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Zip Code 11959: Quogue's Soaring Home Values and Resilient Ownership Rates
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 11959, located in Quogue, New York, is a small coastal community known for its picturesque beaches and affluent residents. This area has experienced notable fluctuations in homeownership rates and property values over the past decade, with a general trend towards increasing average home prices and varying rental market dynamics.
The homeownership rate in zip code 11959 has shown considerable variability from 2013 to 2022. In 2013, the area had a high homeownership rate of 86%, which decreased to 77% by 2016. However, it rebounded to 93% in 2021, before settling at 78% in 2022. Correspondingly, average home prices have shown a consistent upward trend. In 2013, the average home price was $1,465,179, which steadily increased to $2,748,587 by 2022, representing an impressive 87.6% increase over this period.
Federal interest rates appear to have influenced homeownership rates in this zip code. For instance, when interest rates were at historic lows between 2013 and 2015 (ranging from 0.09% to 0.13%), homeownership rates remained relatively high, above 80%. As interest rates began to rise from 2016 onwards, there was some fluctuation in homeownership rates, though they generally remained strong, likely due to the desirable location and affluent nature of the area.
The rental market in zip code 11959 has shown interesting trends. The percentage of renters increased from 9% in 2013 to 22% in 2022, indicating a growing rental market. However, average rent prices have not shown a consistent upward trend. In 2013, the average rent was $1,752, which decreased to $1,254 in 2015, then rose again to $1,527 in 2017, before settling at $1,216 in 2022. These fluctuations could be attributed to changes in the local economy, housing supply, or shifts in the types of rental properties available.
In 2023 and 2024, the average home prices in zip code 11959 continued their upward trajectory. The average home price reached $2,811,270 in 2023, a 2.3% increase from 2022. However, there was a slight decrease to $2,778,045 in 2024, representing a 1.2% decline. This minor correction coincides with significantly higher federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially dampening buyer demand.
Looking ahead, based on historical trends and current market conditions, we can project that average home prices in zip code 11959 may continue to appreciate, albeit at a more moderate pace. Over the next five years, average home prices could potentially reach around $3.2 million, assuming a conservative annual growth rate of 3%. Average rent prices, which have been more volatile, might stabilize and gradually increase to approximately $1,400 per month over the same period, factoring in inflation and the area's desirability.
In summary, zip code 11959 has demonstrated strong homeownership rates and substantial growth in average home prices over the past decade. The rental market has expanded, though average rent prices have fluctuated. Recent years have seen continued appreciation in home values, with a slight cooling in 2024 potentially due to rising interest rates. The area's attractive coastal location and affluent character suggest that it will likely remain a desirable real estate market, with moderate growth expected in both home prices and rental rates in the coming years.
