Million Dollar Zip Codes are becoming increasingly common across the United States and Seattle is in the thick of it all according to a report by real estate group Zillow. An area becomes a million dollar zip code when 10 percent or more homes are valued at or above $1 million. Nationally, 1 in 25 zip codes fall into this category and as a whole have a home value median greater than $900,000. Seattle currently ranks seventh nationally with 38 total in the million dollar zip code category.
In Seattle, the number of million-dollar zip codes doubled from 19 in 2007 to 38 in 2017. New million dollar ZIPs include 98103, 98107, and 98117: Fremont, Phinney, Ballard, and Crown Hill. Outside of Seattle proper, Sammamish and Issaquah ZIPs 98027 and 98029 have also become million-dollar areas.
Zillow’s report shows that there’s an increased concentration in coastal cities; 346 zip codes crossed the million dollar threshold after 2014, with 114 (32.9%) coming from six west coast metros: Seattle, Portland, San Francisco, San Jose, Los Angeles, and San Diego. Four east coast metros accounted for 92 (26.6%) zip codes: New York, Boston, Washington D.C., and Miami. Like Seattle, most zip codes have passed their pre-recession housing peak from 2007. Back then there were 1,108 (3.77%) million dollar neighborhoods in the United States and as of May 2017 there are now 1,280 (4.35%) million dollar zip codes in the country.
Supply has been slow to catch up to the growing demand, thus causing home values to increase at a faster rate. Seattle’s market.