Richmond's hottest zip codes for home appreciation
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The ZIP code that includes the Museum District, Windsor Farms, Carillon and part of the Near West End saw the 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, meaning 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 ours, Olsen found.
- Of the 50 largest metro areas, the three that saw values decline were Austin, San Antonio and New Orleans.
Zoom in: In metro Richmond, the ZIP codes that saw the fastest home appreciation from March to March were:
- 23221, the Museum District ZIP code, up 26%.
- 23113, the Chesterfield-Powhatan straddling ZIP code that includes Salisbury, up 24%.
- 23129, part of the Oilville part of Goochland ZIP code, up 21%.
- 23838, the deep southwestern part of Chesterfield ZIP code, up 19%.
- 23059, the Short Pump and Wyndham area ZIP code, up 18%.
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.