The second half of 2021 closed out a strong year for Astoria and Long Island City, Queens. Amid robust demand and intense competition, both markets experienced a historically high number of closings while pricing and sales volume soared to record highs.
Sales
- LIC closings more than doubled versus a year ago. Closings reached their highest half-year total in over a decade. Closings heavily favored new developments, which accounted for over 80% of all sales in the neighborhood.
- Astoria sales rose 77% year-over-year. Astoria sales in 2H 2021 were also strong for new development, which captured half of all closings. Many buyers took advantage of new sponsor inventory and further purchasing power due to still-low interest rates.
Inventory
- Inventory in LIC declined by double-digits annually. Strong demand for new development and resale condos drove the decline in active listings, since co-op listings were level with a year ago.
- Inventory expanded in Astoria. Double-digit increases in resale condo and co-op inventory drove the total number of active listings up 23% year-over-year, despite new development listed inventory falling 23% annually.
Average Price Per Square Foot
- LIC average price per square foot reached a record high. At $1,348, average price per square foot rose 12% annually as sales shifted towards new development.
- Astoria average price per square foot reached a record high of $974. That figure increased 12% year-over-year and surpassed the previous high set in 2H 2017.
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