Every agent wants the good fortune of working in one of the country’s hottest real estate markets. Move over, 90210, there is a new hot market on the block and it isn’t where you might expect.
According to a survey of “hot” ZIP codes in the country, Realtor.com found that the 48154 ZIP code in Livonia, Mich., us one of the best.
“This is exciting news for our community and it confirms what a lot of us in town have felt for a while — we are seeing more young families move into town,” said Dan West, president of the Livonia Chamber of Commerce. “The analysis by Realtor.com really mimics what Livonia leaders have been saying about the city for a long time: central location, close proximity to employers, close proximity to all the activity in downtown Detroit and plenty of park land.”
In its survey, Realtor.com used the length of time it took to sell homes in a ZIP code and how frequently homes in that area are viewed on Realtor.com.
According to the survey, homes in the 48154 ZIP code had a median listing price of $223,780 and a median household income of $74,320.
Realtor.com reviewed 32,000 ZIP codes based on the time it takes homes to sell and how frequently homes are viewed online. Homes in the top 10 hottest ZIP codes sell in an average of 21 days, 50 days on average faster than in the rest of the country.
So which ZIP codes are the hottest, according to Realtor.com? ZIP code 76148, belonging to Watauga, Texas, topped the list, for the second year in a row. But two communities in Michigan came in at numbers 2 and 3.
Second was 48154 in Livonia, a western suburb of Detroit benefits from its close location to the city while offering the amenities of a busy suburb. More than 86 percent of Millennials living in this ZIP code own their own homes, while homes in Livonia sell in an average of 21 days.
Third was the 49548 ZIP code in Kentwood, Mich.
This community is part of the Grand Rapids area, and has become one of the fastest growing parts of the country. Millennials hold 42 percent of new mortgages in the ZIP code and have a 62 percent homeownership rate.