Are Astoria Apartments Becoming Less Affordable?

Remember when apartment-hunters would escape the seemingly overpriced Manhattan market and look for more affordable housing in Astoria? Well, according to some, those days are over. The Daily News published an article yesterday “Astoria no longer a middle-class enclave as housing prices soar.” In that article, the Daily News concluded that “Average sales prices for one-bedroom condos in Astoria crossed the $400,000 precipice for the first time….One-bedroom condos shot to $403,000 in the fourth quarter of 2013, up from $388,00 a year earlier.” In fact, the average price of an Astoria single family home has gone up as well, from $359,000 to $480,00, according to the Real Deal.

But does this mean that it is unlikely to find a one-bedroom unit in Astoria for less than $400,000? Does it also mean that there Astoria does not offer apartments that are more affordable than Manhattan? Untrue. A quick search on Street Easy shows that there are currently a little more than a dozen apartments listed for less than $400,000, ranging from 400 square feet to 1,100 square feet. Moreover, there are almost 90 one-bedroom apartments available, which are as large as 900 square feet.

Bottom line: for those nest-seekers looking for a larger apartment, more affordable apartment (with a quick commute into the city), Astoria may still be a viable option despite the uptick in prices.

Take a look at New York Squared’s historical news and transactions to see the recent trends in Astoria.