House hunters faced with limited affordable housing prospects in urban areas are spreading their search to the suburbs—in fact, a solid 50 percent of homebuyers are taking to suburban areas this spring, according to a recent analysis by realtor.com®, with 10 outposts rising to the top of the ranks.
“Suburbs are traditionally viewed as meccas for young families, willing to trade in shorter commute times and urban nightlife for better schools and larger homes—but the relationship between the suburbs and urban areas is far more intertwined,” says realtor.com Chief Economist Jonathan Smoke. “In recent years, rising home prices and inventory shortages in urban centers have made affordable suburban home prices more appealing for buyers. Our analysis indicates 50 percent of buyers planning to purchase a home this spring indicated they preferred a home in the suburbs.”
The suburban areas leading the trend, according to realtor.com, are those in proximity to thriving urban areas, with household growth to match. Homes in these areas garner roughly double the views on realtor.com, as well as have higher list prices and shorter days-on-market timelines. The top 10 areas, zip code included, are:
- Northeast/Montbello, Colo. (80239)
Homes in Northeast/Montbello, Colo., a suburb in the Denver-Aurora-Lakewood metropolitan area, sold in an average of 19 days in 2016. Home prices in the area have grown 20.6 percent annually over the past three years.
- Wylie/St. Paul, Texas (75098)
Homes in Wylie/St. Paul, Texas, a suburb in the Dallas-Fort Worth-Arlington metropolitan area, sold in an average of 41 days in 2016. Home prices in the area have grown 18.7 percent annually over the past three years.
- Dublin/Dougherty, Calif. (94568)
Homes in Dublin/Dougherty, Calif., a suburb in the San Francisco-Oakland-Hayward metropolitan area, sold in an average of 24 days in 2016. Home prices in the area have grown 14.1 percent annually over the past three years.
- Daffan/Hornsby Bend, Texas (78724)
Homes in Daffan/Hornsby Bend, Texas, a suburb in the Austin-Round Rock metropolitan area, sold in an average of 45 days in 2016. Home prices in the area have grown 27.1 percent annually over the past three years.
- Orient Park/Progress Village/Palm River-Clair Mel, Fla. (33619)
Homes in Orient Park/Progress Village/Palm River-Clair Mel, Fla., a suburb in the Tampa-St. Petersburg-Clearwater metropolitan area, sold in an average of 47 days in 2016. Home prices in the area have grown 19.8 percent annually over the past three years.
- Vista East/Vista Park, Fla. (32829)
Homes in Vista East/Vista Park, Fla., a suburb in the Orlando-Kissimmee-Sanford metropolitan area, sold in an average of 46 days in 2016. Home prices in the area have grown 13.8 percent annually over the past three years.
- Cutler Bay/Lakes by the Bay, Fla. (33189)
Homes in Cutler Bay/Lakes by the Bay, Fla., a suburb in the Miami-Fort Lauderdale-West Palm Beach metropolitan area, sold in an average of 50 days in 2016. Home prices in the area have grown 16.3 percent annually over the past three years.
- Milpitas, Calif. (95035)
Homes in Milpitas, Calif., a suburb in the San Jose-Sunnyvale-Santa Clara metropolitan area, sold in an average of 23 days in 2016. Home prices in the area have grown 12.8 percent annually over the past three years.
- Williamsburg/Waterhill/White Haven/Blackman, Tenn. (37129)
Homes in Williamsburg/Waterhill/White Haven/Blackman, Tenn., a suburb in the Nashville-Davidson-Murfreesboro-Franklin metropolitan area, sold in an average of 34 days in 2016. Home prices in the area have grown 14.0 percent annually over the past three years.
- Friendship/Apex, N.C. (27502)
Homes in Friendship/Apex, N.C., a suburb in the Raleigh metropolitan area, sold in an average of 41 days in 2016. Home prices in the area have grown 11.6 percent annually over the past three years.
For more information, please visit www.realtor.com.
For the latest real estate news and trends, bookmark RISMedia.com.
