Surprising Markets That Homebuyers Love
The quest for an affordable dream home can seem daunting, Realtor.com® has unveiled its annual Hottest ZIP Codes of 2024, showcasing the markets where homebuyers are flocking due to affordability, amenities, and overall appeal. Let’s dive into this year’s hottest markets and explore why these areas are experiencing such high demand. The Hottest ZIP Code of 2024: Gahanna, OH (43230)
For the second consecutive year, Gahanna, OH (43230), located in the Columbus metro area, takes the crown as the most sought-after ZIP code in the United States. This charming suburb is strategically positioned near booming industries, including recent expansions by Intel and Google, which add to its allure. With big-city amenities at small-town prices, a robust school system, and a close-knit community, Gahanna offers an appealing mix of value and lifestyle.
“Gahanna is so appealing because of its strong home values,” says Lory Kim, a real estate agent with REMAX Connection. “The market here has remained robust over the years, making it a smart choice for families and investors alike.”
Why These ZIP Codes Are Hot
According to Realtor.com’s senior economic analyst, Hannah Jones, the top 10 ZIP codes of 2024 share key characteristics:
- Affordability: All of the top ZIP codes offer homes at a lower median list price or a lower price per square foot compared to the national average.
- Location: These ZIP codes are primarily located in the Midwest and Northeast, areas that combine value with desirability.
- High Demand: Homes in these areas receive more views and sell faster than the national average, indicating strong buyer interest.
Regional Breakdown: Midwest and Northeast Lead the Charge
This year, the hottest ZIP codes are predominantly located in the Midwest and Northeast regions, reflecting a trend where buyers seek affordable and well-located metros. Massachusetts, for example, boasts three of the top 10 ZIP codes, while New Jersey has two, and New York and Pennsylvania each contribute one.
In contrast, the South and West are notably absent from the list, as buyer interest has shifted away from these traditionally higher-priced regions. The Southern market, in particular, has cooled due to an increase in for-sale inventory, diluting demand on a per-property basis.
Rising Home Prices in Hot Markets
Even in these affordable areas, home prices are climbing. In the hottest ZIP codes, home prices have risen by an average of 7.4% in the first half of 2024, compared to just 0.4% growth nationwide. This means prices in these top markets are rising 18.5 times faster than the national median, making them competitive yet increasingly expensive.
Competitive Markets: Homes Fly Off the Shelves
The hottest ZIP codes of 2024 aren’t just affordable—they’re also highly competitive. Homes in these areas received 3.7 times more views than the national average and sold a whole month faster. The average time on the market ranged from just 8 to 18 days, compared to the national average of 50 days.
Buyers in these markets tend to be more affluent, with higher credit scores and greater financial resources, making these areas particularly attractive for those looking to relocate from pricier regions or upgrade from existing homes.
The Top 10 Hottest ZIP Codes of 2024
- 43230: Gahanna, OH (Columbus, OH Metro)
- Median home list price: $345,000
- Homes cost about 11% less than the Columbus metro average.
- 63021: Ballwin, MO (St. Louis, MO Metro)
- Median home list price: $409,000
- A family-friendly suburb with excellent quality of life.
- 01970: Salem, MA (Boston, MA Metro)
- Median home list price: $596,000
- A historic town with coastal living and a strong sense of community.
- 07920: Basking Ridge, NJ (New York, NY Metro)
- Median home list price: $967,000
- Suburban tranquility just a short drive from New York City.
- 14609: Rochester, NY (Rochester, NY Metro)
- Median home list price: $151,000
- Affordable urban living with a rich cultural scene.
- 08054: Mount Laurel, NJ (Philadelphia, PA Metro)
- Median home list price: $385,000
- Suburban comfort with easy access to both Philadelphia and the Jersey Shore.
- 01453: Leominster, MA (Leominster, MA Metro)
- Median home list price: $462,000
- A small New England town with modern amenities and excellent schools.
- 01085: Westfield, MA (Springfield, MA Metro)
- Median home list price: $347,000
- A mix of historic and modern homes with access to outdoor activities.
- 46322: Highland, IN (Chicago, IL Metro)
- Median home list price: $250,000
- A charming suburb just 30 miles from Chicago.
- 18062: Macungie, PA (Allentown, PA Metro)
- Median home list price: $462,000
- A scenic, close-knit community with easy access to larger cities.
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