Whether you were among the many who joined the great homebuying frenzy of 2020 or are now looking to buy a house during this strange, not-quite-post-pandemic time of tumult, you’re no doubt in tune to the fact that the real estate market these days is wild — and showing few signs of slowing down.
The pros at Realtor.com shared their annual list of the hottest ZIP codes in the country this year with USA Today, and it seems that last year’s shift to remote work means fewer buyers are eyeing homes near big cities. Yep, the suburbs reign supreme these days, proving that the 46 percent of homebuyers who consider themselves millennials want more space — and they seemingly don’t mind the prospect of longer commutes in the future to get it.
Suburban areas coming in on top this year include East Colorado Springs, Colorado; West Irondequoit (Rochester), New York; Manchester and Concord, New Hampshire; Milford (Worcester), Massachusetts; Brentwood, North Carolina (Raleigh); Lincoln Village (Columbus), Ohio; and Franklin, Tennessee (Nashville). This year’s list contains only two suburbs of major metropolitan areas: Peabody, Massachusetts (near Boston) and Farmington, Michigan (near Detroit).
To determine the top housing markets, Realtor.com looked at more than 29,000 ZIP codes across the country, looking at both how quickly homes sell and how frequently homes were viewed in each ZIP code from January to June 2021.
The report notes a few key factors that make the top zip codes win out over others, including strong job markets, a better price per square foot, easy access to metro areas, and general affordability. “These markets have a mix of affordability and opportunity to keep young people interested,” Danielle Hale, chief economist at Realtor.com, told USA Today. “They continue to see homes sell quickly so that does make them stand out quite a bit.”
It seems the shift is also due in large part to house hunting millennials looking to settle down and start families. “A lot of young people are looking for opportunities to become homeowners,” Hale said. “That’s something that propels the housing market in a sustainable way and will keep home sales moving forward in a more moderate rate of growth.”
Of course, trying to buy a home amid so much chaos and uncertainty can be stressful. But Hale notes that there are plenty of resources to help mitigate stress and find the best home for you and your family. “If you’re in the market as a first-time buyer, it’s challenging because you’re making the biggest purchase of your life,” said Hale. “Luckily, there are tools that can help them do things, like websites with price alerts on a home that hits the market right away to try to compete.”
Check out the full report here, which includes more info on what makes each zip code so desirable.
Source: apartmenttherapy
