Long Island City was ranked by StreetEasy as the second-best New York City neighborhood for buyers in 2025. Photo via Getty Images.
April 4, 2025 By Ethan Marshall
Long Island City and Woodside are among the top ten New York City neighborhoods with the most significant year-over-year decline in median asking prices and the largest increase in inventory during the first two months of 2025, according to a report from real estate listing site StreetEasy.
Long Island City ranked second on the list, behind only Boerum Hill in Brooklyn. Thanks to a surge in new developments being built in the neighborhood in recent years, there are plenty of properties there, including rent-stabilized apartments and luxury condos.
Thanks to a big boost in affordable homes entering the market in Long Island City, the median asking price in the neighborhood has decreased 22% year-over-year, from $1,262,821 in 2024 to $985,000 in 2025. Over that same period of time, the available inventory of units has gone up 18%, from 167 last year to 197 this year.
Despite the lower median asking price and higher inventory, Long Island City does not have many units that get price reductions. This is due in large part to significant demand persisting in the neighborhood. Through the first two months of 2025, just 7% of the listings in Long Island City had price reductions, compared to 14% across the rest of New York City.
Woodside was ranked eighth on the list of the ten best neighborhoods in New York City for buyers in 2025. It offers a wide range of homes, including co-ops, modern condos, and multifamily homes. Its median asking price of $620,000 was the lowest among all the neighborhoods on the list, 6% lower than the $659,574 median asking price in 2024.
There was a notable increase in new developments in Woodside, which contributed a great deal to a 20% year-over-year jump in inventory, from 141 last year to 169 this year. The share of homes with price cuts, at 12%, was just under the 14% citywide share.
One Comment
They really need to stop publishing this about LIC when it’s not true. It’s so unbelievably overdeveloped with shoddy “luxury” materials.