Washington is renowned for its sky-high rents and real estate prices, one of the highest in the entire USA. All of the state’s top 50 most expensive zip codes rank well above the national median home price which is about 300,200 US dollars in the year of 2017. The statewide average registered a 6.6% year-over-year appreciation in quarter 2 of 2017 alone. The price growth is attributed to the expansion of the population in urban hotspots such as Seattle, Spokane, and Tacoma.
The combined value of luxury property in Washington DC places it within the top 10 of American cities. Washington ranked fifth in the list with a total value of 826 billion US- the median home value in the city was around 994 million USD. Baltimore came in 22nd with a total value of 301 billion USD roughly equivalent to the Bank of America Corp. Philadelphia came in 10th, with a value of 577 billion USD.
The following are the major areas that contribute to Washington’s high real estate value:
Covering the town of Medina is the most expensive zip code in the state of Washington, i.e 98039 with the median home price clocking in at 2,400,000 USD. This means that Medina is 8 times more expensive than the average U.S town. It’s location on the shores of Washington, just across the water from Seattle makes it all the more expensive. It has over three thousand inhabitants including business innovators, CEOs, and the like.
The second most populous county in Washington, i.e Pierce county showcases plenty of luxurious real estate and high-priced zip codes. Fox Island which has zip code 98333 is the most expensive in Pierce county. The median home price is around 550,000 USD making the 38th priciest zip code in the state. Being located in between Mount Rainier and the Olympic Mountains with an abundance of waterfront real estate, Fox Island has evolved into a wealthy exurb. The Puget Sound Island is well known for its beaches, scuba diving, fishing, and charming downtown.
Spokane’s size and economic importance make in an engaging market. It is located 280 miles from Seattle functioning as the economic and cultural center for the Inland Northwest. It is the third-largest urban area in the Pacific Northwest followed by Seattle and Portland. The Lilac city also hosts some of the priciest zip codes including 99204 with a sale price of 249,900 USD. Spokane hosts 4107 South Regal Street which fetched 1,325,000 USD- the 10 bed home offers around 4,391 square feet of living space.
The DC Team specializes in property for sale Washington DC and luxury property in Washington DC. Their team of experienced and capable individuals ensures that you get the home of your dreams in DC. With over 25 years of experience, their expertise ensures that you are in good hands. They also aid in selling property with their marketing and staging knowledge.