LONG ISLAND CITY MARKET REPORT 2014-2016

A five-year glance between 2012 to 2016 for Long Island City’s real estate market shows a number of trends across different metrics. Sales prices receive gains on a yearly basis for both cooperatives and condominiums. As of 2016, prices may have reached their peak as their growth rates are significantly smaller compared to previous years. As prices continued on an upward trend, sales saw a decline for four consecutive years until 2016 when the performance achieved a moderate boost. Days on the market continue to decrease year-to-year, signifying faster transactions in the Long Island City market. Inventory has also started picking up from 2015 with the addition of new developments in the market as well as demand that incentivized sellers to place their properties in current market listings. Overall, in a five year period, Long Island City has started heating up with more market activity, and is starting to become a popular option among buyers who are looking for more affordable prices outside of Manhattan and Brooklyn.