Denver home sales cooled a bit in September but seemed to stabilize in October of this year. However, according to the most recent report from the Denver Metro Association of Realtors (DMAR),
What Colorado Zip Code Is Second Hottest In The Nation
According to Realtor.com, our very own Colorado Springs came in second on the “2018 Top 10 Hottest ZIP Codes” list. The rankings come from an 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.
Colorado Springs' 80922 zip code, which received an overall "hotness" score of 99.3, has a median listing price of $297,811. Homes here remain on the market an average of 15 days, about 19 days faster than the rest of El Paso County.
The number of households in 80922 grew 21 percent between 2010 and 2018, and 80 percent of residents of all ages are homeowners. Among millennials, 68 percent are homeowners.
Other Colorado ZIP codes among the top 50 are Greeley's 80631 (No. 44, "hotness" score of 93.4) and Broomfield's 80021 (No. 48, "hotness” score of 93.0).
What makes these “hot” zip codes?
Homes are relatively affordable. The median price for a home in these markets is $358,000, and top markets are almost all more affordable than their surrounding area — only 43085 (Worthington, Ohio) and 07043 (Upper Montclair, N.J.) are exceptions.
Residents are employed at higher rates and tend to earn more. Household incomes in eight of the top 10 zip codes are greater than the national median of $61,000. In total, the average household income in the top 10 zip codes is $83,000, 1.4 times the national rate.
Millennials, in particular, are doing well. In eight out of the top 10 zip codes, the median household income for 25 to 34-year-olds is 1.3 times higher than the national median, $78,000 versus $60,000, respectively.
Millennials hold the lion share of purchases. Mortgage originations in nine of the top 10 counties of these top 10 zip codes are strongly dominated by millennials (25 to 34-year-olds), which have a greater share of mortgage originations (34 percent) than the next largest group (35 to 44-year-olds) with 31 percent.
Buyers have their credit buttoned up. The homebuyers in the counties where these zip codes are located have an average FICO score of 729, higher than the national average of 720.
Ready to start checking out Colorado’s hottest zip codes? Contact Metrowest today – we’d be happy to show you around!
Paul Jevne was born and raised in Central Wyoming. Upon leaving High School he began a career in the oilfield. Here he developed an excellent work ethic. Paul soon realized he didn't want to continue ....
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