Loading Content...
Zip Code 11379: Rising Home Values and Shifting Ownership in Queens, New York
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 11379, located in Queens, New York, has experienced significant changes in its housing market over the past decade. This area has seen a gradual shift in homeownership rates, alongside fluctuations in average home prices and average rent prices, reflecting the dynamic nature of the local real estate market.
The homeownership rate in zip code 11379 has shown a slight decline over the years. In 2013, the area had a 58% homeownership rate, which increased to 60% in 2017. However, by 2022, this figure had decreased to 57%. Concurrently, the average home prices in the area have shown a substantial increase. In 2013, the average home price was $510,929, which rose to $711,541 in 2017, representing a 39.3% increase in just four years. By 2022, the average home price had further increased to $838,852, marking a 64.2% increase from 2013.
Federal interest rates have played a significant role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate remained stable at 58%. As interest rates began to rise in 2017 (1.00%), there was a brief increase in homeownership to 60%, possibly due to buyers rushing to secure mortgages before further rate increases. However, as rates continued to climb, reaching 1.68% in 2022, the homeownership rate dropped back to 57%, suggesting that higher interest rates may have deterred some potential buyers.
The rental market in zip code 11379 has also seen notable changes. The percentage of renters increased from 42% in 2013 to 43% in 2022. During this period, the average rent prices showed an upward trend. In 2013, the average rent was $1,557, which increased to $1,660 by 2017, a 6.6% rise. By 2022, the average rent had further increased to $1,806, representing a 15.9% increase from 2013. This rise in rent prices coincided with a population increase from 34,214 in 2013 to 37,251 in 2022, suggesting that growing demand for housing in the area may have contributed to the upward pressure on rent prices.
Looking at the most recent data, the average home price in zip code 11379 for 2023 was $837,574, showing a slight decrease from 2022. However, in 2024, the average home price has risen again to $839,218. This slight fluctuation occurs against the backdrop of significantly higher interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may continue to impact homeownership rates and market dynamics in the area.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in zip code 11379 may continue to rise, but at a more moderate pace due to the current high interest rate environment. The average home price could potentially reach around $900,000 by 2029. For rent prices, the upward trend is likely to persist, potentially reaching an average of $2,000 per month within the next five years, driven by continued population growth and housing demand in the area.
In summary, zip code 11379 has experienced a slight decrease in homeownership rates despite significant increases in average home prices over the past decade. The rental market has grown, with rising average rent prices correlating with population growth. Recent high interest rates have introduced new dynamics to the market, potentially slowing home price growth and affecting affordability. These trends suggest a competitive and evolving housing market in this Queens neighborhood, with both opportunities and challenges for residents and investors alike.
