PHOENIX – A Phoenix neighborhood is making waves in the real estate market as one of the fastest-gentrifying areas in the country.
Realtor.com placed Encanto Village in central Phoenix in the seventh spot in rapid shifting of a neighborhood’s makeup through home renovations and rebuilding.
The neighborhood, with a median average price listing of $315,000, has become a place of homebuying interest to new residents, the website noted. Much of that has to to do with the Coronado Historic District’s desirable 1920s bungalows.
Over five years prices in Phoenix’s 85006 ZIP code have changed 98.3%.
The website chose one ZIP code per city, evaluating them on changes in: median household income, median home sale price, share of residents older than 25 with a bachelor’s degree or higher; share of residents older than 25 with a master’s degree.
The ZIP code stretches east to west from Seventh Street to 24th Street and north to south from Thomas Road to Van Buren Street.
Encanto Village finished ahead of Lawrenceville in Pittsburgh, Pennsylvania; Olde Ksenginton in Philadelphia, Pennsylvania; and Eastside Promise in San Antonio, Texas.
Rivertown in Detroit, Michigan, topped the list. The rest of the top 10 were Little Haiti/Liberty City in Miami, Florida; Lockwood in Charlotte, North Carolina; Johnson Terrace in Austin, Texas; downtown/Patterson Green in Raleigh, North Carolina; and Uptown in Oakland, California.