Despite a national landscape characterized by soaring home prices and dwindling house construction in July, a select few areas in the Midwest and Northwest have defied the odds, witnessing homes sell at a rapid pace.
The real estate sector has been grappling with record-high home prices and interest rates reminiscent of pre-Great Recession levels, dissuading potential buyers and prompting sellers to adjust asking prices or withdraw listings. However, a recent study from Realtor.com has shed light on a divergent trend, highlighting ten ZIP codes where properties are swiftly changing hands, contrasting with the broader market dynamics.
In these coveted ZIP codes, homes are not lingering on the market for long periods. Properties in these areas are being snapped up within a remarkably short timeframe, with listings spending merely 8 to 18 days on the market, a stark contrast to the national average of 50 days.
Hannah Jones, a senior economic analyst at Realtor.com, emphasized that the absence of Southern and Western regions in this year’s top 10 hottest ZIP codes reflects a shift in buyer preferences away from regions marked by unaffordability or substantial price escalations during the COVID-19 pandemic.
Realtor.com annually ranks ZIP codes across the U.S. based on the intensity of demand and the speed of home sales. Here are the top 10 ZIP codes that emerged as the most sought-after destinations:
Gahanna, Ohio (ZIP: 43230)
Median home list price: $345,000
Median days on market: 11
Viewers per property: 4.3
Ballwin, Missouri (ZIP: 63021)
Median home list price: $409,000
Median days on market: 16
Viewers per property: 3.5
Salem, Massachusetts (ZIP: 01970)
Median home list price: $596,000
Median days on market: 16
Viewers per property: 3.6
Basking Ridge, New Jersey (ZIP: 07920)
Median home list price: $967,000
Median days on market: 16
Viewers per property: 3.5
Rochester, New York (ZIP: 14609)
Median home list price: $151,000
Median days on market: 8
Viewers per property: 2.9
Mount Laurel, New Jersey (ZIP: 08054)
Median home list price: $385,000
Median days on market: 18
Viewers per property: 3.3
Leominster, Massachusetts (ZIP: 01453)
Median home list price: $462,000
Median days on market: 21
Viewers per property: 4.2
Westfield, Massachusetts (ZIP: 01085)
Median home list price: $347,000
Median days on market: 20
Viewers per property: 5.2
Highland, Indiana (ZIP: 46322)
Median home list price: $250,000
Median days on market: 21
Viewers per property: 3.3
Macungie, Pennsylvania (ZIP: 18062)
Median home list price: $462,000
Median days on market: 16
Viewers per property: 2.7
In these flourishing markets, the real estate sector continues to demonstrate resilience and dynamism, offering a glimpse into localized pockets of robust activity amid broader economic uncertainties.
