The Philly area's hottest ZIP codes
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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.
- The city's resurgent economy has been boosted by increased state aid, a renewed focus on public safety and investments from developers, including the power broker George Norcross, along the Delaware River waterfront.
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.