Richmond Hill Housing Market — 2024 Year in Review

A full-year retrospective for Richmond Hill (ZIP 11418, Queens) covering calendar 2024. Open/close, high/low, full-year change, the mortgage rate environment, the macro events that shaped the year, and my professional read on what it meant for Queens homeowners. Sources cited inline: Zillow Research, Freddie Mac via FRED, NYC DOF.

Here is what I observed in 2024, the Zillow Home Value Index for ZIP 11418 (Richmond Hill, Queens) opened at $671,433 and closed at $698,460. For the full year, the index climbed +4.03% ($27,028). The year-high was $698,460 in December 2024 and the year-low was $671,433 in January 2024. The Freddie Mac PMMS 30-year fixed mortgage rate averaged 6.72% nationally during 2024 (range: 6.08–7.79%).

Long-term frames for 2024

vs end of 2023: +4.12% ($27,649).

vs end of 2019: +11.35% over five years ($71,174).

vs end of 2014: +71.92% over ten years ($292,197).

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.

I think: what 2024 meant for Richmond Hill

In my professional opinion as a licensed New York State Real Estate Salesperson, 2024 was a climbed year for ZIP 11418 based on Zillow ZHVI. The full-year move of +4.03% 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.

I observe that Richmond Hill has historically been supported by a multilingual immigrant buyer base, strong multi-family ownership culture, and proximity to NYC transit corridors. In my professional opinion, ZIP 11418 may continue to be supported by these long-running structural drivers — though this is a subjective view, not a forecast.

How Richmond Hill compares — New York vs nearby states vs the nation

An honest data view of how ZIP 11418 stacks up against New York State, neighboring tri-state markets (New Jersey, Connecticut), the broader Northeast (Pennsylvania, Massachusetts), and the United States as a whole. All figures are real Zillow ZHVI values — same source for every row, same as-of date (December 2024).

Returns shown are simple price-index appreciation (Zillow ZHVI, all-homes, smoothed, seasonally-adjusted). Excludes carrying costs, taxes, transaction friction, leverage. Period-end-to-period-end basis.

If you had invested $150,000 five years ago…

A simplified comparison: what $150,000 invested in December 2019 would be worth today based on each market's 5-year ZHVI appreciation — a typical 20% down on a mid-tier Queens or Long Island home in this price band. Excludes leverage, rental income, taxes, transaction costs — directional only, not a return on a real investment.

What the data suggests — and doesn't

ZIP 11418 (Richmond Hill) has trailed the broader New York state average over the past 5 years (+11.35% vs +39.31%). Across the tri-state core, the 5-year leader by simple ZHVI appreciation has been CT at +59.41%. The national US average over the same 5-year window: +46.88%.

What this comparison does not say: whether one market is “better” than another. Different markets attract different buyer pools, carry different property-tax burdens, have different rental yields, and exhibit different volatility. The right comparison for an investment decision is address-specific and depends on your holding period, financing, and goals. For Queens ZIPs, the durable factors that have historically supported appreciation include constrained supply, sustained immigrant buyer demand, transit access to Manhattan, and multi-family ownership culture — but these are historical observations, not forecasts.

Real estate is a leveraged, illiquid, location-specific asset. Index appreciation is one input among many. This page is research only — not investment advice. Past performance does not guarantee future returns. Consult licensed financial, tax, and legal advisors before investing.

Compare Richmond Hill 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

News & research coverage of Queens housing

Where to verify the analysis above: independent outlets covering New York real estate, from national business desks to neighborhood weeklies. 26 outlets and institutions covering New York real estate — from national business networks to neighborhood-level coverage. We link to outlet section pages rather than individual articles so the references remain current.

External links open in a new tab. Listed for reader verification and journalistic context. We do not have an affiliate or referral relationship with any outlet listed.

For readers: use these as independent verification sources for the data and commentary above. The Zillow ZHVI and ZORI figures used throughout this page are also covered or cited by these outlets in their housing reporting. For the academic and government primary sources, see the “Sources & references” section below.