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Every year, Realtor.com rolls out its list of the hottest ZIP codes in the United States. This list shows where potential homebuyers are searching and where homes are selling fastest. Realtor.com calculates the list using an algorithm that measures unique viewers per property on Realtor.com and the number of days a listing remains active on Realtor.com. The hottest areas are those that have a lot of views and where homes sell fast. This year’s list shows that affordability rules the day.
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For the first time since the company started the list in 2017, the same city has taken the top spot. The winner for two years in a row is 43230, Gahanna, OH. Gahanna is a suburb of Columbus with a population of over 35,000 people. It has been named one of the ‘Best Hometowns’ by Ohio Magazine. Founded in 1849, it recently celebrated its 175th birthday. It has a high percentage of owner-occupied homes and offers affordability. The median home list price is $345,000, which is around 11% less than the average for the Columbus metro area.
Another report from Realtor.com on the top ten hottest markets put Columbus at number one. While housing affordability and quality of life are strong drivers for the area, the Silicon Heartland phenomenon is another input. Companies like Intel, Amazon, and Alphabet invest heavily in the area. Although the plans for Intel’s new chip factory in nearby New Albany, OH, have been delayed, the region still expects an influx of well-paying jobs.
The rest of the hottest ZIP codes are mainly in the Northeast and Midwest, revealing that affordability is still driving interest. The other top cities include Ballwin, MO; Salem, MO; Basking Ridge, NJ; Rochester, NY; Mount Laurel, NJ; Leominster, MA; Westfield, MA; Highland, IN; and Macungie, PA. Each top 10 has a lower median list price and/or median listing price per square foot than surrounding areas. “This year’s hottest ZIPs reflect the focus on affordability that home shoppers have had over the last few years in the face of high housing costs. Concentrated in larger metros across the Northeast and Midwest, these top 10 ZIPs attracted highly qualified homebuyers seeking more space without relinquishing proximity to urban amenities,” said Realtor.com Chief Economist Danielle Hale.
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The fact that the South and West did not register on the list may reflect some cooling in markets that have heated up over the last several years. Inventory has risen in many of those markets, and days on the market have increased. Homes in the hottest ZIP codes were on the market for an average of just 13 days. Lower prices in these markets also allowed buyers to put down an average of 16.7% as a down payment compared to the national average of 14.0% in the first half of 2024.
Overall, home sales are still below average, reflecting a market that is out of reach for many buyers. However, the hottest ZIP codes list underlines the idea that the Midwest and lower-priced markets in the Northeast are consistently able to attract buyers. This is good news for many homeowners in these regions whose homes have not appreciated as quickly as in some other coastal and urban areas. However, all this attention may cause prices to rise, so potential buyers looking in these ZIP codes may want to move quickly.
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This article You’ve Probably Never Heard Of This City, But Realtor.com Says It’s The Hottest ZIP Code In America originally appeared on Benzinga.com
Source: finance.yahoo.com