Average Home Values Based on Zip Code Locations

March 11, 2010

Areas with neighboring zip codes often have differing price ranges when it comes to home value. Factors that play a role in the differences can range from anything like the number of schools to the number of tourist attractions in the areas.

Zip Codes Near Historical Attractions

It’s expected that homes in places with more attractions, such as Gettysburg, will draw more prospective buyers than the nearby Spring Grove. Many more people have heard of Gettysburg; most of us learned about the battles in middle school. Real estate in this area, then, will cost you much more money than homes found in Spring Grove, a lesser known borough.

In Gettysburg, the average single family home with three bedrooms and two and a half bathrooms will run you about $377,000 for approximately 1760 square feet. Though the average home with these same features will run you $289,000 in the nearby location of Spring Grove, the average square footage is significantly higher at a whopping 3577. Though you won’t be as close to the historical battlegrounds, you’ll be gaining more land for less money in an area with significantly less tourists.

Zip Codes Close to Aquatic Attractions

Some people prefer less populated areas. If an area has a smaller number of residents, it may be more difficult for you to find a home that’s reasonably priced. For example, Baltimore, MD, has a high number of residents. However, the city is broken down into a number of zip codes. In one zip code, 21209, homes with three bedrooms and two and a half bathrooms are more expensive than those with the same characteristics in the 21207 zip code region. One reason for this is because 21207 has many more schools, including nine elementary, compared to 21209 which only has two. 21209 is much closer to most main attractions in Baltimore, including the ever-popular aquarium and Inner Harbor. More people are interested in these, and many would soak up the opportunity to feed rare fish all day rather than slop together fish sandwiches at the local fast-food restaurant.

When comparing prices and looking to save money, your best bet is to look at homes in the 21207 region. The average cost of a three bedroom, two and a half bathroom home is around $208,000. That includes an average of 1700 square feet! In 21209, you’re paying more for the same structure and square footage because of the closer access to well-known attractions. The average home in this area will cost you around $292,000.

Can you base a home’s value strictly on the location of zip code regions? Not always. It’s always important, though, to consider the types of attractions within the area where you’re hoping to purchase a home before you decide you’re unwilling to pay the asked amount.