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July 14, 2025 By Ethan Marshall
The second quarter of 2025 saw a strong showing from the condo market in Long Island City, with closed sales and new contracts signed both increasing immensely year-over-year, according to a report by the real estate company SERHANT.
Over this period of time, closed sales of Long Island City condos rose 63.2%, from 106 in the second quarter of 2024 to 173 in the second quarter of 2025. One-bedroom units accounted for the majority of these condos, with 104 of them having sales closed. The remaining condos sold included 6 studios, 56 two-bedroom units and 7 three-bedroom units. The median price of these condos went down 7.8%, from $1,040,606 in 2024 to $959,439 in 2025. This downward trend was due in large part to a decline in closed sales of over $1.5 million from last year, indicating buyers were looking for more affordable units.
While not as extreme as closed sales, contracts signed for condos also had a large increase in Long Island City. Year-over-year, there was a 36.8% boost in contracts signed, from 125 in the second quarter of 2024 to 171 in the second quarter of 2025. They were comprised of 20 studios, 83 one-bedroom units, 60 two-bedroom units and 8 three-bedroom units.
Another trend that signed contracts had with closed sales was the median price trend. The median price of the condos that were signed into contract fell 8%, from $1,184,480 in 2024 to $1,089,722 in 2025. There was a decline in the number of units signed into contract that were priced between $1 million and $1.5 million. While there was an increase in contracts signed for units over $1.5 million from last year, the average price for these units was actually down.
Another notable trend was a 29.4% increase in active listings for condos in Long Island City, from 214 in the second quarter of 2024 to 277 in the second quarter of 2025. These 277 condos included 25 studios, 137 one-bedroom units, 99 two-bedroom units, 14 three-bedroom units and 2 units with at least four bedrooms.
The median price for the active listings rose 7%, from $1,252,336 in 2024 to $1,340,000 in 2025. There was a 5.9% decline in the inventory of condos priced between $500,000 and $750,000 over this period of time. Similar to with homes entering contract, active listings of condos over $1.5 million went up, but the average price went down.
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