August 20, 2024
(press release)
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Gahanna, Ohio takes the hottest ZIP title for the second year in a row, followed by Ballwin, Mo. and Salem, Mass. SANTA CLARA, Calif., /PRNewswire/ -- For the first time since Realtor.com®'s inaugural Hottest ZIP Codes Report in 2017, one ZIP code, 43230, Gahanna, Ohio, took the No. 1 spot for a second consecutive year. In the 2024 report, released today, we once again see this years' hottest ZIPs located exclusively in the Midwest and the Northeast, as each of this year's top markets attract buyers who are looking for a combination of value and desirability. "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. "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." The 2024 Hottest ZIP Codes in America, in rank order, are: (Bolded ZIPs were on last years ranking, starred ZIPs represent metros that were on last years' ranking) This year, the Northeast and Midwest dominate the list. Seven of the 10 hottest ZIP codes on the list are in the Northeast, with an impressive three Massachusetts ZIP codes, two New Jersey ZIP codes and one ZIP code each in New York and Pennsylvania. Philadelphia, Penn and Springfield, Mass metros are represented by a ZIP code on the Hottest Zips list for the first time in the data's history. The Midwest holds three spots on the list with three ZIPs that were also on last year's list. In fact, Columbus, Ohio has been a presence on the Hottest Zips list each year dating back to 2017. This is the second year in a row, and only the second time in the list's history, that only two regions are represented on the top-10 list. The Southern and Western regions are not represented in this year's ten hottest ZIPs as buyer interest has shifted away from the areas that are generally unaffordable, or have become less affordable due to significant price growth during the pandemic. The South in particular has seen a significant pick up in for-sale inventory, which has thinned out buyer demand on a per-property basis, cooling off and slowing down the region's housing market. Gahanna Snags the Top Spot, Again Value for Everyone Highly Competitive Read the full report and see how your zip compared: http://www.realtor.com/hottestzips Top 50 Hottest Zip Codes Rank Zip Zip Name Metro Area Viewers Median Jan-June 1 43230 Columbus 4.3 11 $345,000 2 63021 Ballwin 3.5 16 $409,000 3 01970 Salem 3.6 16 $596,000 4 07920 Basking Ridge 3.5 16 $967,000 5 14609 Rochester 2.9 8 $151,000 6 08054 Mount Laurel 3.3 18 $385,000 7 01453 Leominster 4.2 21 $462,000 8 01085 Westfield 5.2 20 $347,000 9 46322 Highland 3.3 21 $250,000 10 18062 Macungie 2.7 16 $462,000 11 48154 Livonia 3 21 $328,000 12 53151 New Berlin 4.1 23 $408,000 13 02703 Attleboro 2.9 21 $516,000 14 61109 Rockford 3.1 22 $182,000 15 45240 Cincinnati 2.8 21 $256,000 16 06611 Trumbull 4.6 25 $596,000 17 17601 Lancaster 3.4 21 $498,000 18 44130 Cleveland 3.8 24 $246,000 19 45459 Dayton 3.3 24 $325,000 20 03051 Hudson 3.3 27 $632,000 21 43614 Toledo 3 26 $190,000 22 44805 Ashland 3 26 $250,000 23 44904 Mansfield 3.3 27 $262,000 24 06489 Southington 4.4 29 $493,000 25 67212 Wichita 3.1 29 $258,000 26 28277 Charlotte 2.6 26 $661,000 27 46033 Carmel 3.5 29 $519,000 28 65109 Jefferson City 2.7 26 $327,000 29 23226 Richmond 2.7 28 $658,000 30 19606 Reading 2.1 24 $279,000 31 48823 East Lansing 2.5 27 $320,000 32 55110 Saint Paul 2.7 26 $399,000 33 40223 Louisville 2.5 28 $425,000 34 06790 Torrington 3.3 30 $271,000 35 66614 Topeka 2.4 26 $263,000 36 44221 Cuyahoga Falls 3.1 30 $200,000 37 76021 Bedford 2.1 25 $425,000 38 08610 Trenton 2.2 24 $337,000 39 95661 Roseville 2.5 28 $743,000 40 75028 Flower Mound 2.4 28 $584,000 41 53081 Sheboygan 2.7 30 $248,000 42 06770 Naugatuck 2.6 29 $328,000 43 54901 Oshkosh 2.6 30 $230,000 44 49707 Alpena 2.7 31 $192,000 45 94550 Livermore 1.9 23 $1,275,000 46 53545 Janesville 4.1 32 $316,000 47 62704 Springfield 2.6 31 $168,000 48 95376 Tracy 1.9 23 $646,000 49 64118 Kansas City 2.2 28 $268,000 50 47909 Lafayette 2.2 28 $359,000 Methodology Notes: About Realtor.com®
Gahanna topped the list two years in a row. The Columbus area offers home shoppers the amenities and quality-of-life advantages of a larger town, but at a lower price point. Homes in this ZIP code were priced 11.0% below the metro's average, and 19.4% below the national median in the first half of the year. The lifestyle and affordability available in ZIP 43230 (Gahanna, Ohio) drew the attention of shoppers in the New York City metro, though almost half of listing viewership came from within the metro.
This years' hottest ZIP codes all offered some form of value for potential buyers. Compared to the greater U.S. housing market, and even the surrounding areas in which they sit, each of the top 10 have a lower median list price and/or median listing price per square foot. The Midwest zips, Columbus (ZIP 43230 in Gahanna, Ohio), Chicago (ZIP 46322 in Highland, Ind.), and St. Louis (ZIP 63021 in Ballwin, Mo.), on this year's list were priced an average 24.6% lower than the national median in June. Three Northeast ZIPs Rochester, N.Y. (ZIP 14609 in central Rochester), Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (ZIP 08054 in Mount Laurel, NJ) and Springfield, Mass. (ZIP 01085 in Westfield, Mass.), on this years' list were priced an average 28.8% below the U.S. median in June. Even the list's highest priced market in Basking Ridge, NJ (ZIP 07920), with a median listing price of $995,000 in June, was affordable relative to the larger New York City metro area. The median listing price per square foot in Basking Ridge was 33.6% below the surrounding metro's average in June
Competition for homes in this year's hottest ZIPs has quickened the market pace. Homes in the hottest ZIPs spent an average 13 days on the market in June 2024, more than a month (-32 days) less than the national median. The high-stakes environment in these areas means that successful buyers are well-qualified and well-equipped to purchase a home. 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% average down payment compared to the national average of 14.0% 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% over asking price while nationally homes sold for an average 2.3% under asking price in the same period.
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Realtor.com's Hottest Zip Code rankings are based on an algorithm that takes into account two aspects of the housing market: 1) market demand, as measured by unique viewers per property on Realtor.com, and 2) the pace of the market as measured by the number of days a listing remains active on Realtor.com. The hottest areas are those that have high demand from buyers, in other words, lots of unique viewers per each property, and fast-selling homes, an indicator of limited supply. Market Hotness rankings based on Realtor.com listing data from January to June 2024. The list of top zip codes is limited to one zip code per metropolitan area. Descriptive statistics in this write-up refer to June 2023 data unless otherwise noted.
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