Gahanna, Ohio’s affordability and abundance of amenities earned it a top spot on Realtor.com’s list of the hottest ZIP codes for 2024. ZIP codes in Missouri and Indiana also made the list as out-of-state homebuyers look for good deals.
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Realtor.com ranks zip codes in Ohio, Missouri and Indiana among the most popular in the U.S. for the second year in a row
Gahanna, Ohio, a suburb of Columbus, ranked No. 1 for its relative affordability relative to the metropolitan area and the national median home price—homes in the area are less expensive than the average home price in the Columbus metropolitan area. 11%, and 19.4% lower than the national median home price in the first half of 2024.
The median listing price in Gahanna in July was $400,000; however, the median home sales price was $357,500, making the Columbus suburb a solid buyer’s market. In addition to being affordable, Gahanna offers a wealth of amenities and amenities that are attracting a growing number of New York City buyers.
Ballwin, MO; Salem, MA; Basking Ridge, NJ; Rochester, NY; Mount Laurel, NJ; Leominster, MA; Westfield, MA; Indiana Highland; McCungie, Pa., also rounded out the top 10, with each market’s median list price, or median listing price per square foot, being 24.6% to 28.8% lower than the national median.
Danielle Hale
“While we’re seeing big changes in the real estate market, such as an increase in the number of homes for sale, the hottest zip codes in the U.S. this year show that common factors are driving interest in these highly competitive zip codes,” said Danielle Hale, chief economist at Realtor.com. “While mortgage rate relief has begun to materialize, this year’s top ZIPs reflect the focus on affordability among homebuyers over the past few years in the face of high housing costs. “
She added: “These top 10 postal codes are concentrated in larger metropolitan areas in the Northeast and Midwest, attracting highly qualified homebuyers who seek more space without giving up proximity to city amenities.”
While these markets are affordability havens now, that may change as more in-state and out-of-state homebuyers recognize the value they can find in these markets. Homes in these zip codes spent an average of 13 days on the market, 32 days less than the national average of 45 days.
“The high-risk environment in these areas means that successful buyers are well qualified and equipped to purchase a home,” the report said. “Successful buyers in these areas have an average credit score of 757, compared with the U.S. average credit score of 734 points; the average down payment ratio is 16.7%, while the national average down payment ratio in the first half of 2024 is 14%.”
“Not only are homes selling quickly in these hottest markets, in the first four months of the year, homes sold for an average of 3.3% above asking price, while nationwide during the same period, homes sold for an average of 2.3% below asking price,” it added road.
Mortgage rates and inventory volatility will continue to drive markets, which are expected to continue to outperform pricier areas, even during the slowing fall and winter months, the report said.
“Active inventory has increased annually starting in November 2023, but momentum accelerated this spring,” the report said. “In June, the number of homes for sale increased 36.7% from a year ago, with prices ranging from $200,000 to $350,000. The number of homes has increased by 50%, which is impressive. ”
It added: “While buyers across the country have greater choice, this year’s most popular postcodes demonstrate that demand remains concentrated in value-for-money markets.”
Email Marianne McPherson
