SEATTLE, Nov. 28, 2017 /PRNewswire/ -- The value of Santa Claus' North Pole home increased 6.5 percent over the past year to $710,559, according to Zillow®.

Santa added his 3-bedroom, 2-bath log home to Zillow last year. After claiming his home, he updated his home facts and added new photos, which impacted his Zestimate® home value.

The cozy cabin, which boasts a floor-to-ceiling river-rock fireplace and a gourmet kitchen, is equipped with a hot cocoa tap and an oven with 12 different cookie settings. The 2,500-square-foot home is filled with holiday cheer year-round. This year, Santa also added photos and a 3D tour of the Elf Village.

While home shoppers in the U.S. have only recently jumped on the tiny home trend, the lifestyle has been a natural fit for Santa's helpers for centuries. Using Zillow's 3D technology, launched last month, the elves captured a walking tour of three tiny homes using their smartphones.

In addition to the Elf Village, Santa's 25-acre lot features a state-of-the-art toy workshop, garage space for an all-weather sleigh and stables for nine reindeer. Santa's home was built in the 1800s but now features modern amenities after a 2013 remodel.

To see Santa's home, visit zillow.com/house/santas-house.

"The real estate market across the country is booming, so it's no surprise that one of the most valuable residential properties in the Arctic rose almost 7 percent since last year," said Zillow Chief Marketing Officer Jeremy Wacksman. "When Santa's house first appeared on Zillow, a lot of kids were asking about the elves and where they live. We're thrilled that this year, millions of kids around the world can explore not just Santa's house in the North Pole, but also the homes of some of his most trusted helpers."

To calculate the Zestimate of Santa's home, Zillow looked at comparable homes in remote locationsⁱ and applied a Santa premiumⁱⁱ. Santa's home has never been sold and is not on the market. Zillow forecasts that the value of Santa's home will appreciate another 7 percent over the next year.

Additionally, children can follow Santa's trek delivering presents around the world via the official NORAD Santa Tracker, right from Santa's home detail page on Zillow. This feature is a result of Zillow's partnership with NORAD Tracks Santa, which has been following Santa's annual journey for the past 62 years.

Zillow
Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home and connecting them with the best local professionals who can help. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Zillow also sponsors the biannual Zillow Housing Confidence Index (ZHCI), which measures consumer confidence in local housing markets, both currently and over time. Launched in 2006, Zillow is owned and operated by Zillow Group Inc. (NASDAQ:Z and ZG) and headquartered in Seattle.

Zillow and Zestimate are registered trademarks of Zillow Inc.

ⁱ Zillow looked at remote locations on the coast of Alaska, as close to the North Pole as possible.
ⁱⁱ According to a FiveThirtyEight® survey, 78 percent of respondents cited Christmas as one of their favorite holidays. Given its popularity, Zillow increased the preliminary Zestimate value, which was determined by analyzing comparable homes in remote locations, by 78 percent, which is what Zillow deemed the "Santa premium."

SOURCE Zillow