The suburbs have been running hotter than the urban real estate market since last summer.
Home Values in Suburban Zip Codes Outpacing Urban Home Values
Fueled by the shift to remote work, Americans have been looking for greener locations and larger homes since July 2021. The result? Home price growth in suburban zip codes has been climbing faster than in urban areas.
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Zillow economist Nicole Bachaud said, “While urban home value gains have continued to accelerate, the suburbs are even hotter, showing just how strong demand is for limited suburban inventory.”
While some urban areas remain hotter than hot (San Jose CA and Austin TX), other urban areas such as Philadelphia (which includes Wilmington DE) have seen the pace of home value plunge while their suburban and rural zip codes have seen spiking home price growth.
Top 10 Suburban Zip Codes Outpacing Home Prices in Urban Areas
(Change in price of typical home since July 2021)
Metro Urban Suburban Difference
US $61,671 $66,490 $4,819
San Francisco $193,540 $278,806 $85,266
Miami $68,589 $103,244 $34,655
Denver $99,965 $133,444 $33,479
Philadelphia $18,846 $51,069 $32,223
Los Angeles $137,475 $169,508 $32,033
Detroit $10,316 $39,119 $28,803
Sacramento $84,818 $112,775 $27,957
Seattle $119,725 $146,815 $27,090
Jacksonville $56,407 $82,769 $26,362
Las Vegas $88,477 $113,652 $25,175
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Thanks to Zillow and Inman.