- Midwest markets are dominating while California loses traction
- Top slots shifting toward more affordable markets. Just three zip codes above national median listing price compared to eight last year
- Emerging zip codes benefiting from spillover demand from nearby markets.
The average listing price for homes in the Top 20 is $262,000, 23 percent less than their respective metro areas on average, and 10 percent less than the national average. This average price for the Top 20 is down significantly from $402,000 last year. While this may look like a drastic drop in market value, it shows the shift of pricier California zip codes out of the Top 20. There were six California markets in the top 20 in Q4 2017; by the end of 2018, there was one. Buyers are passing on the California markets for more affordable markets elsewhere in the country.
Sixteen states were represented in the Top 20: Arizona, California, Colorado, Idaho, Indiana, Kansas, Kentucky, Michigan, North Carolina, Nebraska, New Jersey, New York, Ohio, Tennessee, and Texas.
Fort Wayne, Indiana Takes the Top Spot as the Midwest Thrives
Nine of the Top 20 zip codes this quarter are located in the midwest, up from six last year. On the flip side, California had six zip codes in the Top 20 last year, and now only has one.
Fort Wayne, Indiana (46815) took the top spot this quarter after reaching second place last quarter, and 40th place last year where nearby zip code 46804 was the hottest zip in the area. Half of all homes in Fort Wayne sold in under 28 days this quarter, 23 days faster than its surrounding metro area, and 45 days faster than the rest of the country. This zip code is also among the most affordable in the Top 20, with a median list price of $143,000, 21 percent less than its surrounding metro area, just under half of the national median price of $292,000.
Rounding out the top five hottest zip codes are Livonia, MI (48154), Omaha, NE (68106), Lyon, MA (01905), and Dallas, TX (75249).
Northeast markets are also gaining traction, with fours markets is quarter compared to two last year.
Most-Improved Zip Codes
Affordability was a big factor in the most-improved zip codes overall. Of the top 50 zip codes this quarter, the most improved zip codes were Berlin Heights, OH (44814; +306 spots); Odessa, TX (79761; +235 spots); La Crosse, WI (54603; +94 spots); Greensboro; NC (27405; +77 spots); and Cleveland, OH (44126; +70 spots). All five of the most improved zip codes have an average listing price of $174,000, far lower than the national price of $289,000.
Two of the most-improved zip codes benefit from the spillover demand coming from these nearby hotspots. Berlin Heights, OH (44814) sits just outside of the Cleveland metro area. As Cleveland has surged in popularity, Berlin Heights has seen an uptick in demand and a quickening of home sales. Odessa, TX (79761) sits adjacent to Midland, TX, the top ranked hottest market in the country for eight consecutive months in 2018. As demand for Midland homes intensifies, buyers willing to expand their search area to Odessa won’t have to commute far if they find work in Midland.
Greensboro, NC and Cleveland, OH are rapidly-rising markets, and these zip codes are the exemplars within those metro areas.
Q4 2018 Top 20 Zip Hottest Zip Codes
ip Code |
Zip Name |
Rank |
Rank YY Change |
Rank Q4 2017 |
Views vs US |
Median Days on Market |
Days on Market vs US |
Median Listing Price |
Median Listing Price vs US |
||
| 46815 | Fort Wayne, IN | 1 | 39 | 40 | 3.8 | 28 | -45 | $143,000 | 0.49 | ||
| 48154 | Livonia, MI | 2 | 3 | 5 | 3.2 | 28 | -45 | $229,000 | 0.78 | ||
| 68106 | Omaha, NE | 3 | 18 | 21 | 2.8 | 24 | -49 | $172,000 | 0.59 | ||
| 01905 | Lynn, MA | 4 | 0 | 4 | 3.1 | 28 | -45 | $350,000 | 1.2 | ||
| 75249 | Dallas, TX | 5 | -3 | 2 | 3.1 | 28 | -45 | $203,000 | 0.7 | ||
| 94706 | Albany, CA | 6 | 0 | 6 | 3.5 | 27 | -46 | $768,000 | 2.63 | ||
| 66204 | Overland Park, KS | 7 | 2 | 9 | 4.8 | 32 | -41 | $183,000 | 0.63 | ||
| 49505 | Grand Rapids, MI | 8 | 4 | 12 | 2.5 | 22 | -51 | $163,000 | 0.56 | ||
| 80911 | Colorado Springs, CO | 9 | -8 | 1 | 2.5 | 26 | -47 | $252,000 | 0.86 | ||
| 43230 | Columbus, OH | 10 | 7 | 17 | 2.9 | 34 | -39 | $226,000 | 0.77 | ||
| 83704 | Boise, ID | 11 | 41 | 52 | 3.1 | 33 | -40 | $258,000 | 0.88 | ||
| 14624 | Rochester, NY | 12 | 2 | 14 | 3.1 | 35 | -38 | $137,000 | 0.47 | ||
| 40220 | Louisville, KY | 13 | 2 | 15 | 2.5 | 34 | -39 | $211,000 | 0.72 | ||
| 07043 | Montclair, NJ | 14 | 15 | 29 | 3.1 | 34 | -39 | $789,000 | 2.7 | ||
| 85225 | Chandler, AZ | 15 | 9 | 24 | 2.1 | 32 | -41 | $280,000 | 0.96 | ||
| 38134 | Memphis, TN | 16 | 53 | 69 | 2.8 | 38 | -35 | $145,000 | 0.49 | ||
| 28212 | Charlotte, NC | 17 | -1 | 16 | 2.6 | 37 | -36 | $196,000 | 0.67 | ||
| 01603 | Worcester, MA | 18 | 32 | 50 | 2.7 | 38 | -35 | $222,000 | 0.76 | ||
| 46319 | Griffith, IN | 19 | -6 | 13 | 3 | 36 | -37 | $165,000 | 0.57 | ||
| 45240 | Cincinnati, OH | 20 | 36 | 56 | 2.4 | 34 | -39 | $140,000 | 0.48 |
Q4 2018 Most-Improved Zip Codes
Zip Code |
Zip Name |
Rank |
Rank YY Change |
Rank Q4 2017 |
Views vs US |
Median Days on Market |
Days on Market vs US |
Median Listing Price |
Median Listing Price vs US |
||
| 27405 | Greensboro, NC | 24 | 306 | 353 | 2.5 | 37 | -36 | $123,000 | 0.42 | ||
| 44126 | Cleveland, OH | 29 | 235 | 269 | 2.9 | 40 | -33 | $189,000 | 0.65 | ||
| 79761 | Odessa, TX | 34 | 94 | 138 | 2 | 32 | -41 | $211,000 | 0.72 | ||
| 54603 | La Crosse, WI | 44 | 77 | 101 | 2.1 | 38 | -35 | $134,000 | 0.46 | ||
| 44814 | Berlin Heights, OH | 47 | 70 | 99 | 2.1 | 39 | -34 | $216,000 | 0.74 |