Housing market trends: top 10 hottest ZIP codes in 2020. Homes in these ZIP codes get the most page views and are off the market in less than 20 days.
The housing market has been a bright spot amongst the chaos that has dominated 2020. And, there are some very valid reasons for that, including historically-low mortgage interest rates.
The 30-year-fixed rate mortgage hit another record low of 2.88 percent on August 8th, 2020, before inching back up slightly to 2.99 percent, still well below the rate of 3.55 percent in August of 2019, according to Freddie Mac.
“Purchase housing demand continues to accelerate, ultimately providing support to an economy that otherwise has stagnated,” said Sam Khater, Freddie Mac’s Chief Economist.
The economics team at Realtor.com looked at ZIP codes in the 300 largest metropolitan areas (including the main city and surrounding smaller urban areas, towns, and suburbs) from April through June of this year to determine where the demand is highest and homes are selling fast. The team then ranked the ZIP codes by which ones received the most page views and had the fewest days on the market.
Homes in the hottest ZIP codes sold in an average of just 18 days, four weeks sooner than other properties in their respective metropolitan areas and an astounding 51 days faster than properties in the rest of the country. And, prices are skyrocketing.
Housing Market Trends: Top 10 Hottest ZIP Codes in 2020
“This year’s list is definitely centered on the East Coast, which is a bit of a shift from previous years,” said Danielle Hale, Realtor.com’s chief economist. “Some of those areas in the Northeast have bounced back in a big way [from a deluge of COVID-19 cases], which is probably helping them to rise to the top. The absence of the South and Midwest is because of the pandemic and how it has played out over time in different parts of the country.”