Island Park, NY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Island Park Neighborhoods Since 2000




Island Park, NY Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Island Park Housing Market Information

With 4,766 people, 1,802 houses or apartments, and a median cost of homes of $392,809, real estate costs in Island Park are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive New York communities.

Single-family detached homes are the single most common housing type in Island Park, accounting for 61.25% of the village's housing units. Other types of housing that are prevalent in Island Park include duplexes, homes converted to apartments or other small apartment buildings ( 27.35%), large apartment complexes or high rise apartments ( 9.61%), and a few row houses and other attached homes ( 1.39%).

The most prevalent building size and type in Island Park are three and four bedroom dwellings, chiefly found in single-family detached homes. The village has a mixture of owners and renters, with 62.20% owning and 37.80% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Island Park's housing was primarily built during this period, from the '40s through the '60s. A full 52.53% of the village's housing hails from this era. Other housing ages represented in Island Park include homes built before 1939 ( 26.61%) and housing constructed between 1970-1999 ( 19.08%). There's also some housing in Island Park built between 2000 and later ( 1.78%).

Vacant housing appears to be an issue in Island Park. Fully 10.70% of the housing stock is classified as vacant. Left unchecked, vacant Island Park homes and apartments can be a drag on the real estate market, holding Island Park real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Island Park Home Appreciation Rates

Island Park's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Island Park during the period has been just -1.58%, which is lower than 80% of US communities.

Appreciation rates are so strong in Island Park that despite a nationwide downturn in the housing market, Island Park real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Island Park appreciation rates continue to be some of the highest in America, at 6.41%, which is higher than appreciation rates in 77.24% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Island Park. Island Park appreciation rates in the latest quarter were at 0.66%, which equates to an annual appreciation rate of 2.68%.

Relative to New York, our data show that Island Park's latest annual appreciation rate is higher than 80% of the other cities and towns in New York.

Average Home Values

 

Median Home Value:
$392,809

Island Park, NY HOME PRICES

Value Range
> $1,112,000 0.0
$834,001 - $1,112,000 0.7
$556,001 - $834,000 11.6
$445,001 - $556,000 18.3
$333,001 - $445,000 42.8
$222,001 - $333,000 24.7
$111,001 - $222,000 1.6
$55,001 - $111,000 0.0
$0 - $55,000 0.3

High for NY
Very High for Nation

Value Relative to Nation Value Relative to State
9.76210008203445 24.0179573512907

Number Of Homes And Apartments:
1,802

Island Park Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
64.39% 2.92% 7 8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,002 / per month

Homeownership Rate

Homeownership
Owners 62.20
Renters 37.80
Vacant 10.70

Housing Market Details

 

Age of Homes

AGE OF Island Park HOMES
2000 or Newer 1.8
1970 - 1999 19.1
1940 - 1969 52.5
1939 or Older 26.6

Types of Homes

TYPE OF Island Park HOMES
Single-Family 61.2
Townhomes 1.4
Small Apt. Buildings 27.4
Apt. Complexes 9.6
Mobile Homes 0.4
Other 0.0

Home Size

SIZE OF Island Park HOMES
No Bedroom 1.39
1 Bedroom 12.09
2 Bedrooms 27.16
3 Bedrooms 39.35
4 Bedrooms 13.13
5 or more bedrooms 6.89