ZIP code is third 'hottest' for housing in US
A national real estate website has named a Grand Rapids area ZIP code as one of the “hottest” in the U.S.
The ZIP code 49548 in Kentwood ranks No. 3 in the third-annual “Hottest ZIP Codes in America” ranking by Realtor.com.
Realtor.com rated 32,000 ZIP codes based on the time it takes properties to sell and how frequently homes are viewed in each ZIP code.
Homes in this year's top 10 markets sell in an average of 21 days — 50 days faster than in the rest of the country.
Key factors in determining market “hotness” also include housing affordability, large shares of older millennials (25-34), high millennial ownership rates, strong job markets and high salaries.
Millennials hold 42 percent of new mortgages in Kentwood and have a 62 percent home-ownership rate. Homes in Kentwood sell in 16 days, 49 percent more quickly than last year, with a median list price of $118,833, up 22.4 percent over last year. Kent County is also expected to add 5,000 jobs this year, an increase of 2 percent.
"While low inventory is a challenge, millennials are the largest generation in U.S. history, and they are flexing their muscle when it comes to the housing market," said Danielle Hale, chief economist, Realtor.com.
"Increasingly, the hottest housing markets are the ones that appeal to millennial preferences, and right now, the standouts are relatively affordable suburbs with local 'it' factors, such as hiking trails, great restaurants and nightlife."
Realtor.com said the Grand Rapids area has become known in recent years for its booming economy, annual ArtPrize competition and local microbrewery and dining scene. It also noted that Kentwood is close to the Gerald R. Ford International Airport, which has been adding direct flights to major destinations throughout the country.
Top 10 “Hottest ZIP Codes in America”
1. Watauga, Texas (76148)
2. Livonia (48154)
3. Kentwood (49548)
4. Medford, Massachusetts (02155)
5. Littleton, Colorado (80123)
6. Castro Valley, California (94546)
7. Colorado Springs, Colorado (80922)
8. Overland Park, Kansas (66210)
9. Mira Mesa, California (92126)
10. Hilliard, Ohio (43026)