The median cost of buying a home in the United States continues to rise – but the fastest selling homes on the market tend to be in affordable ZIP codes, in the northeastern states.
Just two of the top 10 ZIP codes with the fastest-selling properties have median home prices above the national average, while the other eight are below average, according to an analysis from Realtor.com.
Gahanna, Ohio – in the Columbus metropolitan area – was the hottest ZIP code in the country, for the second year in a row. The rankings were determined by market demand (based on unique viewers per property on Realtor.com) and how long it takes to sell a property, based on the length of its listing.
The national median cost of buying a house has been on the rise this year. In California, property values have risen so much that the median cost of a single-family home in the San Jose metropolitan area exceeded $2 million, according to a recent report from the National Association of Realtors (NAR.)
While California has among the highest property values in the nation, cities in the Golden State do not rank among the trendiest ZIP codes in the country. The highest ranking California city is Roseville, at number 39. Meanwhile, the top 10 is dominated by ZIP codes in east coast states and midwestern cities.
“While we’ve seen big changes in the housing market, such as a growing number of homes for sale, this year’s hottest ZIP codes in America show common factors are driving interest in these highly competitive areas,” said Realtor.com Chief Economist Danielle Hale, in a Tuesday statement.
“Although mortgage rate relief is starting to materialize, this year’s hottest ZIPs reflect the focus on affordability that home shoppers have had over the last few years in the face of high housing costs.”
Continue reading to learn more about the hottest ZIP codes in the country.
