Four new ZIP Codes have joined Greater Philadelphia’s exclusive club of million-dollar neighborhoods over the last three years, bringing the total to 17, writes Melissa Romero for Curbed Philadelphia.
A recent Zillow report defined a million-dollar ZIP Code as a neighborhood that has at least 10 percent of its homes valued at seven figures or more.
Among the newcomers to this club are Chester County’s Malvern’s 19355, Chesterbrook/Wayne’s 19087. Other Chester County neighborhoods that have made the cut are Berwyn’s 19312 and Devon’s 19333.
Three ZIP Codes from Montgomery County are also in this exclusive club, including Bryn Mawr’s 19010, Gladwyne’s 19035, and Merion Station/Narberth’s 19066. Delaware County is also represented with Villanova’s 19085.
This growing number of million-dollar ZIP Codes is following a nationwide trend. There are now more million-dollar ZIP Codes than there were 10 years ago during the housing boom. And while the current market conditions are good for homeowners, they can be problematic for buyers.
“As home values hit seven figures in many neighborhoods,” said Zillow’s chief economist, Dr. Svenja Gudell, “it’s going to have real impacts on affordability for middle-class homeowners whose incomes haven’t kept up.”
See all of Greater Philadelphia’s million-dollar ZIP Codes at Curbed Philadelphia by clicking here.