Homes in these 10 zip codes are still selling above asking—even as the rest of the market cools
The suburbs are back, baby. City dwellers in the Northeast and Midwest who have been priced out or are simply looking for more room to stretch their legs are driving intense competition in nearby suburban communities. That helps to explain how Peabody, Massachusetts, a North Shore suburb of Boston, once again claimed the top spot on Realtor.com ‘s annual ranking of the hottest zip codes for…
In a cooling real estate market, ten zip codes are bucking the trend by seeing homes sell above asking price. Peabody, Massachusetts, a Boston suburb, topped Realtor.com's annual ranking of the most desirable locations for buyers. Highly motivated buyers are willing to pay a premium for homes that offer more space, character, and a reasonable commute to urban centers.
About 90% of homes in these hot markets sold at or above the asking price, compared to the typical home that sold for 2.3% below listing price. The median age of homes in these zip codes is 1970, about a decade older than the national average. Competition is fierce in Montclair, New Jersey and Fairport, New York, where sellers have received multiple offers.
Buyers in these markets tend to have larger down payments and higher credit scores than the national average, indicating a strong, well-capitalized buyer base.
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