Long Island City is a fast-growing community in New York City

Real estate in New York, NY, is a coveted and dwindling commodity. In the Big Apple, home listings and inventory are down 5 percent in August 2012 compared to July 2012, and down 17.4 percent on a year-over-year basis, according to The Department of Numbers.

The decline in listings has caused prospective buyers to look at emerging communities for affordable housing options, and NY Daily News highlights 10 potential neighborhoods buyers should consider. Number two on the news source's list is Long Island City in Queens, which is sought after because of its waterfront views, restaurants, boutiques and stable home values.

According to ZipDataMaps, the average real estate sale price in Long Island City is $547,619, which is well below the average asking price of $1,115,318. The large difference in asking and closing price could be a result of short-sales or dwindling inventories. Nevertheless, prospective buyers who want to grab properties with the potential for those homes to increase in value significantly may want to enter the Long Island City marketplace quickly. With New York City listings falling on a monthly basis, the time to look at for-sale houses is now, as these units won't be around for long.