Just a few years ago, it was hard to find a ZIP code where at least 10 percent of homes were worth $1 million — now, it’s the new normal for a majority of Seattle and the Eastside.
Last year, we got word that a record 12 percent of homes in King County were selling for at least $1 million, a big rise from prior years. Now we know that our share of million-dollar homes is rising faster than just about anywhere in the country.
Zillow released a new national report this week that looked at ZIP codes where at least 10 percent of homes are worth a million bucks or more. Three years ago, the Seattle metro area had 16 of these ZIP codes — now, it has 38.
In the past year only the New York and Los Angeles metro areas — both much bigger — added more of these “million-dollar ZIP codes.”
Seattle, the 15th-biggest metro area in the country, now ranks 7th for the most million-dollar ZIP codes. We’re still behind New York, Los Angeles, San Francisco, Boston, San Jose and Washington, D.C., Zillow’s information shows.
We asked the Seattle-based real estate site for some extra data — which of our local ZIP codes have the most million-dollar homes, and how has that changed recently? Explore the map for details on your neighborhood.
Not surprisingly, topping the list is Medina (the exclusive 98039 ZIP code, home to the two richest people on Earth — Bill Gates and Jeff Bezos), where 99.7 percent of homes are worth at least $1 million. In Mercer Island, 88 percent sell for more than a million, while 64 percent of West Bellevue homes are worth seven figures.
The only ZIP code in Seattle with a majority of homes over $1 million is 98112 (think Montlake and Madison Park). Next up is the University District (42 percent of homes worth $1 million), Magnolia (39 percent) and Queen Anne (36 percent).
At the other end, a few ZIP codes on the northern and southern edges of the city, like Lake City and Georgetown, still have fewer than 10 percent of homes worth $1 million.
Which areas are making the ascent into luxury living the fastest? In the 98075 ZIP code in Sammamish, 11 percent of homes topped a million three years ago — now, 52 percent do.
The Fremont and Green Lake neighborhoods also stand out. Three years ago, less than 3 percent of homes in the 98103 ZIP were worth seven-figures; now, 17 percent are.