Home Prices In 12 Phoenix Zip Codes Grew Faster Than The Market

PHOENIX, AZ – Twelves Phoenix ZIP codes had a very high environmental hazard risk index and over the past year, the median home price in 11 of these ZIP codes appreciated faster than the U.S. market overall, according to a new report from ATTOM Data Solutions. The report found that nationally, home prices in ZIP codes in the highest 20 percent for environmental hazard risk grew faster than the market overall.

Median home prices in ZIP codes with a very high environmental hazard risk index grew faster than the overall market over the past year (7.4 percent), the past five years (57.1 percent) and the past 10 years (22.2 percent), according to the report. In the market overall,

ATTOM Data analyzed over 8,000 ZIP codes that had sufficient housing trend data for risk related to four environmental hazards: superfund sites, brownfields, polluters and poor air quality. A risk index was calculated for each hazard and a combined index was then calculated based on the four factors.

Browse new homes for sale in your neighborhood:

The highest environmental risk index for a ZIP code in the country was 497.

Below are the Phoenix ZIP codes that fall in the top 20 percent for environmental hazard overall:

• 85043 Overall Risk Index 216 median home prices grew 14 percent over the past year
• 85009 Overall Risk Index 193 median home prices grew 22 percent over the past year
• 85019 Overall Risk Index 179 median home prices grew 12 percent over the past year
• 85007 Overall Risk Index 168median home prices grew 33 percent over the past year
• 85031 Overall Risk Index 151 median home prices grew 20 percent over the past year
• 85033 Overall Risk Index 146 median home prices grew 15 percent over the past year
• 85003 Overall Risk Index 144 median home prices grew 14 percent over the past year
• 85004 Overall Risk Index 141 median home prices decreased 1 percent over the past year
• 85035 Overall Risk Index 131 median home prices grew 12 percent over the past year
• 85037 Overall Risk Index 132 median home prices grew 12 percent over the past year
• 85040 Overall Risk Index 108 median home prices grew 23 percent over the past year
• 85041 Overall Risk Index 86 median home prices grew 11 percent over the past year

Homes in ZIP codes with a very high environmental hazard risk also had the lowest foreclosure rate, with the exception being ZIP codes that had the highest risk index for superfunds. The foreclosure rate for ZIP codes in the highest risk category for superfunds was more than 1.5 times that of the overall market rate.

Browse new homes for sale in your neighborhood:

Two Phoenix ZIP codes (85043 and 85040) had a foreclosure rate that was higher than the overall market rate (0.4 percent) while ten ZIP codes (85009, 85019, 85007, 85031, 85033, 85003, 85004, 85035, 85037, and 85041) had a foreclosure rate that was lower than the market rate overall.

In the market overall, a total of 12.6 million single family homes and condos with a combined market value of $3.4 trillion were in ZIP codes in the top 20 percent for environmental hazard risk. The average market value of homes in these ZIP codes was $268,585 compared to an average market value of $329,217 in the market overall.

According to ATTOM, the top 10 ZIP codes for overall environmental hazard housing risk are:

Denver (80216)
San Bernardino, California (92408)
Sheridan, Oregon (97378)
Saint Louis (63133)
Haw River, North Carolina (27258)
Riverside, California (92501)
Santa Fe, California (90670)
Tulsa, Oklahoma (74108)
Tulsa, Oklahoma (74119)
Houston (77042)

See the full report from ATTOM here.

Image via ShutterStock