Home Prices In Fredericksburg Grew Faster Than Market: Report

FREDERICKSBURG, VA—Fredericksburg's zip code, 22401, had a "very low" environmental hazard risk index and median home prices appreciated faster than the U.S. market overall, according to a new report from ATTOM Data Solutions. The report found that nationally, home prices in zip codes in the highest 20 percent for environmental hazard risk grew faster than the market overall.

Median home prices in zip codes with a very high environmental hazard risk index grew faster than the overall market over the past year (7.4 percent), the past five years (57.1 percent) and the past 10 years (22.2 percent), according to the report. In the market overall, median home prices appreciated 7.1 percent over the past year, 51.1 percent over the past five years and 12.3 percent over the past 10 years.

ATTOM Data analyzed over 8,000 zip codes that had sufficient housing trend data for risk related to four environmental hazards: superfund sites, brownfields, polluters and poor air quality. A risk index was calculated for each hazard and a combined index was then calculated based on the four factors.

The highest environmental risk index for a zip code in the country was 497.

Below is the Fredericksburg zip code:

22401: Overall environmental risk index: 5; median home prices grew 3 percent over the past year.

Homes in ZIP codes with a very high environmental hazard risk also had the lowest foreclosure rate, with the exception being ZIP codes that had the highest risk index for superfunds. The foreclosure rate for ZIP codes in the highest risk category for superfunds was more than 1.5 times that of the overall market rate.

Fredericksburg had a foreclosure rate of .03%

In the market overall, a total of 12.6 million single family homes and condos with a combined market value of $3.4 trillion were in zip codes in the top 20 percent for environmental hazard risk. The average market value of homes in these zip codes was $268,585 compared to an average market value of $329,217 in the market overall.

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