Flushing NY Real estate- slow down?
Flushing NY Real Estate Market 2023: A Buyer's Market with Signs of Slowing Down
The Flushing, NY, real estate market is in flux in 2023. After years of rapid price appreciation, the market is starting to show signs of slowing down. In June 2023, the median sale price of a home in Flushing was $695K, up 13.0% from the previous year. However, the number of homes sold was down 27.6% from last year. This suggests more inventory is on the market, and buyers are becoming more cautious.
A few factors are contributing to the slowdown in the Flushing, NY, real estate market. First, mortgage rates have been rising steadily in recent months. This has made it more expensive for buyers to finance a home purchase. Second, the overall economy is
showing signs of slowing down. This makes some buyers hesitant to make a significant financial commitment, like buying a home.
Despite the slowdown, the Flushing, NY, real estate market is still a seller's. Homes are still selling quickly and above the list price. However, buyers are getting more negotiating power and are starting to see more concessions from sellers.
If you are thinking about buying a home in Flushing, NY, in 2023, it is crucial to be prepared for a competitive market. You should have a clear idea of your budget and be prepared to act quickly when finding a home you love. You should also work with an experienced real estate agent who can help you navigate the market and get the best possible deal.
DakisHomes4u Realty is a leading real estate brokerage in Flushing, NY. We have over 20 years of experience helping buyers and sellers in the Flushing market. We know the market inside and out and can help you find the perfect home for your needs. Contact us today to learn more about the Flushing, NY, real estate market and to get started on your home-buying journey.
Here are some additional insights into the Flushing, NY, real estate market in 2023:
The median home price in Flushing is expected to continue to rise but at a slower pace than in recent years.
The number of homes for sale is expected to increase, which will give buyers more options.
The time it takes to sell a home is expected to increase as buyers become more selective.
Buyers are expected to be more focused on value and amenities as they look for ways to save money.
If you are considering buying or selling a home in Flushing, NY, in 2023, DakisHomes4U Realty can help you navigate the market and get the best possible deal. Contact us today to learn more.