Monday, October 4, 2021

 Let's Talk... Did You Know?!?

Ranked: Here are the most expensive ZIP codes across the U.S.

Home values are surging seemingly everywhere — but, more than a year after the Covid-19 pandemic hit home, what are the most expensive ZIP codes in America?

The Business Journals analyzed more than 30,000 ZIP codes, using Zillow Group Inc. data, to find the 25 most-expensive ZIP codes by median home value. While the ranking strictly looks at median home value as of July 31, 2021, we've included how home values have changed for those ZIP codes in the past six months, one year and five years.

New York dominates the list, with the greatest number of ZIP codes from a single metropolitan area making the list. Unsurprisingly, several ZIP codes in California also made the ranking.

Notably, though, several New York ZIP codes containing some of the highest home values in the U.S. also have seen double-digit home-value losses in the past few years. A ZIP code that includes the West Village and Greenwich Village, for example, has seen double-digit declines since 2016. So has a ZIP code on the Upper East Side.

Outside of New York, though, several tony ZIP codes have seen moderate to big gains in home values in the past five years, including the Los Angeles metro area and the Bay Area.

Viewing the data with another lens, more modestly priced housing markets saw the biggest jumps in home values since 2016. Three in particular — 43222 and 43205, both in Columbus, Ohio, and 30314, which is in Atlanta — have seen a more than than 300% spike in home values since 2016.

Looking at the past year, Columbus also ranked among the areas with the fastest growth in home values, specifically ZIP code 43222, which saw a 65% increase in one year. Topping the list for one-year home-value growth is 18254, which is in Tresckow, Pennsylvania, in the eastern part of the state. That area has seen 66% home-value gains in the past year.

Two ZIP codes in Kansas City, Missouri — 64130 and 64128 — saw 62% and 60% growth, respectively, since summer 2020. 60426 (Harvey, Illinois) and 59928 (Polebridge, Montana) round out the ZIP codes that posted more than 60% growth in home values from July 2020 to July 2021.

The data underscores broader population and migration patterns we've observed for several years, even before the pandemic: The most expensive places to live in the U.S. are seeing flat, reduced or modest growth in home values, likely owing in part to people moving out of those places, while more affordable places are seeing the biggest gains as more people flock to those ZIP codes.

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