May 18, 2024 - Real Estate

Our "hottest neighborhoods" are unexpected

Table showing the ZIP codes in the Columbus metro area with the greatest home appreciation in the past year. The ZIP code with the greatest change from March 2023 to March 2024 is 43077 in Union County with a typical home value of $190,814 and a year-over-year change of +20.0%.
Data: Zillow; Note: Typical home value refers to the average of the middle third of Zillow home value estimates for every home in a given region with a county record, including single-family, condominium and co-operative homes; Table: Axios Visuals

The village of Unionville Center is too small for a stoplight, but its ZIP code recorded our region'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, even as 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 Columbus, Olsen found.

  • The other ZIP codes in our region's top five are also in rural areas, including one in the village of Etna off of I-70.

Reality check: Zillow's analysis includes some of these smaller 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.

Between the lines: Growth varies locally because of factors like job opportunities, development and population trends, which impact supply and demand.

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