11423, Hollis, NY

The 11423 zip code of Hollis, NY has a median home value of $236,000. The home equity in this zip code is $128,000. This means that the majority of homes in this zip code are worth more than their mortgage. In addition, the average home price in Hollis has increased by 8% over the past year. This indicates that there is strong demand for housing in Hollis and that prices will continue to rise.

One reason for this demand is likely the strong economy. The unemployment rate in Hollis is currently at 3%, which is much lower than the national average of 5%. Additionally, Hollis has a high level of education attainment, with over 50% of residents having a college degree or higher. These factors likely contribute to a high level of job security and income growth, which can lead to increased spending on housing.

Another reason for the increase in home prices in Hollis may be related to local market conditions. For example, if there are more people looking to buy homes due to low interest rates or if there are new development projects nearby that increase demand for housing units, then prices will go up. In addition, if there are limited options available for buyers due to high demand or tight inventory levels (which can happen during periods of economic recession), then prices will also go up because fewer homes will be available at lower prices.