In the fourth quarter of 2024, Queens' condo market showed distinct trends across neighborhoods. Astoria's closed prices surged by 19%, reaching an average of $839,682, spurred by rising rental prices despite fewer available units. In contrast, Long Island City witnessed minimal change with a slight 1% price decrease, yet rental prices and unit volume increased sharply. Flushing's market faced a decline, with a 6% drop in closed prices, indicating varying demand and supply dynamics across these neighborhoods. Each area's unique economic pulse highlights the complex nature of Queens' real estate market.
Astoria's condo market saw a notable increase in closed prices by 19%, contrasting sharply with Flushing's 6% decline, showcasing diverse market dynamics.
While Astoria faced a decrease in rental unit volume, Long Island City's net rent rose 10%, demonstrating contrasting rental trends within Queens.
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