For buyers looking at condos for sale in Queens, the list price is only part of the picture. New-development closings can show what buyers have actually paid, while common charges, property taxes and mortgage payments shape what ownership costs month to month.
Here’s a practical look at recent Long Island City condo sales, the extra costs to budget for, and what the shrinking supply of new homes could mean for buyers and sellers.
What new LIC condos actually sold for
Over the three years from August 31, 2023, through August 31, 2026, 322 new condos closed in 21 Long Island City buildings. The median closing price was $951,032, or $1,458 per square foot.
Prices varied by apartment size:
| Home type | Share of sales | Median closing price | Median price per sq. ft. |
|---|---|---|---|
| Studio | 10% | $702,593 | About $1,666 |
| One-bedroom | 51% | $908,122 | About $1,485 |
| Two-bedroom | 36% | $1,229,171 | About $1,358 |
| Three bedrooms or more | 3% | $1,775,000 | – |
One-bedrooms made up more than half of the closings. That means buyers searching for this popular layout may have more competition than buyers looking for a less common size. Two-bedrooms had a higher median price, but a lower median price per square foot than studios or one-bedrooms.
These are recorded sponsor closings, the first recorded deed for a new home, not current asking prices or resale sales. For current listings and specific units, check the offering details and available Queens apartments for sale with a real estate professional.
Prices per square foot have climbed
The median price per square foot for new LIC condo closings rose from $1,400 in 2024 to $1,503 in 2025 and $1,617 in 2026. The 2026 figure is based on about 66 closings through August 31, so it reflects a partial year. The median closing price for those 2026 sales was $997,000.
Prices are just one comparison point. A unit’s floor, layout, finishes, outdoor space, building finances and tax situation can all affect its value. Buyers should compare similar homes and review the full offering plan, not rely on a neighborhood-wide average alone.
The median building’s first sales closed 1% above the sponsor’s list price, and 61% of buildings closed above list. Buildings that began closings in 2023 or later typically sold out in about three months; 48% sold out within a year. Across the broader group of buildings that sold out, the typical time was seven months.
The monthly cost is more than the mortgage
A realistic ownership budget should include:
- Mortgage principal and interest, if financing
- Property taxes
- Condo common charges
- Homeowners insurance
- Utilities and any building-specific costs
The median monthly common charge in the reviewed new LIC condo plans was about $571 per home. For comparison, the reported medians were $475 in Astoria and $603 in Greenpoint. Insurance, at about $110 per month per home, and repairs and service contracts, at about $100, were the largest listed pieces of the LIC common-charge budget.
That $571 is a median based on building budgets; the charge for a particular apartment can be higher or lower. Ask for the unit’s current charges and review the building’s budget and reserve information.
Property taxes are a separate expense and can make a major difference to the total monthly cost. The 421-a tax break ended in June 2022, so buyers in new buildings without an applicable tax benefit may face full property taxes from the start. Don’t assume a tax estimate in a listing will stay the same indefinitely: confirm the details for the specific unit and building.
A helpful comparison is to add the expected monthly mortgage payment, property taxes and common charges first, then include insurance and utilities. If you’re comparing ownership with apartments for rent in Queens, compare the total monthly outlay, not just the rent or purchase price.
Supply is tighter, but new plans are in the pipeline
Since 2023, accepted condo plans have averaged about 331 new homes a year in LIC, compared with 563 a year in 2015–2019-roughly 41% fewer. At the same time, the median asking price per square foot in new plans increased from $1,264 in 2015–2019 to $1,392 since 2023.
A smaller pipeline may support values, but it doesn’t guarantee future price increases. And fewer new units do not necessarily mean every existing condo is equally desirable or easy to sell.
There are also plans to watch: 16 new condo plans with 1,273 homes were filed since 2025; 10 had been accepted and six were under review in the reported data. A filed plan is not the same as homes available to buy today. Plans under review still need approval before sponsors can sign contracts.
A quick checklist for buyers and sellers
If you’re buying: Compare recent closing prices by size and price per square foot, then verify taxes and common charges for the actual unit. Review the offering plan for building costs, included amenities, tax information and any other obligations. Amenities can add value, but they can also affect operating costs: 72% of plans since 2015 included shared amenities, while 32% listed a doorman.
If you’re selling: Use comparable sales that match your home’s size, condition and building type. New-development closings provide useful context, but they are not a direct substitute for recent sales of similar resale units.
LIC also has a strong transit connection: 92% of recent buildings in the data were within a five-minute walk of a subway entrance, with a median walk of three minutes. That convenience, alongside the home itself and its ownership costs, can be part of a buyer’s comparison.
Data note: Figures come from public records through August 2026, as reported by The Condo Book, updated October 13, 2026. Closing data covers sponsor sales of new condos and excludes resales. Common-charge and building-feature figures are based on offering-plan information and may not match a specific unit’s current costs. Review the latest offering plan and building documents before making a decision.
For help comparing a specific home or understanding local market conditions, connect with Armas Group NYC, a Queens real estate brokerage serving buyers, sellers, renters and property owners.