Affordability and a plethora of facilities vaulted Gahanna, Ohio, to the highest of Realtor.com’s 2024 hottest ZIP codes checklist. ZIP codes in Missouri and Indiana made the checklist too as out-of-state homebuyers seek for deal.
Whether or not it’s refining your online business mannequin, mastering new applied sciences, or discovering methods to capitalize on the following market surge, Inman Join New York will put together you to take daring steps ahead. The Subsequent Chapter is about to start. Be a part of it. Be a part of us and 1000’s of actual property leaders Jan. 22-24, 2025.
For the second yr in a row, Realtor.com named ZIP codes in Ohio, Missouri, and Indiana the hottest ZIP codes within the U.S.
Gahanna, Ohio, a suburb of Columbus, captured the No. 1 spot because of its relative affordability in comparison with metro and nationwide median dwelling costs — houses within the space had been priced 11 % beneath the Columbus metro’s common, and 19.4 % beneath the nationwide median in the course of the first half of 2024.
Gahanna’s median itemizing worth in July was $400,000; nevertheless, the median dwelling offered worth was $357,500, making the Columbus suburb a strong consumers’ market. Past affordability, Gahanna has loads of facilities and leisure, which have attracted a rising variety of consumers from New York Metropolis.
Ballwin, Missouri; Salem, Massachusetts; Basking Ridge, New Jersey; Rochester, New York; Mount Laurel, New Jersey; Leominster, Massachusetts; Westfield, Massachusetts; Highland, Indiana; and Macungie, Pennsylvania, rounded out the highest 10, with every market providing a median checklist worth or median itemizing worth per sq. foot between 24.6 % and 28.8 % beneath the nationwide median.
Danielle Hale
“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,” Realtor.com Chief Economist Danielle Hale stated in a ready assertion on Tuesday. “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.”
“Concentrated in larger metros across the Northeast and Midwest, these top 10 ZIPs attracted highly qualified home buyers seeking more space without relinquishing proximity to urban amenities,” she added.
Though these markets are affordability havens now, which will change as extra in-state and out-of-state homebuyers get hip to the worth they’ll discover in these markets. Properties in these ZIP Codes spent a mean of 13 days available on the market — 32 days fewer than the nationwide common for days on market of 45 days.
“The high-stakes environment in these areas means that successful buyers are well-qualified and well-equipped to purchase a home,” the report learn. “Successful buyers in these areas had an average credit score of 757 compared to the U.S.’ average of 734 as well as a 16.7 percent average down payment compared to the national average of 14 percent in the first half of 2024.”
“Not only are homes going fast in these hottest markets, in the first four months of the year, homes sold for an average 3.3 percent over asking price, while nationally, homes sold for an average 2.3 percent under asking price in the same period,” it added.
The report stated mortgage charge and stock fluctuations will proceed to drive the market, with these markets anticipated to maintain outperforming dearer locales even into slower fall and winter months.
“Active inventory increased on an annual basis starting in November 2023, but the growth picked up steam this spring,” the report learn. “In June, there were 36.7 percent more homes for sale than one year prior, and an impressive 50 percent more homes priced between $200,000 and $350,000.”
“Though buyers have more options across the country, this year’s Hottest Zip Codes show that demand remains concentrated in markets that offer bang for your buck,” it added.
