ZIP Code 10928 Housing Market

📝 Local Market Notes

The housing market in ZIP code 10928 exhibits a distinct pattern of recent volatility, contrasting sharply with broader regional trends. Over the past five years, the Home Price Index (HPI) rose from 204.07 in 2021 to a peak of 297.09 in 2023, indicating a period of rapid appreciation. However, this momentum reversed significantly, with the index declining to 272.32 in 2024 and further dropping to 255.84 in 2025. This downward trajectory results in a year-over-year decline of 6.05%, marking a clear correction phase following the 2023 peak. This performance signals a notable divergence from both the county and state averages. While Orange County recorded a 6.19% year-over-year increase and the state of New York saw a 3.55% gain, ZIP 10928 contracted by 6.05%. This negative spread suggests that local market dynamics are currently decoupled from the general upward pressure seen in neighboring areas. The divergence may reflect specific local inventory shifts or demand adjustments not present in the broader county, highlighting a localized cooling effect amidst a generally appreciating regional market. In terms of sub-market character, the data points to a mid-tier residential segment rather than a luxury or entry-level niche. The parent county’s median home value stands at $387,900, with a median household income of $97,178. ZIP 10928’s HPI of 255.84, while high relative to the 2000 baseline, aligns with a market that is accessible to middle-income households but not exclusively high-end. The area maintains a strong owner-occupancy rate of 67.8%, indicating a stable, family-oriented community. For prospective buyers, the current 7.40% mortgage rate combined with the recent price correction in 10928 may present a more favorable entry point compared to the surging prices observed in nearby ZIP codes like 12543, which saw a 32.33% increase. Residents should note that while the market has cooled, it remains within a county experiencing overall growth, suggesting potential for future stabilization.

Based on FHFA House Price Index data.