May 6, 2024 - News

Tampa Bay ZIP codes with highest home value increases

Table showing the ZIP codes in the Tampa Bay metro area with the greatest home appreciation in the past year. The ZIP code with the greatest change from March 2023 to March 2024 is 33548 in Hillsborough County with a typical home value of $648240 and a year-over-year change of +9.4%.
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

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.

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