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.”