While there’s a lot of new construction in hot ’hoods like Astoria and Long Island City, the borough’s median rental price is a mere $2,528, which is down 2.7 percent from last month’s median price of $2,597 and down 10.7 percent from the $2,830 high of June 2014.

The average rental price in Queens is $2,749, which is the same as last month, but 5.1 percent less than a year ago’s high of $2,896, according to a new market report from Douglas Elliman.

In the luxury sector, which is the top 10 percent of Queens market rentals, the median rental is $4,207, which is 1.6 percent less than this time last year.

The entry threshold to the luxury market is $3,595 a month, which is a striking 9.9 percent less than the $3,989 a month from June 2014.

Luciane Serafovic, Douglas Elliman’s director of rentals, attributes the drop in price to an influx in inventory that has not yet been absorbed into the market — and there’s more to come.

“When the demand isn’t as high as the inventory, then the prices usually drop,” Serafovic said.