May 6, 2024 - Real Estate

The Philly area's hottest ZIP codes

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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

Four of the metro area's highest jumps in typical home values were in Camden County 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.

The intrigue: Camden — Philly's neighbor across the Ben Franklin Bridge — was once considered one of the most dangerous cities in America.

Zoom in: Homes in Camden County's 08104 ZIP code saw their homes appreciate by 33% year over year, per the data.

The big picture: Typical home values rose in nearly all major U.S. metros, including ours, Olsen found.

  • Of the 50 largest metro areas, the three that saw values decline were Austin, San Antonio and New Orleans.

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.

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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