Affordable, well connected to Manhattan and Brooklyn, and flush with restaurants, bars, and parks, Long Island City has much to recommend it. That could be why, as of November 2023, only 25 residential properties were on the market. Of those, 12 were priced at less than $1 million, with the remaining 13 in the $1 million-$3 million range.
For townhouses, the median asking price was $1.79 million, compared with $1.1 million for condos. No co-op units were available.
As of November, however, 195 residential homes had been purchased in 2023. The vast majority—77%—sold for less than $1 million, with the remainder closing at $1 million-$3 million.
Long Island City’s rental market was pretty tight as well. Only 36 residential units were available for rent as of mid-November. A third charged $2,500-$3,500 a month, and another 47% rented for $3,500-$5,000 a month. The asking rent for the remainder was $5,000-$9,000 a month.
Interestingly, units with four or more bedrooms had a lower median monthly rent than those with two or three bedrooms: $3,950 versus $5,225 and $5,975, respectively. No doubt those larger units lacked the amenities of the two- and three-bedroom apartments or weren’t as conveniently located. The median monthly rent for one-bedroom apartments in LIC was $3,575 and that for studio apartments $2,973.
