Nov. 14, 2023 By Ethan Marshall
Rental prices were up while condos prices were mixed in Long Island City and Astoria in the third quarter of 2023, compared to the same period in 2022, according to a market report recently released by Queens real estate firm Modern Spaces.
The average price to rent an apartment in Long Island City, net of concessions, was $4,277 in the third quarter, up 2% from $4,380 in the third quarter of 2022. The average rent rose, despite the number of apartments on offer increasing 7%, from 899 to 937, over that year-over-year period.
Meanwhile, the average rent in Astoria jumped 21%, from $3,307 to $4,034, over that period net of concessions. The supply of units on the market in Astoria shrank 37%, from 232 to 144. The diminished supply accounted for the jump in prices, in comparison to Long Island City where inventory increased, according to Modern Spaces.
Condo prices dipped in the past year, according to the report.
The average closing price for a condo in Long Island City decreased 5% compared to the third quarter of 2022, from $1,220,550 to $1,153,444.
However, the outlook for Long Island City condos appears positive, with the average price per square foot of the units on the market being up 8% compared to the same period a year ago, from $1,389 to $1,547.
The average condo in Astoria sold for $760,904 in the third quarter, down from $763,869 compared to the same quarter in 2022. However, like Long Island City, the outlook appears strong with the average price per square foot of those units on the market up 12%, from $1,016 to $1,134.
Meanwhile, outside of Long Island City and Astoria, the report revealed that condo prices dipped in Flushing.
The average closing price for a condo in Flushing was down 4% in the third quarter, from $860,224 to $819,991, compared to the same quarter in 2022.
However, the average in-contract price for a Flushing condo was up 14% year-over-year, from $878,795 to $1,009,890.
The outlook for real estate in Queens remains robust, particularly in Long Island City, according to Modern Spaces Executive Vice President of New Development Marketing Arlinda Dine.
She said that the neighborhood’s location ensures that it will remain in high demand.
“A lot of people that live [in Long Island City] work in Midtown,” Dine said. “There’s also a lot more restaurants and things going on there. But I think the close proximity to Manhattan is what makes this market flourish more and continue to be stable.”