LIC Square Foot Price Marks Highest Jump At The End Of 2022: Report

LONG ISLAND CITY, QUEENS — Reports continue to show evidence of an upswing in prices per square foot in Long Island City buildings, an area that has been blanketed with development over the last decade.

Long Island City marked the biggest jump boroughwide in price per square footing in the last three months of 2022 compared with sales between July and September, according to a report by MNS Real Estate.

The median price per square foot increased by 6.2 percent from $1,493 to $1,586 per square foot between October and December, and the median sales price ticked up by 15.7 percent from $1,072,149 to $1,240,128.

Two-bedroom homes in Long Island City made up 47 percent of sales in the last three months of 2022, while studios accounted for 13 percent of sales. One-bedroom homes made up 40 percent of sales in the neighborhood between October and December.

The report also looked at sales per square foot in Queens neighborhoods like Flushing, Forest Hills, and Rego Park.

Boroughwide, the median price per square foot decreased by 6.1 percent in the last three months of the year from $1,203 per square foot to $1,130.