Home prices have skyrocketed this year, and the trend has reached most of the nation. The carefully followed S&P Case-Shiller real estate price index showed that, nationwide, residential prices rose 16.6% in May, a record. In Phoenix, prices rose over 20%.
The increases are triggered by several factors. One is historically low mortgage rates. Another is a migration from the expensive coastal cities like New York and San Francisco to smaller ones inland. The perception is that these places are cheaper to live and have a better standard of living. Finally, working from home, brought on by the COVID-19 pandemic, has allowed people to be more mobile.
Realtor.com created an index to establish which zip codes are the “hottest” for real estate. It published the results as part of its annual list of America’s hottest zip codes:
These are the most desirable communities in the nation where demand is surging and homes are selling the quickest. Many are more affordable, farther out suburbs where first-time buyers still have a shot at scoring a home. Others are smaller cities that offer more square footage for the price. Some of the more expensive burbs offer urban-style amenities and top-notch schools at higher prices.
Specifically, Realtor.com measured the level of unique viewers per property and the number of days a listing stays active on its website.
Colorado Springs topped the list, in particular, the 80916 zip code. One thing that stands out about the zip code is that houses only remain on the market for an average of four days. The median listing price in the zip code is $318,000, not expensive by national standards. Year over year, views of properties in the Zip code rose 36%.
Summing up the market in the zip code, Linda Leiss Landry, a local real estate agent with Berkshire Hathaway Synergy Group, remarked: “Real estate is just selling like crazy. We’re in one of the most popular areas to move to right now.”
Basically, that means people who want to move to the zip code are out of luck.
Click here to see which are the most expensive cities in which to buy a home.
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