Gahanna, Ohio takes the hottest ZIP title for the second year in a row, followed by Ballwin, Mo. and Salem, Mass.
SANTA CLARA, Calif., Aug. 20, 2024 /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:
43230 Gahanna, Ohio*63021 Ballwin, Mo.*01970 Salem, Mass.*07920 Basking Ridge, NJ*14609 Rochester, NY*08054 Mount Laurel, NJ01453 Leominster, Mass.01085 Westfield, Mass.46322 Highland, IN*18062 Macungie, Pa.*
(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
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.
Value for Everyone
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
Highly Competitive
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.
Read the full report and see how your zip compared: http://www.realtor.com/hottestzips
Top 50 Hottest Zip Codes
RankZipCodeZip NameMetro AreaViewersperpropertyvs USMedianDays onMarketJan-JuneMedianListingPrice143230Columbus Columbus, OH 4.311$345,000263021Ballwin St. Louis, MO-IL 3.516$409,000301970Salem Boston-Cambridge-Newton,MA-NH 3.616$596,000407920Basking Ridge New York-Newark-JerseyCity, NY-NJ-PA 3.516$967,000514609Rochester Rochester, NY 2.98$151,000608054Mount Laurel Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 3.318$385,000701453Leominster Worcester, MA-CT 4.221$462,000801085Westfield Springfield, MA 5.220$347,000946322Highland Chicago-Naperville-Elgin,IL-IN-WI 3.321$250,0001018062Macungie Allentown-Bethlehem-Easton, PA-NJ 2.716$462,0001148154Livonia Detroit-Warren-Dearborn,MI 321$328,0001253151New Berlin Milwaukee-Waukesha, WI 4.123$408,0001302703Attleboro Providence-Warwick, RI-MA 2.921$516,0001461109Rockford Rockford, IL 3.122$182,0001545240Cincinnati Cincinnati, OH-KY-IN 2.821$256,0001606611Trumbull Bridgeport-Stamford-Norwalk, CT 4.625$596,0001717601Lancaster Lancaster, PA 3.421$498,0001844130Cleveland Cleveland-Elyria, OH 3.824$246,0001945459Dayton Dayton-Kettering, OH 3.324$325,0002003051Hudson Manchester-Nashua, NH 3.327$632,0002143614Toledo Toledo, OH 326$190,0002244805Ashland Ashland, OH 326$250,0002344904Mansfield Mansfield, OH 3.327$262,0002406489Southington Hartford-East Hartford-Middletown, CT 4.429$493,0002567212Wichita Wichita, KS 3.129$258,0002628277Charlotte Charlotte-Concord-Gastonia, NC-SC 2.626$661,0002746033Carmel Indianapolis-Carmel-Anderson, IN 3.529$519,0002865109Jefferson City Jefferson City, MO 2.726$327,0002923226Richmond Richmond, VA 2.728$658,0003019606Reading Reading, PA 2.124$279,0003148823East Lansing Lansing-East Lansing, MI 2.527$320,0003255110Saint Paul Minneapolis-St. Paul-Bloomington, MN-WI 2.726$399,0003340223Louisville Louisville/Jefferson County,KY-IN 2.528$425,0003406790Torrington Torrington, CT 3.330$271,0003566614Topeka Topeka, KS 2.426$263,0003644221Cuyahoga Falls Akron, OH 3.130$200,0003776021Bedford Dallas-Fort Worth-Arlington,TX 2.125$425,0003808610Trenton Trenton-Princeton, NJ 2.224$337,0003995661Roseville Sacramento-Roseville-Folsom, CA 2.528$743,0004075028Flower Mound Dallas-Fort Worth-Arlington,TX 2.428$584,0004153081Sheboygan Sheboygan, WI 2.730$248,0004206770Naugatuck New Haven-Milford, CT 2.629$328,0004354901Oshkosh Oshkosh-Neenah, WI 2.630$230,0004449707Alpena Alpena, MI 2.731$192,0004594550Livermore San Francisco-Oakland-Berkeley, CA 1.923$1,275,0004653545Janesville Janesville-Beloit, WI 4.132$316,0004762704Springfield Springfield, IL 2.631$168,00048
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