Zip Code, Zip Code, Zip Code
BusinessWeek has an interesting slide show and article about the "Real Estate Boom and Bust in the Same Metro Areas" (article here) which looks at the best- and worst-performing zip codes in the 20 largest metro areas. EconomicPicData blog summarizes the BusinessWeek data in the chart above.
For example, in Dallas' Preston Hollow area (75220 zip code) there has been a +33% increase in asking price over the last year, with a median list price of $310,564 and average marketing time of 125 days. In the Fort Worth area (76110 zip code) of the Dallas metro area, asking price has decreased by -19%, with a median list price of $104,538 and average 118 days on the market.
MP: There is no "national real estate market," it's thousands and thousands of local real estate markets. As these data show, there's not even a single "local real estate market" by metro area, it all comes down to zip code areas. Since there are about 43,000 zip codes in the U.S., that 's probably an approximation of the minimum number of local real estate markets, and many local markets probably vary within a zip code, as Buck reminds us.