Millennials are the key factor in making some housing markets sizzle. Realtor.com researchers say a large population of millennials are making places like Watuaga, Texas (76148), and Pleasant Hill, Calif. (94523), some of the hottest places to live in the country, since they offer affordable housing options and strong job markets.
Realtor.com’s research team evaluated 32,000 ZIP codes to find out where properties are selling the fastest and how often homes are being viewed at its site. In the top 20 hottest markets, homes are selling in an average of 25 days, which is 53 days faster than the rest of the country. What’s more, users are viewing homes in those markets nearly four times more often than homes in the rest of the country.
"Homes for sale in this year's hottest ZIP codes are selling almost as quickly as they hit the market," says Jonathan Smoke, chief economist for realtor.com. "While millennials are usually a significant presence in most markets, their sheer size and buying power have made them a force to be reckoned with in these hot ZIP codes and given them the power to shift supply and demand dynamics."
The following are the top 10 ZIP codes for 2016:
76148: Watauga, Texas
94523: Pleasant Hill, Calif.
80233: Northglenn, Colo.
80916: Colorado Springs, Colo.
78247: San Antonio
94954: Petaluma, Calif.
02176: Melrose, Mass.
63126: Crestwood, Mo.
97222: Milwaukie, Ore.
92104: North Park, Calif.
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