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On the market: homes in hot zip codes
A look at zip codes from all over America where real estate is going up quickly.
May 5, 2005: 10:58 AM EDT
By Les Christie, CNN/Money staff writer
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NEW YORK (CNN/Money) - Sales of existing homes were up one percent in March, according to the National Association of Realtors. Homes were sold at an annualized rate of 6.89 million, the third highest on record.

Prices have kept up with the red-hot volume. The national median price for a single-family home was $195,000 in March, up 11.4 percent in the last 12 months from $175,000 in March of 2004.

As real estate prices continue to fly, neighborhoods all over the country have undergone a vast increase in housing values. Whether they will continue their unprecedented rise is anybody's guess.

Many of the biggest percentage increases have come in zip codes that are undergoing revitalizations. Newcomers are taking solid old housing stock and renovating. Other hot areas are found in popular recreational centers on the shore or in the mountains.

Of course, some metropolitan areas are hotter than others. Of the 10 spotlighted here, Los Angeles has experienced the largest price increases in housing prices, a125 percent increase over the last five years. Miami, at 106 percent, and Washington D.C., at 99 percent, have also had dramatic rises.

On the other end, prices in Detroit have risen a modest 23 percent over that period and Seattle prices went up 38 percent.

For more on what makes a hot zip code hot click here.

For a list of this year's hottest zip codes click here.  Top of page

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