October 31, 2018
Here Today, Gone Tomorrow: Peabody, Massachusetts Makes Realtor.com’s Hottest Markets of 2018
Each year, Realtor.com’s team of economics analysts pores over the housing market data gathered from throughout the United States and, using a number of rubrics, determines which zip codes in the nation are the ten “hottest.”
For 2018, one of the zip codes within Topouzis & Associates, P.C.’s range of service—01960, which comprises a portion of Peabody, Massachusetts, in the North Shore area—made the cut, as the fifth hottest market in the nation. We’re pleased to serve real estate professionals and lenders in this zone of activity.
One of the interesting trends in this set of listing data is that, as we have seen posited elsewhere, the overall move by buyers toward suburban areas has been ascendant in recent years, and in 2018 this trend has even accelerated. This appears to be driven in large part by the late-blooming Millennial Generation, whose more wealthy members are now beginning to set themselves up for smaller-scale, suburban living, in defiance of a previously solid preference for urban living (and to an extent, because of the latest recession, collective familial living situations). This group accounts for 34% of mortgage originations, a trend which has driven a 10% increase in the speed with which homes are taken off the market, overall, in these most popular of locations.
Among the data sets used to determine Peabody’s powerful standing among the nation’s housing markets are the following:
- Median Price: Peabody comes in at $425,000. Compare this to the #1 market’s (Kentwood, Michigan – 49508) $193,168 and the #10 market’s (Montclair, New Jersey – 07043) $762,350.
- Days on the Market: Peabody’s average is 20 days. Compare this to the #1 market’s 14 days and the #10 market’s 22 days.
- Job Growth: Peabody has seen a 2.2% increase in job growth in 2018. Compare this to the #1 market’s 2.3% and the #10 market’s 0.1%.
- Area Unemployment: Peabody’s is only 3.6%. Compare this to the #1 market’s 3.7% and the #10 market’s 5.3%.
Here at Topouzis & Associates, P.C., we provide title insurance to back our title services. The policies we connect you with provide peace of mind that a new home’s title will not bring along any nasty surprises. Whether you’re looking to engage in the market in Providence, Rhode Island; Boca Raton, Florida; or, yes, Peabody, Massachusetts, feel free to contact us for more information.