Sprawling Metro Atlanta's hottest ZIP codes are quite a hike away
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A ZIP code in Meriwether County, 70 miles away from Atlanta, saw the sprawling metro's highest jump in typical home values compared to a year ago, per Zillow data shared with Axios.
Why it matters: Fewer homes on the market kept prices growing in most areas and affordability dwindled, according to Zillow chief economist Skylar Olsen.
State of play: Typical home values rose annually in nearly all major U.S. metros, including Atlanta, Olsen found.
- Of the 50 largest metro areas, the three that saw values decline were Austin, Texas; San Antonio and New Orleans.
Zoom in: The 31816 ZIP, which includes the city of Manchester, Ga. (population about 3,500), saw 16% home appreciation jumps in April compared to the previous year.
Reality check: Zillow's analysis includes some smaller and rural ZIP codes, where there tend to be fewer, and less expensive, houses.
- "In a small ZIP code, a few houses selling for higher prices may make the entire ZIP look like prices are appreciating quickly," Zillow data scientist Anushna Prakash says.
Yes, but: Home sales prices in metro Atlanta have steadily — and in the case of Forsyth County, staggeringly — grown over the past four years, according to the Atlanta Regional Commission's housing dashboards.
Between the lines: Growth varies locally because of factors like job opportunities, development and population trends, which impact supply and demand.