In the hottest housing markets—Kentwood, Mich., being the most active ZIP code in the country—high-income millennials are a driving force behind the real estate boom, according to new research from realtor.com®. “As the millennial generation continues to age, they are looking for affordable suburbs with strong school systems while still being relatively close to a downtown center,” according to realtor.com® researchers. Millennials also are looking for areas with a strong sense of community and plenty of outdoor amenities, such as parks and hiking trails.
Realtor.com® looked at the time it takes properties to sell and how frequently homes are viewed in each ZIP code to determine this year’s hottest ZIP codes. Homes in these areas sell in an average of 20 days, which is 46 days faster than the rest of the country. In the majority of the top 10 ZIP codes, the markets are more affordable than their surrounding areas (excluding Worthington, Ohio, and Upper Montclair, N.J.); the household income tends to be greater than the national median; and the average unemployment rate is 3.6 percent, which is lower than the U.S. rate of 3.9 percent. The hottest ZIP codes for 2018, according to realtor.com®, are:
1. Kentwood, Mich.: 49508
- Median listing price: $193,168
- Days on the market: 14 days
- Median listing price: $297,811
- Days on the market: 15 days
- Median listing price: $183,576
- Days on the market: 15 days
- Median listing price: $784,238
- Days on the market: 16 days
- Median listing price: $424,685
- Days on the market: 20 days
- Median listing price: $251,324
- Days on the market: 23 days
- Median listing price: $291,305
- Days on the market: 25 days
- Median listing price: $261,927
- Days on the market: 24 days
- Median listing price: $131,964
- Days on the market: 22 days
- Median listing price: $762,350
- Days on the market: 22 days
Source:
“Heating Up With 2018’s Hottest ZIP Codes,” realtor.com® (Oct. 10, 2018)
