Peabody ranked as the No. 5 hottest zip code in the United States
According to Realtor.com’s 2018 hottest zip codes ranking, Peabody’s 01960 zip code came in as the No. 5 hottest zip code in the country.
It may no longer be summer, but the North Shore is hot.
That’s according to Realtor.com’s 2018 hottest zip codes ranking. Peabody’s 01960 zip code came in as the No. 5 hottest zip code in the country, falling behind only Kentwood, Mich. (49508) at No. 1, Colorado Springs, Colo. (80922) at No. 2, Watauga, Texas (76148) at No. 3, and Castro Valley, Calif. (94546) at No. 4.
The zip codes just below Peabody in the top 10 were Boise, Idaho (83704) at No. 6, Worthington, Ohio (43085) at No. 7, Overland Park, Kan. (66210) at No. 8, Rochester, N.Y. (14624) at No. 9, and Upper Montclair, N.J. (07043) at No. 10.
Realtor.com determined these rankings by analyzing 32,000 different zip codes based on time on the market and how often homes were viewed in each zip code on Realtor.com.
According to the home-buying site, well-off millennials played a huge role in this year’s list.
“When it comes to choosing a home of their own, millennials are looking for opportunity and they’re finding it in affordable suburbs,” Realtor.com chief economist Danielle Hale said in a statement. “These hot housing markets are attracting the attention of hard-working, high-earning 25-to-34-year-olds who are drawn by their relative affordability, strong local economies, and outdoor and cultural amenities.”
Homes sold in the top 10 hottest zip codes are on the market for an average of 20 days, which is 46 days faster than in the rest of the country, 25 days faster than in their respective metro areas, and 18 days faster than in their respective counties, according to Realtor.com.
In Peabody specifically, millennials (25- to 34-year-olds) currently own 32 percent of recently purchased mortgages in the area. Peabody homes sell in an average of 20 days, which is 46 days quicker than in the rest of the country. The current median list price in the coastal city is $424,685, which is up 8.4 percent compared to last year.
Realtor.com found five common trends in cities on the top 10 list that set those zip codes apart from the rest of the country: Homes are generally more affordable, residents are wealthier and employed at a higher rate, millennial residents have high incomes, millennials hold a large share of the home purchases, and home buyers have high credit scores.
Though Peabody was the only Massachusetts city to make the top 10 list, there were a few other local zip codes that made the top 50 list, including Mansfield (02048) at No. 24 and Milford (01757) at No. 40.
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