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America’s Most In-Demand Neighborhoods

America’s Most In-Demand Neighborhoods

February 13, 2024 12:34pm

The year 2023 was a disheartening year for many aspiring homebuyers in the United States, but with mortgage rates steadily declining, 2024 might finally be the year to purchase a home! Predictions suggest that the housing market is set to somewhat stabilize in the coming months, and with an absence of price spikes seen in the pandemic, it could specifically be the time for first-time buyers to purchase a home.

That being said, the market is still extremely competitive, and low housing stock means that home ownership could still be out of reach for many Americans. By analyzing data from Realtor.com, focusing on two key metrics (the demand score and the median number of days spent on the market), we’ve compiled a list of some of the most in-demand ZIP codes and metro locations across the US.

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Most In-Demand U.S. Metro Neighborhoods

Up first on our list of the most popular metro locations is Rochester, with an index score of 99.11. Situated in the state of New York, the median sale price of a house here is around $155,000. Being the fourth-most populous city in the state, there’s no surprise that housing demand is high. The median number of days a house takes to sell in Rochester is just 31.3, and it has an overall demand score of 97.09. In addition, Rochester’s housing market is extremely fast-moving, and the average home sells for around 10% above its original asking price.

A major hotspot for business, technology, and education, Columbus, OH ranks second on our list. The housing market in Columbus is highly competitive, and the median sale price of a home there is $265,000, up 6% since 2022. Houses in Columbus remain on the market for around 36.6 days, and there were 765 homes sold in November 2023. With an overall demand index score of 94.64, homes in Columbus are extremely sought-after.

Manchester-Nashua, New Hampshire is third on our list of the most sought-after metro neighborhoods, with homes here selling in just over 37 days. Each house also gets an average of 5 offers, and the median sale price is $412,000, up 8.8% on the previous year. Manchester-Nashua follows closely behind Columbus with a demand index score of 94.15.

Homebuyers seem to be flocking to Fort Wayne, IN, too, where houses sell within an average of 37.1 days. Boasting high-quality schools, large parks, and quiet neighborhoods, Fort Wayne is a highly popular location for young families. And with a demand index score of 92.78, and a median sale price of $201,500, it’s no surprise that Fort Wayne bags a spot on our list.

Finally, Springfield, MA, rounds out the five most in-demand metro neighborhoods - known for its rich history, diverse culture, and affordability. Homes here sell for an average of $278,500 in Springfield, and most remain on the market for just 39.5 days.

The Most In-Demand ZIP Locations in America

Next, we’ve also reviewed the top five ZIP code locations around the US. First on our list is Peabody, MA, which has an astonishing overall demand index score of 99.94. Peabody is known for its strong community feel and quaint neighborhoods, and houses sell for around $648,000. If you’re looking to buy in Peabody, though, you’ll have to act fast, as most houses sell after just 18.3 days on the market.

Impressively, Ohio destinations dominate our top five in-demand ZIP locations, with Hillard, Reynoldsburg, and Galloway claiming second to fourth.

Hillard, known widely as one of the best places to live in Ohio (due to its growing economy and affordable cost of living), has a demand score of 99.53, while the median number of days a house remains on the market is also just 18.3.

Reynoldsburg is next, with a demand score of 98.61, and its suburban feel is popular with both families and young professionals. Following closely, people flock to Galloway for a smaller neighborhood. Galloway has a demand score of 98.97, and houses typically sell in just 21.3 days.

Finally, in spot number five for ZIP locations, with an overall demand index score, we have Fairport, NY. Houses here are on the market for an average of just 22.1 days, and its historic character and modern amenities have kept Fairport housing highly competitive - the median sale price of a home is $275,000.

So, there we have it - the current most in-demand ZIP and metro neighborhoods across the U.S. Those hoping to purchase a home in one of these locations will have to act fast, with houses often being snapped up in a matter of days.

Methodology

We analyzed Realtor.com’s data library, pulling out two key metrics:

Demand score: The demand score is an index representing a ZIP code, county, or metro location’s unique listing page viewers per property ranking compared to other ZIP codes, counties, or metro location.
Median days on market: The median number of days property listings spend on the market within the specified geography during the specified month. Time spent on the market is defined as the time between the initial listing of a property and either its closing date or the date it is taken off the market.

To create the index, the above metrics were considered — both of which were weighted with a score of 50. The final score was then given out of 100 - the higher the number, the more in-demand the location.

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