Shanie Baran, co-founder of Sovereign Realty of NY, launched her firm in 2013 with a focus on hands-on service in a market where clients often feel overlooked. Baran saw a need for a more attentive approach in Queens, where the real estate process can quickly become overwhelming. Her firm incorporates in-house mortgage expertise, legal guidance, and filing representation, streamlining transactions and offering support tailored to the borough’s unique challenges.
Baran emphasizes the unpredictability of each transaction in Queens. In her 24 years in the business, she notes that no two deals have unfolded in exactly the same way. Each sale presents its own complications, from financing hurdles to title issues, reinforcing the need for a comprehensive, client-centered approach.
Queens is not a monolithic market. It comprises dozens of distinct neighborhoods, each with its own pricing, buyer demographics, and housing stock. The difference between South Ozone Park and Ozone Park extends beyond geography to include buyer preferences, price points, and property types. Richmond Hill operates at a different price tier, while Forest Hills appeals to young couples seeking co-ops and condos that minimize maintenance responsibilities.
Baran observes that this diversity directly affects buyer patterns. Young families often prioritize staying near their cultural communities, while empty-nesters look to downsize. Increasingly, extended families are pooling resources to purchase multi-family homes, finding that combined ownership makes buying more affordable than renting.
Queens’ current market reflects national trends of limited inventory and high demand, but with distinctly local characteristics. Most properties sell within 30 days when priced correctly, as motivated sellers and eager buyers compete for a small pool of available homes. The market serves two main buyer segments: those seeking larger lots to build custom homes, often paying over $1 million for lots measuring 50 or 60-by-100 feet, and first-time buyers targeting properties under $800,000.
Baran attributes the brisk pace to the shortage of listings. With few homes available, sellers are motivated and buyers move quickly when the right property appears. This dynamic keeps prices firm and days on market low, despite broader economic uncertainty.
The rental market exerts a powerful influence on buying decisions. Three-bedroom rentals now command $3,000 to $3,500 per month, pushing many families to consider purchasing even in the face of higher interest rates. For many, the monthly mortgage payment is comparable or lower than current rents, driving continued demand for entry-level homes and multi-family properties.
Rising rental costs are a major driver of homebuying activity in Queens. With monthly rents for family-sized apartments reaching record highs, many renters are re-evaluating the cost of staying versus purchasing a home. Baran notes that this trend is likely to continue as long as rental prices remain elevated.
While higher interest rates have cooled some markets, Baran sees a more balanced effect in Queens. Elevated rates have reduced the frenzied competition of previous years, allowing buyers to negotiate more effectively and avoid bidding wars. “Interest rates may be a little elevated at this point. However, it does not really affect the buying market because now buyers are not competing and have to overpay on a property,” Baran says.
She points out that if rates were to drop significantly, demand would surge again, reigniting bidding wars and driving prices higher. Current rates have introduced a degree of stability, allowing both buyers and sellers to transact without the extreme volatility seen during the pandemic boom.
For investors, downtown Jamaica offers some of the most attractive opportunities in Queens. Zoning changes in this area have created new potential for development, particularly near major transportation hubs. Investors are drawn by high rental demand and the ability to realize strong returns due to the area’s connectivity and ongoing development.
Recent zoning modifications have made it possible for investors to purchase properties at market value, demolish existing structures, and build five-to-seven-story developments where zoning supports it. These changes have increased investor activity, as developers seek to capitalize on the potential for new multifamily or mixed-use buildings in well-located neighborhoods.
One of the most persistent challenges in the Queens market is the use of out-of-area appraisers who lack familiarity with local nuances. Baran recounts a recent example where an appraiser from Suffolk County was assigned to a unique property in Queens. The property, a large buildable lot over 7,000 square feet priced just above $1 million, was undervalued because the appraiser used comparables from much smaller lots.
This kind of mismatch can derail deals, especially when lenders rely on inaccurate valuations. Local expertise is critical to ensuring that appraisals reflect actual market conditions and the unique attributes of each property.
One of the biggest misconceptions about the Queens market is the assumption that neighboring properties share similar values. In reality, neighborhood boundaries, even those running down the middle of a street, can result in radically different pricing. Properties that appear similar on paper may belong to entirely different markets due to school zones, transportation access, or community character.
Baran stresses that accurate pricing requires a deep understanding of these distinctions. Comparing a home in one neighborhood to another just across the street can lead to costly mistakes for both buyers and sellers. Local experience and market knowledge are essential for setting realistic expectations and achieving successful outcomes.
The future of the Queens residential market depends on several factors: inventory levels, interest rates, continued investor interest, and the evolving rental landscape. Baran remains optimistic about the borough’s fundamentals, citing its ongoing appeal to new residents and its resilience in the face of economic shifts.
For buyers and sellers alike, success in the Queens market depends on understanding the subtle distinctions that define each neighborhood. As rental pressures persist and investor activity increases, Queens will remain a landscape of both complexity and opportunity where local expertise is not just an advantage, but a necessity.
About the Expert: Shanie Baran is the co-founder of Sovereign Realty of NY, a Queens-based boutique brokerage she established in 2013. With 24 years of experience in New York residential real estate, Baran specializes in navigating the borough’s hyperlocal market conditions for buyers, sellers, and investors.
This article is based on information provided by the expert source cited above. It is intended for general informational purposes only and does not constitute legal, financial, or real estate advice. Readers should conduct their own research and consult qualified professionals before making any real estate or financial decisions.
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