Condo prices are up in Long Island City, although sales volume has dropped, according to a new report.
The median price paid for a condo in Long Island City increased in the second quarter of 2024, compared to the same period last year, according to a report by the real estate firm SERHANT. The same report noted that the number of contracts signed over that period has plummeted.
The median price for a condo in Long Island City during the second quarter was $905,800, up 5.6% from the second quarter 2023, when it was $857,765. However, contracts signed have trended in the opposite direction, falling 44.5% from 227 to 126.
Most of the contracts signed in the second quarter were in the Hunters Point section of Long Island City. Of the 126 contracts signed in Long Island City, 70 were in Hunters Point.
Most of the condos that went into contract were one-bedroom or two-bedroom units. They accounted for 111 out of the 126 contracts, or 88%, according to the report.
The number of closed sales followed a similar trend to that of contracts signed. Year-over-year, there was a 59.4% decline, from 261 to 106. Most of the closed sales in the quarter were in Hunters Point, with 58.
The number of active residential sales listings in Long Island City went down 10.6% in the second quarter, from 246 last year to 220 this year.
