The Covid-19 pandemic reshaped many of the nation’s housing markets, including places once mostly thought of as seasonal destinations.An analysis by The Business Journals of pricing trends among ZIP codes with a minimum median home value of $250,000 and a population of at least 5,000 found some of the nation’s hottest housing markets are tourism hotspots and traditional second-home markets. The analysis used data from Zillow Group Inc. (Nasdaq: ZG) and the U.S. Census Bureau’s 2021 American Community Survey.Stay on top of what’s going on in the residential and commercial real estate markets by signing up here for The National Observer: Real Estate Edition.Taking the top spot in the analysis was the 33480 ZIP code in Palm Beach, Florida, followed by Vail, Colorado’s 81657, which saw 139% and 145% gains in median home values, respectively, in the past five years.ZIP codes in ski-resort markets like Avon, Colorado, and Jackson, Wyoming, ranked high in The Business Journals’ analysis, with 130% and 111% gains in median home values, respectively, in the past five years. Those ZIP codes have only posted single-digit gains in the past six months, underlining how much the market has cooled since the rock-bottom mortgage rates that drove the market in 2020, 2021 and even early 2022.ZIP codes in gateway cities like New York and Miami also ranked high, as well as ZIP codes in small coastal towns like Oak Island and Carolina Beach in North Carolina and Rehoboth Beach, Delaware.The Business Journals’ ranking of top ZIP codes used a formula more heavily weighted toward 6-month and 1-year value changes. Five-year and 1-mont …
