America’s historic spot in New England is attracting millennials looking to find a perfect home for themselves.
Namely, the New England ZIP codes dominate the top 10 hottest ZIP codes in America for home buyers, per the annual Realtor.com Hottest ZIP Codes report released on August 15.
According to the report, the listings in these hottest ZIP codes were sold in just eight days while receiving 3.7 times more buyer views than a typical US listing. Further, Realtor.com now provides ‘hot market insights’ on listings to show how quickly homes get sold in a given neighborhood, helping homebuyers better understand the market and given area.
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For 2022 the most significant driving factors for home sales were relative affordability and convenience or closeness to big East Coast cities in the US.
Reasonable commutes
Danielle Hale, Chief Economist for Realtor.com, highlighted the fact that determined buyers are bringing new life to New England, whose areas are affordable and offer a decent commute time to big cities.
“With rising inflation and mortgage rates squeezing monthly housing budgets, this year’s determined buyers are breathing new life into competition for homes in historic areas like New England. Our 2022 Hottest ZIPs ranking illustrates how many Americans are redefining their priorities to achieve homeownership while building their careers, by trading downtown life for relatively affordable areas with reasonable part-time commutes to big cities.”
Furthermore, the hottest ZIP list showed some new developments this year, as certain areas have entered the list for the first time in the rank’s eight-year history. These developments are led by numerous financial whirlwinds that hit markets, with the two most prominent for the housing market being rising inflation and interest rates.
Finally, another glance at the hottest ZIPs shows that end users were going for affordability in this market, targeting the best bang for their buck in real estate, which could be a theme in the future for the broader markets as well.
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