The increase in remote working during the pandemic has driven many consumers over the past year to move to places with bigger lots, more land, and better affordability. And with mortgage rates at historic lows, homes were being sold at breakneck speed and with astronomical price increases. In the first half of 2021, the offers flew the fastest from the market, not in the typical metropolitan areas. Smaller secondary cities saw their properties in the market for the fewest days before they were signed.
"By definition, the ZIPs that make up our hottest annual report are very competitive, but they're blazing hot this year," said Danielle Hale, chief economist at Realtor.com. "Apartments in this year's ZIPs are under contract in less than a week. That is three times faster than the contract terms for the hottest markets last year."
Realtor.com's analysis included over 29,000 zip codes based on the time it takes to sell properties and how often homes are viewed between January and June 2021. Only one postcode could be used per city area and at least 13 active advertisements per month were required to qualify for the degree. The markets are first sorted by time and then, if there is a tie, according to the annual growth in views.
From New England to the Rockies, local lenders from the top 10 zip codes are talking about what is driving keen buyer demand in their areas.