Zillow economists have crunched the numbers!
They’ve analyzed their page-view traffic for nearly 2,300 American cities – plus data on property value growth and days on the market – to rank their users’ most desired locations.
Would you guess Zillow users wanted the excitement of New York or L.A.? Or would they prefer those peaceful and slower-paced urban centers, like Portland?
Nope, on both counts.
Zillow data shows their users are seeking to live in affordable towns and urban centers that are within commuting distance to the big cities.
And there’s a name for these locations – “the exurbs”.
For investors seeking to diversify their risk, the Zillow list is a fantastic go-to for urban centers that are proving remarkably popular.
And as seasoned investors appreciate, it’s not just a good idea to diversify your property styles, like a detached home and a condo, but also to mix it up geographically, too.
Zillow’s list offers a glimpse into the evolving preferences of homebuyers. In this current era of high property values and challenging mortgage costs of around 6.8%, many folks are prioritising affordability, easy access to lifestyle amenities and proximity to larger urban centers.
Here are some of the most popular towns capturing the attention of homebuyers, according to Zillow:
Small Town: Elizabethtown, Pennsylvania, which is 69 miles from Boston. With its picturesque streets and a railway station, homes sell within a week, according to Zillow data.
Seaside Town: Milford in Connecticut has 17 miles of coastline on Long Island Sound and it’s just 27 miles from Hartford. It’s an incredibly beautiful area. Many buyers get into bidding wars because Zillow says many properties sell above the asking price.
Retirement Town: Featuring wineries and golf courses, Nevada’s Pahrump is 60 miles from Las Vegas. Sales don’t happen so quickly here, according to Zillow. The average time on market is 45 days.
College Town: The interestingly named town of Normal, Illinois, is home to its state university and Heartland Community College. It’s also the center for the Rivian electric vehicle manufacturing plant. Just 128 miles from Chicago, its homes are usually snapped up in six days, says Zillow.
Most Popular Overall: The crown goes to Manchester, New Hampshire. Just 69 miles commuting from Boston, its homes sell within seven days. Separate data released by S&P CoreLogic Case-Shiller in January says Boston has never enjoyed higher property values. Its annual growth rate in the 12 months to December was 6.3%. Which probably explains Manchester’s popularity.