SPOKANE, Wash. — Real estate website Realtor.com posted its annual report for 2021 of the 50 hottest housing markets by ZIP code and Spokane Valley made the list.
The ZIP code 99206, which includes the Dishman, Millwood and Trentwood areas, came in at No. 46. The list includes data from January to June 2021, and its list of top ZIP codes is limited to one code per metropolitan area, according to Realtor.com website.
Realtor.com ranked its hottest ZIP code list based on an algorithm that takes into account market demand, measured by unique viewers per property, and the pace of the market, as measured by the number of days a listing remains active on the Realtor.com website.
The hottest areas are those that have a large amount of unique viewers per each property, and fast-selling homes — an indicator of limited supply, according to Realtor.com.
Some of the cities that made it onto the list of the 50 hottest ZIP codes are Idaho Falls ZIP code 83404 at No. 13, Kennewick ZIP code 99336 at No. 40 and Colorado Springs ZIP code 80916 at No. 1.
The housing market demand has increased during the COVID-19 pandemic. A typical home in the hottest zip codes sold in six days in June, 10 days faster than their surrounding metro areas, and 31 days faster than the national pace of 37 days, according to the Realtor.com website.
Redfin reported last month that Spokane had the most bidding wars in the country in May 2021. According to Redfin, 86.7% of listings that its agents placed bids on faced competition. That ranked Spokane the highest out of 50 metropolitan areas that qualified.