Despite broader challenges, the real estate markets in both Long Island City and Astoria remain historically strong. However, the first half of 2024 revealed some diverging trends. In Astoria, both sales and inventory increased with prices remaining stable. Conversely, in Long Island City, the lack of new development supply and near-record prices led to a slowdown in sales.

Sales

• Long Island City sales fell 44% year-over-year to a five-year low. Dwindling new development product drove the overall decline since resales saw a stronger sales performance.
• Astoria sales surged 39% year-over-year. Sales of all product types expanded by double-digits annually.

Inventory

• Inventory in Long Island City climbed 44% year-over-year. While new development supply dipped, sellers who had previously stayed on the sidelines re-entered the market with fresh resale listings, alleviating inventory constraints.
• Inventory in Astoria more than doubled versus a year ago. The influx of listings across all product types and price points helped to reinvigorate the market.

Average Price Per Square Foot

• Long Island City price metrics demonstrated notable annual increases. Overall median price increased 22% versus last year, reaching its second highest on record and supported by expanding share of sales over $2M.
• Astoria average price fell by single-digits year-over-year and median price was unchanged. Increased sales activity at lower price points and in the resale co-op market muted overall price statistics.