Affordability and a plethora of amenities vaulted Gahanna, Ohio, to the top of Realtor.com’s 2024 hottest ZIP codes list. ZIP codes in Missouri and Indiana made the list too as out-of-state homebuyers search for a good deal.
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For the second year in a row, Realtor.com named ZIP codes in Ohio, Missouri, and Indiana the hottest ZIP codes in the U.S.
Gahanna, Ohio, a suburb of Columbus, captured the No. 1 spot thanks to its relative affordability compared to metro and national median home prices — homes in the area were priced 11 percent below the Columbus metro’s average, and 19.4 percent below the national median during the first half of 2024.
Gahanna’s median listing price in July was $400,000; however, the median home sold price was $357,500, making the Columbus suburb a solid buyers’ market. Beyond affordability, Gahanna has plenty of amenities and entertainment, which have attracted a growing number of buyers from New York City.
Ballwin, Missouri; Salem, Massachusetts; Basking Ridge, New Jersey; Rochester, New York; Mount Laurel, New Jersey; Leominster, Massachusetts; Westfield, Massachusetts; Highland, Indiana; and Macungie, Pennsylvania, rounded out the top 10, with each market offering a median list price or median listing price per square foot between 24.6 percent and 28.8 percent below the national median.
Danielle Hale
“While we’ve seen big changes in the housing market, such as a growing number of homes for sale, this year’s hottest ZIP codes in America show common factors are driving interest in these highly competitive areas,” Realtor.com Chief Economist Danielle Hale said in a prepared statement on Tuesday. “Although mortgage rate relief is starting to materialize, this year’s hottest ZIPs reflect the focus on affordability that home shoppers have had over the last few years in the face of high housing costs.”
“Concentrated in larger metros across the Northeast and Midwest, these top 10 ZIPs attracted highly qualified home buyers seeking more space without relinquishing proximity to urban amenities,” she added.
Although these markets are affordability havens now, that may change as more in-state and out-of-state homebuyers get hip to the value they can find in these markets. Homes in these ZIP Codes spent an average of 13 days on the market — 32 days fewer than the national average for days on market of 45 days.
“The high-stakes environment in these areas means that successful buyers are well-qualified and well-equipped to purchase a home,” the report read. “Successful buyers in these areas had an average credit score of 757 compared to the U.S.’ average of 734 as well as a 16.7 percent average down payment compared to the national average of 14 percent in the first half of 2024.”
“Not only are homes going fast in these hottest markets, in the first four months of the year, homes sold for an average 3.3 percent over asking price, while nationally, homes sold for an average 2.3 percent under asking price in the same period,” it added.
The report said mortgage rate and inventory fluctuations will continue to drive the market, with these markets expected to keep outperforming more expensive locales even into slower fall and winter months.
“Active inventory increased on an annual basis starting in November 2023, but the growth picked up steam this spring,” the report read. “In June, there were 36.7 percent more homes for sale than one year prior, and an impressive 50 percent more homes priced between $200,000 and $350,000.”
“Though buyers have more options across the country, this year’s Hottest Zip Codes show that demand remains concentrated in markets that offer bang for your buck,” it added.