Northwest Queens saw a surge in real estate activity in February 2025, with prices rising across the board—but the most striking shift was the listing inventory, which more than doubled compared to the same period last year, according to a report by Douglas Elliman Real Estate.
The listing inventory in this part of Queens, which includes the neighborhoods of Astoria, Long Island City, Sunnyside and Woodside, rocketed up 103.3% over this period of time, from 545 units in February 2024 to 1,108 in February 2025. This also marked the 12th consecutive month to experience year-over-year growth in listing inventory.
Even with such a large jump in the number of homes entering the market, demand still outpaced availability. Approximately 237 (21.4%) of these units went into bidding wars, resulting in more than one in five rentals exceeding the initial asking price.
Following a year-over-year dip in the median rent in January 2025, the number went back up in February. The median rent in this part of Queens rose 7% year-over-year, from $3,249 in February 2024 to $3,466 in February 2025. This is also 19.5% more than the median rent five years ago, which was $2,901 in February 2020.
The number of new leases signed also experienced substantial growth year-over-year. Agreements on new leases went up 12.9% over this span, from 591 in February 2024 to 667 in February 2025. This marked the third time since November 2024 that new leases signed in a month was up from the previous year.
