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Realtor.com: Spokane Valley ZIP code among top 50 hottest housing markets in the nation

Parkvue Hills development is shown earlier this year in Spokane Valley. Home sales in Spokane County dropped 14.8% in October, but the median price increased 17.2% to $375,000, compared with $320,000 in October 2020, according to the Spokane Association of Realtors.  (Jesse Tinsley/THE SPOKESMAN-REVI)
Parkvue Hills development is shown earlier this year in Spokane Valley. Home sales in Spokane County dropped 14.8% in October, but the median price increased 17.2% to $375,000, compared with $320,000 in October 2020, according to the Spokane Association of Realtors. (Jesse Tinsley/THE SPOKESMAN-REVI)

A Spokane Valley ZIP code is gaining national attention as one of the hottest housing markets in the country.

Real estate website Realtor.com recently released its annual report of the top 50 hottest ZIP codes of 2021, ranking ZIP code 99206 in Spokane Valley 46th on the list.

ZIP code 99206 in the western half of Spokane Valley encompasses an area between Argonne and Pines roads, and stretches from Upriver Drive to south of the Iller Creek Conservation Area.

Kennewick-based ZIP code 99336 ranked 40th on the list. An Idaho Falls ZIP code, 83404, cracked the top 20, ranking 13th out of 50 cities. The hottest ZIP code in the nation is 80916 in Colorado Springs, Colorado.

Spokane Valley has been one of the hottest housing markets in the nation during the pandemic as buyers, some of whom are remote workers, are moving to suburban areas in search of homes with more space, said Shelley Champagne, managing broker of Coldwell Banker Tomlinson Valley.

“The 99206 ZIP code is going to have fairly large home sites,” Champagne said. “It’s also a little more affordable than other areas of the Valley because the homes are typically older and you are getting a little more for your money.”

Proximity to freeways and ease of commute is another desirable aspect for buyers, Champagne added.

“It’s just easy to get anywhere you want to go. You are close to Coeur d’Alene and downtown Spokane,” she said. “The yard size out here is typically a little bit larger. There’s great schools.”

Donlee Marlin, Realtor and broker with Spokane Valley-based Live Real Estate, agreed, saying that larger lot sizes and shorter commute times in Spokane Valley are attractive to prospective buyers.

“We seem to be less congested than the South Hill and the Northside,” she said. “I think those are draws for the Valley too.”

A majority of new buyers moving to the 99206 ZIP code are from Northwest Spokane, followed by Veradale and Everett.

Other areas include Kirkland, Greenacres, North Spokane, Lynnwood, Bellevue and Seattle, according to a Coldwell Banker location profile report.

The hottest ZIP codes of 2021 showed skyrocketing buyer interest in secondary metro areas with populations under 3 million and strong millennial job markets, according to Realtor.com.

The Coldwell Banker profile report for ZIP code 99206 shows 39 as the median age of residents who are making an average household income of $68,901.

Realtor.com ranked the top 50 ZIP codes in the nation by analyzing the number of views per property on its website and how fast homes sold in each market through June 2021.

The median year-to-date home price was $372,315 for ZIP code 99206.

Homes remained on the market an average of four days, according to data from the Spokane Multiple Listing Service.

Spokane County’s median home price reached a record breaking $395,000 in July, a 31% increase compared with the $301,509 median in July 2020, according to data from the Spokane Association of Realtors.

Spokane’s housing market has been booming, in part, because of its affordability compared to larger West Coast metros, quality of life and proximity to nature, among other things.

“All of those factors definitely play into continuing to keep our market on an uptick,” Marlin said.Amy Edelen can be reached at (509) 459-5581 or at amye@spokesman.com.

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