Zip Codes to Look Out for in Real Estate

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During the pandemic, housing prices in cities and towns across the country were on the rise. But what will this trend look like if you dig deeper down to the zip code level to get a detailed idea of ​​where the action is taking place? Realtor.com has done just that in its annual report on the most popular zip codes in the US real estate industry.

The site compared listings active from January 2021 to June 2021 across 30,000 zip codes using two metrics: demand, as measured by the number of unique people clicking on real estate listings on Realtor.com; and the time in the market, or how long it took to sell the houses. (Even though there are about 42,000 zip codes in the country, those without adequate sales data or representation on Realtor.com, and those with too few listings to account for, were excluded.)

To create a broad national picture and prevent a handful of high-performing markets from dominating the list, only one zip code was ranked in each metropolitan area. “We aimed for the geographic diversity on the list to be relevant to a wider audience,” said Danielle Hale, the site’s chief economist and author of the report.

Overall, the list revealed a strong desire for home buyers to leave dense urban centers in favor of less expensive suburbs nearby. In fact, 10 major zip codes are within 20 minutes of a major metropolitan area, many of which have strong job markets for millennials.

Will these markets remain hot over time? Usually, postcodes are not returned to the list year after year, Ms. Hale said. Any particular market may have a boom year, but another ZIP, sometimes located nearby, may perform better next year.

This year, she said, “The biggest surprise was the newcomer on the list: 37067, Franklin, Tennessee, near Nashville.”

Nashville has been a rising star on the annual list, but this is the first time a ZIP in the area has made it to the top 10. “It breaks the mold,” Ms. Hale said. “What they have in common is that these are relatively affordable neighborhoods, good places for entry-level shoppers to step in the door, or potentially good places for downsizing companies to get really good value for money.”

Zip code 37067, on the other hand, is an emerging luxury area with an average list price of $ 847,000. (Only three other ZIP archives in the top 10 had an average price above $ 400,000.)

# 1 came in at 80,916 in Colorado Springs, Colorado, with a relatively affordable average list price of $ 318,000. In June, the houses there spent an average of four days on the market, and interest in the offers on the site increased by 36% compared to the previous year.

Below are the 15 most popular zip codes, according to Realtor.com, and the metropolitan areas they belong to.

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