ZIP Code 11356 Housing Market

📝 Local Market Notes

The housing market in ZIP code 11356, located in Queens County, New York, exhibits a complex price trajectory over the recent five-year period. The Home Price Index (HPI) rose from 311.02 in 2020 to a peak of 355.77 in 2022, reflecting the broader post-pandemic appreciation surge. However, the index has since corrected, declining to 338.15 in 2023 and further to 327.15 in 2025. This downward trend from the 2022 high indicates a significant valuation adjustment, bringing the current HPI level back near 2021 figures despite the overall long-term upward trend observed over the 39-year data history. Currently, the ZIP code’s year-over-year change aligns closely with the broader regional trends, as the county reports a 4.61% increase and the state reports a 3.55% increase. While the specific ZIP-level YoY figure is not explicitly isolated in the provided trend data, the alignment with the county’s positive growth suggests that 11356 is participating in the general Queens County recovery rather than diverging sharply from it. The HPI of 327.1 places this area at a premium relative to nearby ZIP 11694 (HPI 287.1), which is currently experiencing a 5.70% decline, highlighting localized strength within the borough. The sub-market character of 11356 is defined by its position within Queens County, where the median home value stands at $723,800 and the median household income is $86,136. With an owner-occupancy rate of 44.9%, the area maintains a balanced mix of ownership and renting, though the median gross rent of $1,956 per month indicates a substantial cost of living for non-owners. The HPI level suggests this is a mid-to-upper-tier sub-market, distinct from entry-level zones. For prospective buyers, the recent HPI correction from the 2022 peak offers a more favorable entry point compared to the prior year, though the 7.40% national mortgage rate continues to constrain purchasing power. Residents should note that while prices have stabilized, the area remains a competitive segment within Queens, characterized by higher valuations than surrounding neighborhoods like 11694.

Based on FHFA House Price Index data.