condos and Coops) market for the first six months of 2024. Here are some of the highlights:
Average sale price was up 1% year over year. Interest rates were somewhat higher in the past year.
Days on the market was 77% longer than last year, but it was on a small number of transactions (down about 35%). A few stubborn sellers unwilling to adjust prices do have an impact on this, well-priced homes have been selling with days or weeks due to lack of inventory.
Average discount from asking price almost doubled from 2023. But as mentioned earlier, final sale prices were actually slightly higher.
Sell through rate was still up 6%; due to lack of inventory overall.
Interest rates have dropped to around 6% for 30 year fixed loans (with relationship pricing); after reaching to around 7% earlier this year.
Please feel free to reach out to me directly if you wish to discuss.
