Press "Enter" to skip to content

Colorado Springs tops the list



rssfeeds.usatoday.com

CLOSE

The federal government CARES Act and various cities and banks are offering relief. Here’s what you should know.

USA TODAY

Millennials continue to move away from cities during the pandemic in search of more affordable housing and space to raise a family, according to Realtor.com’s annual list of hottest ZIP codes in the U.S., released exclusively to USA TODAY early Tuesday. 

Half of this year’s top markets aresuburbs in the Northeast, including Rochester, New York; Melrose, Massachusetts; South Portland, Hudson and Worcester.

A few factors are driving their popularity including easy access to both downtown amenities and outdoor space, relative affordability with a strong local economy and a large number of millennial homebuyers, the report shows.

Demand for markets in the Northeast was driven by a lack of affordability in nearby larger, cities such as New York and Boston where prices have skyrocketed in recent years and increased space is a luxury many can’t afford, experts say.

“The Northeast has done a better job of maintaining affordability and keeping up with the demand for housing and construction,” says Danielle Hale, chief economist at Realtor.com. “That region, in particular, was the initial epicenter of the coronavirus, but has since recovered. As those economies bounce back, so do their housing markets.” 

Housing hurdles: COVID hasn’t stopped the housing market, but good luck finding a home you can afford

Retirement savings: Americans piled money into 401(k)s, IRAs even as the coronavirus-fueled recession took hold

Realtor.com  analyzed 20,000 ZIP codes based on the time it takes properties to sell and how frequently homes are viewed in each ZIP code from April to June. Eligible ZIP codes had at least 13 active listings each month to calculate a Hotness ranking and were limited to one ZIP code per metropolitan area.

Here are the hottest ZIP codes for housing:

1. 80911: Colorado Springs, Colo. 

This ZIP code is located on the southern edge of Colorado Springs and about 1.5 hours from Denver. The area offers residents a great quality of life including affordable homes, especially compared to nearby Denver, according to Hale. The median listing price is up 6.5% year-over-year, but 39% lower than the metro and 13% lower than the national median.

Average number of days on the market: 13

Median list price: $287,000

2. 43068:  Reynoldsburg, Ohio 

The area, which has easy access to downtown Columbus, Ohio, attracts young and growing families with its quiet suburban feel. The median-priced home is 37% less than the metro and 38% less than the national median.

Average number of days on the market: 17

Median list price: $204,000

3. 14617: Rochester, New York 

Rochester is New York’s third-largest metro area. This ZIP code is located along the Genesee River and southern shore of Lake Ontario. The median listing price is up 16.6% year-over-year, but 35% lower than the metro and 51% lower than the national median.

Average number of days on the market: 18

Median list price: $162,000

4. 02176: Melrose, Massachusetts

This is located just 10 miles north of Boston and attracts many young families who are looking for more space but still want to enjoy a quick commute to the city. The median listing price is 2% higher than the metro and 95% higher than the national median. 

Average number of days on the market: 19

Median list price: $644,000

5. 04106: South Portland, Maine 

South Portland is a short drive from Portland Head, Maine’s oldest lighthouse. This ZIP code is located on Casco Bay and is part of South Portland, offering a slightly more affordable option compared with the city of Portland, while still being close to downtown. The median list price is up 4.2% year-over-year. Asking prices are 9% lower than the metro overall, but 14% higher than the U.S. median.

Average number of days on the market: 21

Median list price: $377,000

6. 66614: Topeka, Kansas 

This location is on the western side of Topeka, the state capital of Kansas. It attracts both move-up and first-time homebuyers because of affordability and close proximity to the area’s shopping and entertainment. The median listing price is 14% more than the metro, but 44% lower than the national median.

Average number of days on the market: 19

Median list price: $184,000

7. 03051: Hudson, New Hampshire

Many families looking to escape the busy Boston area head just over the border, according to Hale. Known as “tax free” New Hampshire, locals enjoy a lower cost of living with no state income or sales tax. The median listing price is 12% lower than metro as a whole. 

Average number of days on the market: 22

Median list price: $350,000

8. 01602: Worcester, Massachusetts

Worcester, located just an hour outside of Boston, is a hot spot for families and retirees looking for three or four-bedroom homes. Rising home prices, however, have pushed it out of reach for many first-time homebuyers. Worcester State University is located in the heart of this ZIP code and is one of the largest employers in the area. The median listing price is 14% lower than metro as a whole and 4% lower than the national median.

Average number of days on the market: 21

Median list price: $318,000

9) 22152: Springfield, Virginia

This area, located just inland of the Potomac River, offers a mix of townhomes and single-family homes that provide options for both first-time and move-up buyers as well as considerable green space with Pohick Creek Stream Valley Park to the east and Lake Accotink Park to the north. The median listing price is 8% higher than the rest of the metro and 68% higher than the national median. 

Average number of days on the market: 7

Median list price: $553,000

10. 27604: Raleigh, North Carolina

Raleigh’s affordability has helped draw many buyers from more expensive cities. The area also offers local residents a variety of basketball programs to watch including Duke University, North Carolina State University and the University of North Carolina at Chapel Hill. The median listing price is 27% lower than the metro and 17% lower than the national median. 

Average number of days on the market: 25

Median list price: $273,000

Read or Share this story: https://www.usatoday.com/story/money/2020/08/18/hottest-u-s-housing-markets-colorado-springs-tops-list/5600403002/



Source link

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *