Realtor.com’s 10 ‘Hottest ZIP Codes of 2022’ Highlight Where Homes Sell Fastest and Why
In a year marked with high mortgage rates and an increase in housing supply, home prices continue to rise. According to Realtor.com, the national median listing price for a single-family home was $450,000 for June. This is up 16% from June 2021 and more than 31% from June 2020.
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This upward price trend is making people shy away from buying, according to Forbes. Per the Mortgage Bankers Association, mortgage applications are at a 22-year low.
However, regardless of housing price figures and sales trends — and despite record-high inflation — consumers are spending. And according to Realtor.com’s eighth annual Hottest ZIP Codes report, there are certain areas in the U.S. that are more appealing than others, offering “value in the vicinity of high-priced metros.”
For its rankings, Realtor.com took into account ZIP codes with the highest demand (based on individual viewers per property on its site) and the pace of the housing market (determined by the number of days a listing remains active on the site).
Here’s a breakdown of the top 10 zips by location and median home prices (as of June 2022):
Evidently, it’s also all about the northeast. Eight of the top 10 most popular ZIP codes are in the U.S. northeast region, with the Midwest and South represented by one zip code each (Worthington, OH [43085] and Johnson City, TN [37604]).
Nearby towns and suburbs outside of Boston, in particular, are attractive to those looking for affordable homes away from the metro area. The New Hampshire ZIPs of Manchester-Nashua and Concord are hot this year, as well.
“With rising inflation and mortgage rates squeezing monthly housing budgets, this year’s determined buyers are breathing new life into competition for homes in historic areas like New England,” said Danielle Hale, Realtor.com’s Chief Economist, in a statement.
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“Our 2022 Hottest ZIPs ranking illustrates how many Americans are redefining their priorities to achieve homeownership while building their careers, by trading downtown life for relatively affordable areas with reasonable part-time commutes to big cities,” said Hale.
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This article originally appeared on GOBankingRates.com: Realtor.com’s 10 ‘Hottest ZIP Codes of 2022’ Highlight Where Homes Sell Fastest and Why
