Long Island City & Astoria Market Report: 2H 2025
In the latter half of 2025, Long Island City and Astoria ended the year with diverging momentum. Astoria experienced one of its strongest half‑year periods on record, while activity in Long Island City slowed due to reduced new development supply.
Long Island City
In Second Half 2025, there were 152 closings, down 35% year-over-year and 22% below First Half 2025. This was the slowest second half of the year for Long Island City since 2015.
- Sales volume fell to $181M, a 34% annual decline and 15% below First Half 2025, as fewer high-priced new development transactions closed.
- Days on market rose to 83 days, a 24% year-over-year increase, though marketing time improved meaningfully from the first half, when listings averaged 128 days on market.
- New development sales declined sharply, falling 40% year-over-year to 81 closings, 47% below the 10-year average.
- Resale condos recorded 61 closings, a 27% annual decrease, though their share of activity rose to 40%, a six-year high. Resale co-op activity remained limited, with 10 sales, four fewer than a year ago, consistent with the segment’s historically small share of the Long Island City market.
Inventory tightened by 4% year-over-year, dropping to just 139 active listings in Second Half 2025.
- With new development supply falling sharply, down 37% to only 53 units, the resale market stepped in to fill the void.
- Resale condo inventory surged 47% to 84 listings, becoming the majority of available supply. Meanwhile, resale co-op options remained nearly nonexistent, slipping from an already scarce four units last year to just two.
Overall median price fell 5% year-over-year to $1.071M, even as the average price edged up 1% to $1.190M, reaching a three-year high.
- Both median and average price per square foot climbed to record levels, buoyed by all-time-high pricing in both new development and resale condos. With fewer new development closings this period, several Skyline Tower penthouse sales and closings at the park-fronting condo Vesta LIC lifted overall pricing.
Astoria
Closings rose 27% year-over-year to 189 sales, while sales volume climbed 47% to $138 million. This was the third-strongest half-year period in at least the last 15 years.
- New development was the clear market driver, posting 102 closings, a 73% annual increase and the second highest total in the past 12 years.
- Resale co-ops matched last year’s activity with 59 sales, while resale condos saw a modest decline to 28 closings, down 10% year-over-year.
Inventory in Astoria contracted sharply compared to last year’s record high, falling 24% to 141 active listings as supply tightened across most price points.
- Resale co-op inventory was the only product category to see an uptick, increasing 14% year over year to 42 listings, while resale condo listings fell 18% and new development inventory declined 39%.
Pricing also trended upward across the board, supported by the strength of the new development market.
- Median price rose 9% to $670,000, the second-highest level ever seen in the neighborhood. Meanwhile, average price per square foot increased 22% to $1,108, a record high, driven largely by new development activity.
- Average price and median price per square foot also reached record highs at $732K and $1,094, respectively.
