ZIP Code 11204 Housing Market

📝 Local Market Notes

The housing market in ZIP code 11204, located in Kings County, exhibits a volatile yet ultimately upward price trajectory over the recent five-year period. The FHFA House Price Index (HPI) indicates a dip from 330.27 in 2021 to 308.2 in 2023, followed by a sharp recovery to 352.89 in 2024 and a further increase to 378.41 in 2025. This pattern suggests that while the sub-market experienced a temporary correction, it has since accelerated significantly, outpacing the broader regional trends. Currently, ZIP 11204 demonstrates a year-over-year appreciation rate of 7.23%, which substantially exceeds the Kings County average of 4.63% and the New York State average of 3.55%. This positive divergence signals that local demand in this specific area is stronger than the surrounding county and state levels. Compared to nearby ZIP codes 11416 and 11224, which show higher absolute HPI values of 399.5 and 400.4 respectively, 11204 remains slightly more affordable while still participating in high-growth dynamics. The sub-market character of 11204 aligns with a renter-heavy, mid-to-upper-tier residential area rather than a luxury enclave. With a parent county owner occupancy rate of only 29.5% and a median gross rent of $1,833, the area is dominated by rental housing stock. However, the median household income of $80,263 provides a solid economic base for potential homeownership among the 29.5% of owners. The median home value of $905,000 for the county suggests that existing homeowners in 11204 likely hold significant equity, given the recent HPI surge. For prospective buyers, the practical takeaway is that entry into ZIP 11204 requires navigating a competitive environment where prices are rising faster than the state average. With the 30-year mortgage rate at 7.40%, carrying costs remain elevated, making the rapid appreciation of 7.23% a double-edged sword. While existing owners benefit from increased equity, new entrants face higher purchase prices relative to their income levels. The data indicates a tight market where inventory turnover is likely driven by strong local demand, necessitating careful financial planning for any acquisition strategy.

Based on FHFA House Price Index data.