THE NORTH EAST DOMINATES THIS YEAR’S
HOTTEST HOUSING MARKET IN THE US, DESPITE THE CORONA VIRUS PANDEMIC
T
he 2020 housing market has been hot with activities in different regions of the country. The housing market fared differently throughout the year, with most showing signs of strength and quick bounce-back from the impacts of the pandemic. However, the Northeast region claimed most of this year’s top 10 hottest real estate markets in the country, according to an annual ranking by Realtor.com published in August. The Realtor.com ranking is based on the time taken to sell properties and the frequency of viewing homes between April 1 and June 20, 2020, in every of the 20,000 ZIP codes analyzed by realtor.com.
increase, 39% less than the metro area and 13% below the national median.
Meanwhile, other hottest ZIP codes, according to Realtor.com, include 43068 in Reynoldsburg, Ohio; 14617 in Rochester, New York; 02176 in Melrose, Massachusetts; 04106 in South Portland, Maine; 66614 in Topeka, Kansas; 03051 in Hudson, New Hampshire.; 01602 in Worcester, Massachusetts; 22152 in Springfield, Virginia; and 27604 in Raleigh, North Carolina. On average, houses in these ZIP codes sell in 18 days. This is 51 days faster than the national rate and 27 days faster than their respective metros, according to Realtor.com. Regarding this, the hottest housing On the other hand, visitors view these markets on Realtor.com 4.3 market countrywide was ZIP more times on average than the code 80911 of Colorado Springs, rest of the country and 2.2 times Colorado. Here, homes spent an average of 13 days on the market, more than their respective metros. which is 20 days less than the Elsewhere, the report revealed Colorado Springs metro area and a distinguishable divergence 58 days less than the national between the East and West coasts, median. The median listing price where the hottest markets share in this ZIP code is $287,000, representing a 6.5% year-over-year some consistent factors such as 16
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easy access to outdoor space and downtown amenities, relative affordability with a stable local economy, and a massive number of millennial homebuyers.
MILLENNIAL HOMEBUYERS.
“As the largest generation in U.S. history continues to advance toward life milestones—settling down, marriage, parenthood —the need for space and affordable housing outshines the bright lights in expensive urban areas like New York or Los Angeles,” realtor. com chief economist Danielle Hale, said in the report. The report showed that in the top hottest ZIP codes highlighted above, millennials made up 53% on average of homeownership and 38% of mortgage originations. “While we’ve seen millennials moving in this direction for a few years now, all the extra time at home spent trying to work, learn, and play in response to the pandemic has heightened these preferences, and put the trend toward extra space and affordability on fast-forward,” Ms. Hale added. Work cited. https://www.mansionglobal.com/articles/ northeast-dominates-this-years-hottesthousing-markets-in-u-s-218519.
THE POWER IS NOW MAGAZINE | DECEMBER 2020
