Long Island City & Astoria Market Report: 1H 2026
Long Island City‘s real estate market cooled in First Half 2026, as shrinking new development supply reduced the number of closings. Astoria‘s housing market eased from the exceptional pace set in 2025, but fundamentals remained strong.
Long Island City
There were 123 sales, down 37% year-over-year, the slowest first half since 2019 and roughly 35% below the 15-year average.
- New development accounted for more than the entire decline, as sponsor closings fell by 80 while resales rose from 68 to 75.
- Dollar volume fell 27% annually to $154M, while days on market, which is only based on resales, dropped 18% to 105 days.
New development sales fell 63% year-over-year to just 48 closings, 69% below the 10-year average.
- Vesta LIC accounted for over two-thirds of sponsor activity.
- Resale condos stepped into the void, rising 13% to 68 closings, and their 55% share of activity was a seven-year high.
- Resale co-op activity remained limited with seven sales, one fewer than a year ago.
Inventory rose 45% year-over-year to 221 active listings, the most since early 2021.
- Resale condo listings more than doubled to 155 units, a record 70% of overall listed supply, as owners who purchased during the 2019 to 2021 new development boom listed their units for resale.
- Skyline Tower is now the neighborhood’s largest source of resale supply, with 26 active listings, up from none a year ago.
- New development inventory fell 22% to 59 units, roughly half at a single project, Radiant.
Overall median price surged 24% year-over-year to $1.156M and average price climbed 16% to $1.254M, both all-time highs, driven by the shifting mix of sales.
- Closings between $500K and $750K fell 68%, while sales above $2M rose 25%, led by Skyline Tower resales including 2026’s top sale so far at $2.72M.
- Larger homes made up more of the market, as the median unit sold measured 865 square feet, up from 657 a year ago.
- Market-wide price per square foot was accordingly steadier, with the average up 3% and the median flat.
- New development pricing reached record levels across the board, led by Vesta LIC, where closings achieved a median of $1.55M, roughly one-third above the market-wide median.
Astoria
Closings continued to outperform historical averages across all unit types, prices reached record levels on a growing concentration of higher-end sales, and inventory increased sharply as sellers sought to capitalize on robust buyer demand and unprecedented pricing.
- First Half 2026 closings fell 20% year-over-year to 153, yet remained 25% above the 15-year average and the fourth-highest half-year total since 2009.
- Resale condos had the largest decline, though the 46% decrease came against a record high closing figure a year ago.
- New development held flat at 81 closings and lifted its market share to 53% from 42% of sales.
- Resale co-op sales fell 24%, though activity remained in line with long-term averages. Days on market shortened 24% to 97 days, reflecting a return to more typical selling conditions.
Supply continued to expand, with inventory increasing across all price tiers year-over-year.
- Active listings rose 40% to 186 units.
- The increase was most pronounced in the resale market, as sellers look to capitalize on strong demand and record pricing: resale condominium listings surged 81% to 58 units, while co-op inventory climbed 45% to 48.
- New development supply increased 13% to 77 units.
Median and average sale prices both reached record highs of $700,000 and $754,000, respectively, driven by a growing concentration of transactions at the upper end of the market, as sales above $1M rose 16% year-over-year.
- Average price per square foot climbed 5% to $986.
- Resale condominium pricing was particularly strong, with average price per square foot rising 22% to a record $987.
- In contrast, new development average price per square foot declined 4% to $1,091, reflecting a shift in sales activity away from Astoria’s central area.
