While some areas across the country are seeing a slight slowdown, other real estate markets continue to experience the bustle of summer home-buying. Realtor.com® recently released its Hottest ZIP Codes report, outlining the top markets across the U.S. that haven’t yet slowed down.
According to the report, homes in the top 10 are selling three times faster than last year’s list. Among the top 10, a few key factors are driving buyer demand:
– Affordable asking prices
– Ample space within budget
– Sizable populations of high-income millennials
– Close proximity to local amenities and outdoor activities
The 10 Hottest ZIP Codes in America, in rank order, are:
– 80916 East Colorado Springs, Colo. (Colorado Springs)
– 14617 West Irondequoit, N.Y. (Rochester)
– 01960 Peabody, Mass. (Boston)
– 03103 Manchester Proper, N.H. (Manchester)
– 27616 Brentwood, N.C. (Raleigh)
– 43228 Lincoln Village, Ohio (Columbus)
– 01757 Milford, Mass. (Worcester)
– 03301 Concord Proper, N.H. (Concord)
– 48336 Farmington, Mich. (Detroit)
– 37067 Franklin, Tenn. (Nashville).
Home prices reached record-highs in five of the first six months of 2021, which has helped fuel demand for the relatively affordable areas on realtor.com®’s Hottest ZIP Codes list. According to the report, homes in the top 10 are selling in six days on average—31 days faster than the rest of the country, 10 days faster than their respective metros in June and three times faster than last year’s list (18 days).
“By definition, the ZIPs that make our annual hottest report are very competitive, but this year, they are white hot. Homes in this year’s ZIPs are under contract in less than a week, which is three times faster than the contract times for last year’s hottest markets,” said realtor.com® Chief Economist Danielle Hale. “While there’s no question that buyers have faced a challenging housing market during the pandemic, our Hottest ZIPs list also highlights some of the silver linings. The rise in remote work has given some buyers more flexibility to live wherever they want, and many are finding larger homes at lower prices, as well as a higher quality of life, in the 2021 Hottest ZIPs.”
To view the full report, click here.