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West Michigan ZIP code is the 'hottest' housing market in US
A local ZIP code is the “hottest” in the country for home-buying activity, and millennials are leading the way.
According to Realtor.com’s fourth-annual ranking of the “Hottest ZIP Codes in America,” 49508, which includes parts of Kentwood, Grand Rapids and Cutlerville, ranks No 1.
Neighboring ZIP code 49548 ranked No. 3 last year. It includes parts of the same communities, as well as Wyoming.
This is the first time 49508 made the ranking.
Realtor.com highlights 49508's proximity to Lake Michigan and being part of metro Grand Rapids, which it notes is home to major employers such as Spectrum Health, Meijer and Mercy Health.
The site also notes the relative affordability of homes and “strong schools,” like Discovery Elementary with a GreatSchools rating of 8 out of 10.
According to Realtor.com, average home-listing views in 49508 are up 4 percent over last year, with homes receiving nearly four times the views of homes in the rest of the country.
Homes in the ZIP code sell in 14 days, 52 days faster than the rest of the U.S., with a median list price of $193,168, up 9.5 percent over last year.
Prices in 49508 are also 33 percent lower than the surrounding communities in Kent County, which the site said is expected to add 8,000 jobs this year, an increase of 2.3 percent.
Realtor.com’s ranking is based on its analysis of 32,000 ZIP codes based on the time it takes properties to sell and how frequently homes are viewed in each ZIP code on Realtor.com. One ZIP code was included per metro area.
It found that the 10 “hottest” markets are relatively strong in several measurements: affordability; high wages and high employment; millennial earnings; millennial homeownership; and credit ratings.
The top 10 “hottest” ZIP codes in the U.S.
1. Kentwood: 49508
2. Colorado Springs, Colorado: 80922
3. Watauga, Texas: 76148
4. Castro Valley, California: 94546
5. Peabody, Massachusetts: 01960
6. Boise, Idaho: 83704
7. Worthington, Ohio: 43085
8. Overland Park, Kansas: 66210
9. Rochester, New York: 14624
10. Upper Montclair, New Jersey: 07043