High-rise condominium towers along the East River waterfront at Gantry Plaza State Park in Long Island City. Via Getty Images
Jan. 29, 2025 By Ethan Marshall
Queens’ condo market remained dynamic in 2024, with certain neighborhoods experiencing distinct market shifts in the final quarter of 2024.
During the fourth quarter last year, the condo markets in the Queens neighborhoods of Astoria, Long Island City and Flushing each experienced different trends from the previous year, especially when it came to closed prices, according to the Q4 report by the real estate firm Modern Spaces.
In Astoria, the closed prices of condos increased 19%, from $705,615 in the last quarter of 2023 to $839,682 in the last quarter of 2024. When breaking down the average prices based on unit types in this neighborhood, studios sold for $387,000, one-bedroom units for $682,111 and two-bedroom units for $1,213,846.
When it came to rentals in Astoria, the net rent rose 5% from the previous year, from $3418 to $3,588. This boost came despite a 27% drop in the volume of rental units, from 188 to 137
Long Island City, meanwhile, experienced very little change in closed prices over this same period of time. There was just a 1% decrease year-over-year, from $1,252,162 in the fourth quarter of 2023 to $1,239,640 in the fourth quarter of 2024. The average prices for this quarter were $713,691 for studios, $980,070 for one-bedroom units, $1,492,305 for two-bedroom units and $2,287,625 for two-bedroom units.
While rental activity contracted in Astoria with the net rent and rental volume, Long Island City experienced increases in both areas. The net rent in the neighborhood rose 10%, from $4,178 in 2023 to $4,595 in 2024, while the volume of rental units went up 19%, from 191 to 227.
Closed prices in Flushing fell 6% over this period, from $984,153 in the final quarter of 2023 to $925,103 in the final quarter of 2024. The average prices in the fourth quarter of 2024 were $563,500 for studios, $729,599 for one-bedroom units, $1,038,236 for two-bedroom units and $1,612,780 for three-bedroom units.
Based on the trends seen in these neighborhoods, Astoria and Long Island City are experiencing growing demands among prospective buyers and renters. Interest is also beginning to grow for Flushing. Modern Spaces predicts that the coming months will feature market stabilization and growth being driven by a sustained demand to live in these neighborhoods.
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What is the trend for co-op/condo prices in Jackson Heights?