Where’s the hottest zip code in America?
Just down the street in Watauga, according to Realtor.com
For its annual list Hottest ZIP Codes in America, Realtor.com again found Watauga and its 76148 zip code to be attractive to buyers, particularly millennials.
“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 for 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. With the largest cohort of millennials turning 30 in 2020, we can expect these types of areas to stay in demand in the years to come.”
Here’s Realtor.com’s writeup on Watauga: “Named the hottest ZIP code for the second consecutive year, due to its highly competitive housing market and desirable amenities. Watauga is an inner suburb of Fort Worth that has a young population, a strong economy and schools that have been rated among the best in the state. Residents also benefit from being part of a vibrant, multicultural metropolis, with great restaurants and cultural offerings like the Kimbell Art Museum and Fort Worth Zoo.
Key housing stats: Average home listing views in ZIP 76148 are up 28 percent over last year, with homes receiving five times more views than those in the rest of the country. Homes in Watauga sell in 18 days, 5 percent slower than last year, with a median list price of $160,441, up 12.4 percent over last year. Tarrant County is expected to add 28,000 jobs this year, an increase of 3 percent.”
Watauga, which means “city of many springs”, according to city’s website, was incorporated in 1958.
Watauga’s “it” zip code was followed by Livonia, Mich. (48154); Kentwood, Mich. (49548); Medford, Mass., (02155); Littleton, Colo. (80123); Castro Valley, Calif., (94546); Colorado Springs, Colo., (80922); Overland Park, Kan., (66210); Mira Mesa, Calif. (92126), and Hilliard, Ohio (43026). In Texas, San Antonio came in at No. 19, followed by Austin at No. 24.
Realtor.com analyzed 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 hottest markets sell in an average of 21 days – 50 days faster than in the rest of the country. Realtor.com® users view home listings in these markets four times more often than those in the rest of the country.
Key factors heating things up in the top 10 hottest markets, from Realtor.com:
• Relative affordability. The median price for a home in these markets is $360,000 – 1.4 times more than the national median – with prices in five of the top 10 ZIPs exceeding the national average. However, when compared to their immediate surrounding metro area, the median home listing price is lower in six of the top 10 ZIPs and when compared to the county, eight are lower.
• Large shares of older millennials. Millennials aged 25 to 34 make up 17 percent of households in the top 10 ZIPs, compared to 15 percent nationally. Older millennial households comprise a greater share of households than their national share in eight out of the top 10 ZIPs. They also make up the largest share of mortgage originations, with 25-to-34-year-olds accounting for 36 percent of mortgages and 35-to-44-year-olds making up 30 percent.
• High millennial ownership rates. Eight of the top 10 ZIPs have a higher home ownership rate among 25-to-34-year-olds than in their surrounding county as a whole. The average 25-to-34-year-old home ownership rate in top 10 ZIPs is 50 percent, compared to 39 percent in their respective counties and 41 percent nationally.
• Strong job markets. The top 10 ZIP codes are located in counties with an average unemployment rate of 3.6 percent, well below the overall national unemployment rate of 4.4 percent.
• High salaries. In nine out of the top 10 ZIPS, the median household income is higher than the national median. The average household income among the top 10 is $75,829, 1.3 times the $57,462 national median. This is true for millennial segment as well; the average household income for 25-to-34-year-olds in the top 10 is $74,635, 1.3 times the $55,871 national median.