The hottest markets: where in the US real estate is most often bought

While the COVID-19 pandemic continues, the housing market is growing. Several factors have contributed to the rise in popularity of the hottest ZIP codes this year. These include a strong job market, best price per square foot (meter), and easy access to the metro. The report shows that 46% of home buyers are millennials. Writes about this USA Today.

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Leading markets this year are giving home buyers more opportunities to invest in suburban areas, including Rochester (New York), Manchester and Concord (New Hampshire), Worcester (Massachusetts) and Columbus (Ohio).

The only two suburbs of major metropolitan areas are Peabody (Massachusetts, near Boston) and Farmington (Michigan, near Detroit).

The dwelling on this year's listing is 110 square feet (10,2 sq m) larger than the typical home for sale in the US, and the price per square foot (meter) averages 3,7% lower.

Demand in these markets comes from first-time homebuyers and trying to get on their feet. Experts say that thanks to the greater flexibility offered by remote workspaces, new buyers have more choices about where to live and can find larger homes at a much lower cost.

“These markets combine affordability with the ability to keep young people interested,” says Danielle Hale, chief economist at Realtor.com.

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“Millennials are reaching an age where they typically settle down, start families and buy homes,” Hale explains. “This is a long-term demographic factor affecting the housing market.”

“Many young people are looking for opportunities to become homeowners,” the economist emphasizes. “This is what keeps the housing market strong and will contribute to a more moderate rate of growth in home sales.”

However, homes are selling quickly: 8 out of 10 homes on the list are bought in less than a week. This can be stressful for novice shoppers who don't quite understand what they're getting into, Hale says.

But there is good news.

“If you're a first-time buyer at the market, it's difficult because you're making the biggest purchase of your life,” she says. “Fortunately, there are tools that can help with this, such as home pricing websites that go straight to the market.”

Here are the most popular zip codes for housing

1: East Colorado Springs (Colorado)

In 2020, ZIP 80911, located in Colorado Springs, was number 1 on the list. This year's ZIP is on the east side, housing the Colorado Springs Airport and Peterson Space Force Base. It is known for its affordability and outdoor activities. The average home price was up 19,8% year-over-year, but 17% lower than the national average.

• Average number of days on the market: 4
• Average price: $ 318

2: West Irondequote, New York (Rochester)

Rochester is the third largest metro area in New York City. This zip code is in the northwestern part of the state near Lake Ontario. The city is full of history, which blends perfectly with new developments. The median home price was up 9,4% from last year, but 28% less than the Rochester metro area and 55% lower than the national median home price.

• Average number of days on the market: 6
• Average price: $ 175

3: Peabody, MA (Boston)

This zip code is part of the north coast of Massachusetts and just 20 miles (32 km) northeast of Boston. Homes are more affordable than those in Boston, and the area has easy access to vacation spots on the rocky New England coastline. The median home price is 11% lower than the Boston metro area, but 62% higher than the national average home price.

• Average number of days on the market: 3
• Average price: $ 625

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4: Manchester Property, New Hampshire (Manchester)

Located on the south side of New Hampshire's most popular city, this zip code offers affordability, a healthy job market, and plenty of outdoor activities. The average list price was up 30% year-over-year, but 23% lower than the Manchester metro area and 18% lower than the national average home price.

• Average number of days on the market: 5
• Average price: $ 315

5: Brentwood, North Carolina (Raleigh)

This zip code is just 20 minutes from the Exploration Triangle area in downtown Raleigh, Rollsville and Wake Forest. There are townhouses and luxury homes in the area, ranging from $ 600 to $ 000. Duke University is located nearby. The average home price rose 700% year-on-year and 000% lower than the Raleigh metro area, and 0,8% lower than the national average home price.

• Average number of days on the market: 5
• Average price: $ 319

6: Lincoln Village, OH (Columbus)

Located just 10 minutes from downtown Columbus, this zip code is a good mix of suburban and city life. Columbus offers many parks with cycling and hiking trails. The median home price is up 56,7% year-over-year, but 22% lower than the Columbus metro area and 39% lower than the national average home price.

• Average number of days on the market: 5
• Average price: $ 235

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7: Milford, MA (Worcester)

Milford is about an hour's drive from Boston on the southeast side of Worcester. Job seekers are in a good location, allowing access to both major labor markets. The median home price is 6% and 18% higher than the Worcester metro area and national average prices, respectively, but noticeably lower than the average asking price of a home in neighboring Boston of $ 699.

• Average number of days on the market: 6
• Average price: $ 455

8: Concord Property, New Hampshire (Concord)

This zip code is located in the heart of the capital city of New Hampshire. The city has two performing arts centers, three museums, and there are no sales taxes. The average list price increased by 14,4% over the same period last year, but still 10% lower than in the Concord metro area and 11%, respectively, lower than the national average home prices.

• Average number of days on the market: 9
• Average price: $ 343

9: Farmington, Michigan (Detroit)

If you want easy access to Detroit, this zip code is only 15-20 minutes away by car. It is the closest suburb to the city and offers buyers a house with a good plot of land and an area of ​​sufficient square meters. The median home price is up 8,6% from a year ago, but 13% lower than the Detroit metro area and 37% lower than the national average home price.

• Average number of days on the market: 8
• Average listing price: $ 244

10: Franklin, Tennessee (Nashville)

This zip code is located approximately 21 miles (33 km) from downtown Nashville. From here it is easy to reach the musical and historical city. The area also features rolling hills, farms, open space and gorgeous landscapes. The median home price is up 30,6% from a year ago and 97% and 120%, respectively, higher than the Nashville metro area and national average home prices.

• Average number of days on the market: 5
• Average listing price: $ 847

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