Fast home sales, booming job markets and affordable living are bringing homebuyers in droves to certain ZIP codes, but which are seeing the most? The latest Realtor.com report pinpoints which ZIP codes across the country have the shortest days on the market, as well as how often homes are viewed.
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According to the study, the 76148 ZIP code of Watauga, Texas, is the hottest in the country. The 78247 ZIP code in San Antonio was another in Texas that made the top ten list, ranking fifth.
Realtor.com’s list also revealed that homes in the top 20 have an average days on the market of 25 days, less than half the national average of 53 days. Users of Realtor.com searched for homes in these markets four times as much as any of the other markets, the study says.
“Homes for sale in this year’s hottest ZIP codes are selling almost as quickly as they hit the market,” Realtor.com Chief Economist Jonathan Smoke said in a press release. “While millennials are usually a significant presence in most markets, their sheer size and buying power have made them a force to be reckoned with in these hot ZIP codes and given them the power to shift supply and demand dynamics.”
Local markets near hottest zip codes
Pleasant Hill, California, took the no. 2 spot on the top ten list. The 94523 ZIP code is most popular with 35 to 44 year olds. which are taking 31 percent of the buying power. However, millennials are close behind, holding 25 percent of the mortgages. The share of millennials earning $100,000 or more per year is 42 percent, the study says, which is twice the national norm. Median list price for a home in the ZIP is a reported $630,000, according to the study, and homes tend to sell in 19 days.
Homes in nearby San Francisco have a median list price of $799,000, up 8 percent year-over-year. These homes tend to stay on the market for an average 33 days, the report shows.
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Los Angeles tells a different story: Median list price is $675,000 in L.A., and homes in this area take 46 days to sell, the report shows. However, L.A. has over 29,000 active listings, while San Francisco only has a little over 6,000.
San Antonio has been on Realtor.com’s list before, but it moved into the no. 5 spot this year. The 78247 ZIP code is home to a 36 percent market share to millennial mortgage holders. It takes homes an average of 28 days to sell in the area, with a median list price of $184,000. Median price has climbed 5.8 percent over the year, the report says, and job growth increased 3 percent.
The median home price in Houston is $319,000, up 2 percent year-over-year. Still below the national average, properties here average 55 days on the marker. There are over 27,000 active listings, which is up 15 percent year-over-year.
Other markets examined by Realtor.com
The median home price in Miami jumped 17 percent year-over-year, to $364,000. Homes here spend an average 86 days on the market, and there is nearly 49,000 active listings. Both days on marker and active listings increased 8 percent and 7 percent year-over-year, respectively.
Homes in New York City average 83 days on the market, which is down 5 percent year-over-year; the total number of active listings (86,843) is down 12 percent. Compared to the national average, NYC’s inventory is considered tight, or tighter, with 11.69 listings per 1,000 households. The national average is 14.25.
Median home price in NYC is up 9 percent year-over-year, to $419,000.
Baltimore’s median home price is up 4 percent year-over-year, to $290,000. The national median is $250,000. Homes in Baltimore spend an average 65 days on the market, which is still below the national average of 73 days. There are 12,861 active listings in Baltimore, the report says.
Washington D.C. homes spend only 53 days on the market, on average, and the amount of active listings has dropped 16 percent annually. The current median home price in D.C. is $429,000 — a jump of 5 percent from 2015.
The median home price in Chicago is $261,000 — and increase of 8 percent over the year; homes in Chicago stay on the market for an average of 60 days. There are 7 percent less active listings this year compared to last, but the stock of 60,669 means the city’s supply is less tight than the national average.
Realtor.com infographic
