Seattle area's hottest ZIP codes for home appreciation
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Kirkland ZIP code 98034, which includes Totem Lake, Kingsgate and Inglewood-Finn Hill, saw the highest jump in typical home values compared to a year ago in the greater Seattle metro area, per Zillow data shared with Axios.
Why it matters: With fewer homes on the market, prices continued to grow in most areas, even as affordability dwindled, according to Zillow chief economist Skylar Olsen.
By the numbers: Homes in King County's 98034 ZIP code, where the typical home value is $1,037,527, saw 11% appreciation year over year, per the data.
- The 98012 ZIP code in Snohomish County, which includes Mill Creek, saw typical home values rise 10% to $1,010,654.
- ZIP codes 98011 in Bothell and Woodinville, 98224 in Baring and 98241 near Glacier Peak in Snohomish also saw a 10% increase in typical home values, per Zillow.
State of play: Typical home values rose annually in nearly all major U.S. metro areas, Olsen found.
- Among 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 houses tend to be less expensive.
- A few houses selling at higher prices can make the entire ZIP code look like prices are appreciating quickly, Zillow data scientist Anushna Prakash said.
Between the lines: Growth varies locally due to factors like job opportunities, development and population trends, which impact supply and demand.