Long Island City & Astoria Market Report: 1H 2025
In the first half of 2025, both Long Island City and Astoria started the year with strong momentum, outperforming their historical averages and reflecting continued buyer interest across Queens.
Long Island City
1H 2025 saw 196 closings — up 5% year-over-year and 4% above the 15-year average, driven by robust resale condo activity and an uptick in new development closings.
- Despite the higher total number of closings compared to 1H 2024, total sales volume declined modestly by 2% to $212M. Buyers acted swiftly, as average days on market fell 6% annually to 128 days.
- New development continued to dominate the market, accounting for nearly two-thirds of all transactions with 128 sales. Resale condos posted an 18% annual gain with 60 total closings, boosting their market share to just over 30%. Resale co-op activity remained limited, with three fewer sales than a year ago.
Inventory rose 3% year-over-year to 152 active listings.
- New development inventory surged 29% to 76 units as of the end of June. During 1H 2025, two new development properties were introduced, totaling about 125 new units — boosting the annual increase in sponsor inventory. Meanwhile, resale condo and co-op active listings dropped by double digits versus 1H 2024.
Overall median and average prices declined compared to 1H 2024, largely due to a rise in the market share of studio and one-bedroom closings.
- Median and average prices per square foot, however, increased year-over-year. Nevertheless, median price per square foot reached a record high in 1H 2025, driven by a surge in new development closings exceeding $2,000 per square foot.
Astoria
Sales rose 34% year-over-year in 1H 2025 to 192 closings, marking a 60% increase above the 15-year average. Total sales volume climbed 53% to $127 million, reflecting strong buyer demand across the neighborhood.
- Despite the surge in activity, days on market increased 81% annually to 129 days. The annual increase was caused by a low figure during 1H 2024, combined with double the number of sales that had marketing timelines exceeding one year. Pricing rose across the board compared to 2024, while inventory declined year-over-year.
- New development led the market with 81 closings, rising 50% annually and capturing the highest market share by product type.
- Resale condos posted the largest year-over-year percentage gain and the highest number of sales since 2016, surging 90% to a record-high of 57 sales in the first half of 2025. Resale co-ops slipped slightly, with five fewer closings than the previous year.
Inventory contracted 16% year-over-year to 133 active listings as of the end of June.
- New development listings were the only category to post an annual increase, up 33 units due to two new launches this year and remaining sponsor inventory across developments that came to market in 2024.
- Resale condo and co-op listings each declined by over 25% year-over-year, driving the overall drop in supply.
Limited resale stock and strong demand drove pricing gains.
- Median price rose 10% to $630K, while average price per square foot climbed 6% to $943.
- Sales above $1M saw a sixfold increase year-over-year.
