Tampa Bay ZIP codes with highest home value increases
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A ZIP code near the Hillsborough-Pasco county line 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, even as affordability dwindled, according to Zillow chief economist Skylar Olsen.
The big picture: 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 Tampa Bay, ZIP code 33548 saw a 9% rise in typical home values since March 2023 — the biggest increase in Tampa Bay.
- That ZIP code is home to parts of Lutz west of U.S. Highway 41 and includes a sliver of Pasco County south of where Dale Mabry Highway meets 41.
- Four other Tampa Bay ZIP codes saw roughly 8% increases: 33614 in the Egypt Lake-Leto area, 33612 in North Tampa, 33617 in Temple Terrace and 33713 in the Historic Kenwood area of St. Petersburg.
Reality check: Zillow's analysis includes some smaller and rural ZIP codes, where there are usually 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.