Is Long Island City, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Long Island City was a Neutral Market.
Key Takeaway
Long Island City is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Long Island City, NY
How much do homes in Long Island City, NY cost?
Median Sold Price
$1,235,936
$1,387/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Long Island City have sold for 30.1% more than they did a year ago.
Summary: The median home sold price in Long Island City was $1,235,936 in April 2024, up 30.1% from last year, and the median price per square foot was $1,387.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $662.5K | $782.5K | +18.1% |
| 2 Bedrooms | $1.2M | $1.3M | +7.3% |
| 3 Bedrooms | $1.1M | $1.4M | +26.9% |
| 4 Bedrooms | $2.0M | $1.3M | -35.5% |
| 5+ Bedrooms | $1.4M | $1.5M | 0.2% |
Summary: Long Island City housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 18.1%, 2 bedroom homes increased by 7.3%, 3 bedroom homes increased by 26.9%, 4 bedroom homes decreased by 35.5%, and 5+ bedroom homes increased by 0.2%.
Median Sold Price Compared To Nearby Neighborhoods
| Long Island City | $950K | $1.2M | +30.1% |
| Astoria | $940K | $977.5K | +4.0% |
| Northwestern Queens | $724.2K | $720.1K | -0.6% |
Housing Supply in Long Island City, NY
How many homes are available in Long Island City, NY?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 117 | 121 | +3.4% |
Summary: The Long Island City real estate market had 121 homes for sale in April 2024, a 3.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 39 | 41 | +5.1% |
| 2 Bedrooms | 47 | 44 | -6.4% |
| 3 Bedrooms | 10 | 13 | +30.0% |
| 4 Bedrooms | 9 | 8 | -11.1% |
| 5+ Bedrooms | 12 | 15 | +25.0% |
Summary: The Long Island City housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 5.1%, 2 bedroom homes decreased by 6.4%, 3 bedroom homes increased by 30%, 4 bedroom homes decreased by 11.1%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 13 | 12 | -7.7% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Long Island City, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 12 homes were sold or pending in Long Island City in April 2024, down by 7.7% month-over-month. Of the 12 sold homes, 50% were sold under asking, 50% were sold at asking, and 0% were sold over asking.
Days on Market for Long Island City, NY
How long does it take to sell a home in Long Island City, NY?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 128 Days | 198 Days | +54.4% |
Summary: Homes in Long Island City had an average of 198 days on market in Apr 2024, up by 54.4% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Long Island City are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During April 2024, 12 homes were sold in Long Island City; 8% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
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