You are reading

Queens waterfront real estate market wildly popular as prices skyrocket citywide

Long Island City waterfront. (Photo via Getty Images)

July 19, 2023 By Julia Moro

According to a new StreetEasy report, condos along the Queens waterfront have risen in popularity, with Long Island City being the most in-demand sales market in the borough this year.

With lower prices and a convenient commute to Manhattan, the Queens waterfront proves to be a top choice for renters and buyers. On top of that, declining new inventory and strong demand have fueled competition among high-budget buyers leading them to the waterfront neighborhoods in Brooklyn and Queens, according to the StreetEasy report.

StreetEasy’s report revealed that Williamsburg was the city’s most sought-after market for condos, with an average listing receiving 64.4% more inquiries in the first half of this year than in the same period in 2019. However, waterfront neighborhoods in Queens were a very popular option for homebuyers looking for condos. The average condo listing received 35% more inquiries this year than in 2019, according to the report.

“The median asking price for Long Island City condos was $1.2 [million] in June, unchanged from a year ago,” read the report. “Condos in the neighborhood spent a median of 42 days on the market, 27 days faster than the boroughwide median of 69 days.”

Another draw to the Queens waterfront are the newly constructed buildings in Long Island City, which offer coveted amenities.

“Nearly two-thirds (64%) of condos on the market in Long Island City this year were in buildings constructed since 2019,” read the report. “…it’s also one of the most popular neighborhoods for renters in Queens, which came ahead of Brooklyn as the most competitive rental market in the city in May.”

email the author:
No comments yet

Leave a Comment
Reply to this Comment

All comments are subject to moderation before being posted.

The reCAPTCHA verification period has expired. Please reload the page.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Recent News

Op-Ed: Port Authority and York College collaboration paves the way for career opportunities in aviation

Apr. 23, 2024 By Alicia L. Hyndman and Dr. Claudia Schrader 

With air travel projected to double over the next two decades, the construction of a new world-class airport at JFK is a welcome sight. But creating a great new airport to meet the needs of the future will take more than just concrete and steel – it will require a new generation of professionals trained for the rapidly evolving aviation industry of the 21st century.