Goodbye Austin, Texas. Hi…Hooksett, New Hampshire?
Sun Belt cities, including the Texas capital, have topped various lists of major housing markets in recent years. Now, with higher mortgage rates starting to chill southern and western boomtowns, a new region is heating up.
Six of the top 10 spots on Realtor.com’s list of the most popular zip codes in the United States this year are in New England, including Windham, Maine and North Attleboro, Massachusetts. Hooksett, New Hampshire — another city on the list — is located about 60 miles north of Boston, making it a convenient choice for workers who have been freed from daily commutes by the rise of remote working.
“People are buying homes in these areas that are bigger and more affordable than what you would find in a downtown area,” said Danielle Hale, chief economist at Realtor.com. “Maybe it’s because they have more flexibility than they had before the pandemic.”
Hale’s company compiled the list of the most popular zip codes based on two key metrics, including the time it takes for homes to sell and the number of viewers for an ad on Realtor.com. Although home prices are not officially included, affordability is a key factor driving buyer interest in any given area. New England’s place at the top of the list is partly a reflection of higher prices in other parts of the country.
“We’ve seen the hottest postcodes migrate east as the success of housing markets in the Sun Belt and the West has made those areas less attractive to many buyers,” Hale said.
–With the help of Prashant Gopal.
This article was provided by Bloomberg News.