May 3, 2024 - News

Seattle area's hottest ZIP codes for home appreciation

ZIP codes with the greatest home appreciation in the Seattle metro area
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

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.

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