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.