- Medina’s 98039 is Washington state’s #1 most expensive zip code
- King County dominates with 46 out of the state’s top 50 most expensive zips
- Boomtown Seattle boasts 21 of the priciest zips in Washington state
- Home prices in the top 50 King County zips & top 10 Pierce County zips stay well above the national median
- Spokane County’s #1 priciest zip features a $276,000 median sale price
Famous for sky-high rents and real estate prices, Washington state boasts some of the priciest real estate in the country. In fact, all of the state’s top 50 most expensive zip codes rank well above the national median home price, which clocked in at $300,200 in August 2017, per the latest Census data. Pierce County’s 10 priciest zips also posted medians notably higher than national figures over the past 12 months.
Clocking in at $337,700, the statewide average registered a 6.6% year-over-year appreciation in Q2 2017, according to the University of Washington’s Center for Real Estate Research (WCRER). Price growth in the state is fueled by an ever-expanding population, especially in urban hotspots such as Tacoma, Seattle, and Spokane. Owing to the economic importance of these urban centers, we took a closer look at pricing trends in King County, Pierce County, and Spokane County.
King County remains the undisputed leader, with 46 of the state’s 50 most expensive zips
Covering the town of Medina, 98039 is the #1 most expensive zip code in Washington state, with the median home price clocking in at $2,400,000. By comparison, the national median home price slid to $300,200 according to the latest Census data, making Medina 8 times more expensive than the average U.S. town. Located on the shores of Lake Washington, just across the water from Seattle, Medina is an enclave of extreme affluence.
98039 is home to a little more than 3,000 inhabitants, including an impressive roster of CEOs and business innovators, especially from the dynamic IT industry, with the likes of Bill Gates, Jeff Bezos and John Shirley among noted residents. Its Lake Washington waterfront is also known as “Medina’s Gold Coast” thanks to sky-high real estate prices.
Bordering the state’s top priciest zip, Bellevue’s 98004 posted a median price of $1,279,000 over the past 12 months – more than 4 times the national median. The #2 most expensive zip code in Washington , 98004, includes the towns of Hunt Point, Yarrow Point and Clyde Hill, as well as Downtown, West and Northeast Bellevue.
Home to the second largest downtown in the state, Bellevue is an important economic engine in the Seattle Metro Area, and one of the most affluent towns in Washington state. It’s also considered one of the most business-friendly towns in America, boasting the corporate headquarters of giants T-Mobile USA, Expedia, Inc., Halo creators Bungie, and the North American headquarters of The Pokémon Company International.
With ample Lake Washington frontage, it’s no surprise that the 2nd most expensive zip code in the state was also the location for the largest residential transaction of the past 12 months. Trading in late August, 405 Southeast Shoreline Drive in pricey Bellevue sold for a whopping $21,000,000, after initially listing for $26,800,000. Boasting a waterfront location on Meydenbauer Bay, the half-acre property showcases a grand 11,000+ square-foot home.
Coming in a close third, Mercer Island’s 98040 posted a median sale price of $1,237,500 for the past 12 months, making it the 3rd most expensive zip code in Washington. Located between Seattle and Bellevue in Lake Washington’s southern waters, it’s no wonder the town is one of the wealthiest not only in the state, but nationwide. Past and present notable residents include Microsoft co-founder Paul Allen, former Nintendo America chairman Howard Lincoln and former Boeing CEO Frank Shrontz.
Check out the 50 most expensive zip codes in Washington state below:
|3||98040||Mercer Island||$1,237,500||King County|
|15||98110||Bainbridge Island||$730,000||Kitsap County|
|37||98024||Fall City||$560,500||King County|
|38||98333||Fox Island||$550,000||Pierce County|
Tacoma’s most expensive zip code posts median 1.5 times the national figure
Although Pierce county grabbed only one spot among the state’s top 50 zip codes, the second most populous county in Washington showcases plenty of luxurious real estate and high-priced zip codes. In fact, the county’s top 10 most expensive zip codes average median home prices well above the national rate.
Fox Island is home to 98333, the #1 most expensive zip code in Pierce county. Here, the median home price clocked in at $550,000 over the past 12 months, making this the 38th priciest zip code in the state as well. Located between Mount Rainier and the Olympic Mountains, and with an abundance of waterfront real estate, Fox Island has evolved into a wealthy Tacoma exurb in the recent past. The Puget Sound island is known for its fishing, scuba diving, beaches and charming downtown.
Just 5 miles from Fox Island and less than 13 miles from Tacoma, Gig Harbor ranks as Pierce County’s #2 most expensive zip code, with 98332’s median sale price reaching $450,000 between October 2016 and September 2017. A former logging and fishing town, Gig Harbor started evolving into a vibrant suburb of Tacoma in the 1950’s. It remains a popular residential market and tourist destination.
Pierce County’s economic powerhouse Tacoma could not be missing from the county’s most expensive zip codes, ranking 3 times among its top 10. Tacoma’s most expensive zip and Pierce County’s 3rd priciest, zip 98403 registered a median sale price of $439,500. Covering parts of North End and New Tacoma like Hilltop, Old Town, North Slope and Stadium District, 98403 includes plenty of waterfront real estate and city landmarks, in an area that is rapidly gentrifying.
Tacoma was also the setting for Pierce County’s largest residential transaction. Initially listed for $6.4 million, 4501 North Stevens Street traded hands in late September 2017 for a cool $5,356,666. Located in 98407, the 22-bed Haddaway Hall estate includes a 15,600-square-foot historic mansion, carriage house, chapel, staff lodgings and an educational building left over from its days as a Baptist seminary. Totaling well over 40,000 square feet of living space, the property also includes a greenhouse over its 6+ acres and is also known as the old Weyerhaeuser Mansion.
Check out the 10 most expensive zip codes in Pierce County below:
|1||98333||Fox Island||$550,000||Pierce County|
|2||98332||Gig Harbor||$450,000||Pierce County|
|4||98335||Gig Harbor||$435,000||Pierce County|
|8||98467||University Place||$341,900||Pierce County|
$276,000 median price in Washington’s fastest growing community
Although Spokane County did not manage to rank among the state’s top 50 zip codes, Spokane’s size and economic importance makes it an engaging market to focus in on. 280 miles from Seattle, Spokane functions as the economic and cultural center for the Inland Northwest. The 3rd largest urban area in the Pacific Northwest after Seattle and Portland, The Lilac City also boast 4 of Spokane County’s 10 priciest zip codes, including 99204. With a median sale price of $249,900, Spokane’s 99204 ranks as the 3rd most expensive zip in Spokane County.
Spokane was also the setting for Spokane County’s largest residential transaction. Trading hands in late January, 4107 South Regal Street, Spokane fetched $1,325,000. The 10-bed home offers 4,391 square feet of living space in the 99223 zip code, Spokane County’s 5th most expensive.
At a median sale price of $257,250, Colbert’s 99005 ranks as Spokane County #2 most pricey zip code. Just 14 miles from Spokane, the small community of Colbert borders the community of Mead, which ranks as the county’s 10th priciest zip with 99021.
Spokane County’s #1 most expensive zip code in the past 12 months was Liberty Lake’s 99019. A suburb of Spokane on the Idaho border, the median home price in 99019 clocked in at $276,000. Although the median home here sells for $199,000 less than the state’s 50th most expensive zip, Liberty Lake is considered one of the fastest growing communities in Washington, with price trends sure to follow population and economic growth. Liberty Lake also borders Greenacres’ 99016, the 8th priciest zip in Spokane County.
Check out the 10 most expensive zip codes in Spokane County below:
|1||99019||Liberty Lake||$276,000||Spokane County|
|9||99026||Nine Mile Falls||$225,000||Spokane County|
Methodology: In order to determine which were the most expensive ZIP codes in Washington state, Pierce County and Spokane County, we looked at all residential transactions closed in the past 12 months, taking into account condo, co-op, single- and the two-family homes. All package deals were excluded.