Ozone Park Housing Market — 2024 Year in Review
A full-year retrospective for Ozone Park (ZIP 11416, Queens) covering calendar 2024. Open/close, high/low, full-year change, the mortgage rate environment, the macro events that shaped the year, and the firm's professional read on what it meant for Queens homeowners. Sources cited inline: Zillow Research, Freddie Mac via FRED, NYC DOF.
In 2024, the Zillow Home Value Index for ZIP 11416 (Ozone Park, Queens) opened at $682,759 and closed at $705,248. For the full year, the index climbed +3.29% ($22,489). The year-high was $705,248 in December 2024 and the year-low was $682,759 in January 2024. The Freddie Mac PMMS 30-year fixed mortgage rate averaged 6.72% nationally during 2024 (range: 6.08–7.79%).
Historical home-value trend — ZIP 11416 2000 — Present
"Rate stabilization; NAR settlement reshapes commissions"
Mortgage rates remained elevated but began drifting lower in H2 as Fed cuts came into view. The NAR commission-lawsuit settlement (effective August) reshaped how buyer-agent compensation is disclosed and negotiated. Fed cut 100 bps total over the year. NYC outer-borough prices continued grinding higher.
Key macro events:
- NAR settlement effective (Aug)
- Fed cuts 100bps total
- Trump elected to second term (Nov)
- AI-related infrastructure boom
Long-term frames for 2024
vs end of 2023: +3.39% ($23,123).
vs end of 2019: +13.23% over five years ($82,377).
vs end of 2014: +68.85% over ten years ($287,573).
Mortgage rate context for 2024
During 2024, the Freddie Mac PMMS 30-year fixed averaged 6.72% (range: 6.08–7.79%). Mortgage rates remained elevated but began drifting lower in H2 as Fed cuts came into view. The NAR commission-lawsuit settlement (effective August) reshaped how buyer-agent compensation is disclosed and negotiated. Fed cut 100 bps total over the year. NYC outer-borough prices continued grinding higher.
Our team believe: what 2024 meant for Ozone Park
Based on the brokerage's monthly transaction data and the public datasets cited below, our professional view is that 2024 was a climbed year for ZIP 11416 based on Zillow ZHVI. The full-year move of +3.29% occurred against a mortgage backdrop averaging 6.72% — meaningful context, because price direction in any given year reflects the joint outcome of rate environment, federal policy, regional supply, and local demand.
Our team observes that Ozone Park has historically been supported by a multilingual immigrant buyer base, strong multi-family ownership culture, and proximity to NYC transit corridors. In the firm's professional opinion, ZIP 11416 may continue to be supported by these long-running structural drivers — though this is a subjective view, not a forecast.
Compare Ozone Park to neighboring Queens markets — 2024 year-end
Same year-end snapshot (2024-12), nearby ZIPs in Queens. Click any tile to read that ZIP's full year-in-review.
Frequently asked questions
How much did Ozone Park home values change in 2024?
The Zillow ZHVI for ZIP 11416 opened 2024 at $682,759 and closed at $705,248 — a +3.29% full-year move. This is based on Zillow's all-homes, smoothed, seasonally-adjusted index; verify at https://www.zillow.com/research/data/.
What was the average mortgage rate in 2024?
The Freddie Mac PMMS 30-year fixed mortgage rate averaged 6.72% nationally in 2024 (range: 6.08–7.79%). Verify the live and historical series at https://fred.stlouisfed.org/series/MORTGAGE30US. This page is real estate research only — for licensed mortgage advice consult an NMLS-licensed loan originator.
What was the highest home value in Ozone Park during 2024?
The 2024 ZHVI high for ZIP 11416 was $705,248 in December 2024. The year-low was $682,759 in January 2024.
Was 2024 a good year to buy or sell in Ozone Park?
This is a subjective question that depends on each buyer's or seller's situation. From a pure-data perspective, ZIP 11416 ZHVI moved +3.29% during 2024, with the prevailing 30-year fixed rate averaging 6.72%. This page is for informational purposes only — not investment advice.
Where can I download Zillow's data for Ozone Park?
The full ZIP-level Zillow Home Value Index CSV is at https://files.zillowstatic.com/research/public_csvs/zhvi/Zip_zhvi_uc_sfrcondo_tier_0.33_0.67_sm_sa_month.csv and the Zillow Observed Rent Index at https://files.zillowstatic.com/research/public_csvs/zori/Zip_zori_uc_sfrcondomfr_sm_sa_month.csv. Methodology: https://www.zillow.com/research/methodology-neural-zhvi-32128/.
Who wrote this report?
Nitin Gadura — Licensed New York State Real Estate Salesperson (License #10401383405), operating under Gadura Real Estate, LLC. Active license verifiable at https://appext20.dos.ny.gov/lcns_public/chk_load. Contact: (917) 705-0132 or nitin@gadurarealestate.com.
Need an address-level valuation?
Our team of multilingual agents responds to every inquiry — CMAs delivered within 24 hours, no obligation.
Sources & references
Every figure on this page links to its primary public-dataset source.
- Zillow Research ZHVI — zillow.com/research/data/ · Direct CSV · Methodology.
- Freddie Mac PMMS via FRED — fred.stlouisfed.org/series/MORTGAGE30US · Freddie Mac PMMS.
- NBER recession dating — nber.org/research/business-cycle-dating.
- NYC DOF Rolling Sales — nyc.gov/site/finance/property/property-rolling-sales-data.page.
- NYC ACRIS — a836-acris.nyc.gov/CP/.
- U.S. Census ACS — data.census.gov.
- HUD Fair Market Rents — huduser.gov/portal/datasets/fmr.html.
- NMLS Consumer Access — nmlsconsumeraccess.org (for verifying mortgage loan originator licensure).
- NYS DOS Licensing — appext20.dos.ny.gov (verify Nitin's RE license #10401383405).
OPPORTUNITY
Agent / Broker disclosure. Nitin Gadura is a Licensed New York State Real Estate Salesperson (License #10401383405) — that is, a real estate agent. Nitin Gadura is not a brokerage. The brokerage is Gadura Real Estate, LLC, a licensed New York State real estate brokerage located at 106-09 101st Ave, Ozone Park, NY 11416. The responsible Licensed New York State Real Estate Broker of Record for Gadura Real Estate, LLC is Vinod K. Gadura. Office: (718) 750-0010.
Research disclaimer. This page presents independent market research by Nitin Gadura. Data shown is sourced from publicly available datasets cited above and is presented for educational and informational purposes only. It does not constitute legal, financial, tax, or investment advice. Past performance does not guarantee future results. Information is deemed reliable but is not guaranteed and should be independently verified before any real estate decision.
Mortgage disclaimer. Gadura Real Estate, LLC is a real estate brokerage and is NOT a mortgage broker or lender. Mortgage rate and payment figures shown are illustrative only. For mortgage advice consult a New York State Licensed Mortgage Loan Originator and verify at nmlsconsumeraccess.org.
New York State RPL §443 agency disclosure is provided at first substantive contact. Verify any active New York real estate license at appext20.dos.ny.gov.
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