Ask anyone who has looked to buy a home in the Seattle area, and you’d get the impression that there really are no spots that aren’t super hot. But according to data from Realtor.com, one northeast Seattle zip code is the hottest in the region that also includes Bellevue and Tacoma.
Northeast Seattle’s 98105, which includes the neighborhoods around the University of Washington — including the University District, parts of Wallingford, Laurelhurst, Bryant and Windermere — ranks as the 25th hottest zip code in the U.S., according to a new report from the online real estate resource.
The focus of the report is actually the top 20 hottest zips in the country, which only included one Northwest representative — the 97222 zip in Milwaukie, Ore., which makes up the broader part of Portland, is ranked ninth.
Realtor.com says “millennials are a key factor turning up the heat in America’s hottest housing markets” as strong job markets give the generation the spending power to purchase homes in expensive areas.
The report finds that the dominant buyer segment in Seattle’s King County this year is millennials between the ages of 25 and 34 years old and accounts for 36 percent of all mortgages in the market. Realtor.com says many millennials in 98105 are already homeowners, making up 24 percent of the total population of owners in the area., and that 24 percent of millennial households make over six figures.
Homes in the zip sell in 21 days, which is 15, 9, and 57 days faster than county, metro and U.S. averages respectively, Realtor.com says. The median listing price in 98105 is $1,015,898, which is up 23.7 percent over last year. This is 243 percent higher than the metro, 186 percent higher than the county, and 423 percent higher than the U.S., respectively.
Realtor.com ranked its list based on the time it takes properties to sell and how frequently homes are viewed in each zip code. Homes in the top 20 hottest markets sell in an average of 25 days, 53 days faster than the rest of the country, and Realtor.com users view homes in these markets almost four times more often than homes in the rest of the country.
The top 20 hottest zip codes in the country, according to Realtor.com: