Astoria’s real estate market experienced mixed dynamics, with stable closing numbers but significant shifts in inventory and pricing trends. Despite a relatively level number of closings year-over-year, sales volume grew thanks to higher price metrics. But the market faced a notable headwind as inventory increased significantly. Inventory levels in 2H 2024 were the highest in at least six years.

• In Long Island City, the resale market saw significant activity, with resale condo sales increasing by 30% compared to the previous year. However, new development closings declined 15% year-over-year, as all but one currently selling new development is in pre-sales. These opposing trends combined to cause an overall annual sales decrease of 5%.
• In Astoria, the number of closings in 2H 2024 was nearly the same as last year, at 149 sales. Sales trends varied widely by product type, with new development surging 34% year-over-year, balancing the 26% decline in resale condo sales and an 8% dip in co-op closings.

• After last year’s inventory low, resale condos in Long Island City returned to the market at more than two times the rate of the previous year, resulting in a 86% annual increase in listings. During 2H 2024, five new development properties were introduced, boosting new development inventory by 71% compared to the end of 2023.
• Active listings expanded considerably in Astoria, particularly at higher price points, resulting in a 115% increase in listings compared to the previous year. This was largely due to new developments, whose inventory more than tripled. Resale condo sellers returned to the market in response to rising prices, leading to a fourfold increase in listings. However, resale co-ops saw a 16% year-over-year decrease in supply, as potential sellers may be influenced by price declines.

• In Long Island City, strong demand counterbalanced the greater variety of options to keep pricing steady, with the median price, average price, and average price per square foot changing minimally versus a year ago. Nevertheless, the 1% increase in median price to $1.13M was enough to set a new record, and the share of sales over $2M reached its highest level in over five years.
• In Astoria, he expanding market share of sales over $750K and the uptick in new development sales caused annual increases in median and average price. Overall median price jumped 13% while average price increased 11%, both reaching their highest point since 1H 2022. Average price per square foot rose 9% year-over-year to $832. Notably, resale condo average and median price figures were the highest on record.