Every year Realtor.com studies 32,000 ZIP codes in all fifty states and determines the average time it takes to sell a home. Using this data, the online real estate site is able to determine the “hottest” ZIP codes in the nation and rank them according to that hotness. This year, as in the last several, San Diego landed the number 20 spot.
Homes at the top of the list sell in an average of 20 days, according to the report. This is 46 days faster than the rest of the country. Kentwood, Michigan (ZIP code 49508) ranked number one with a hotness score of 99.4. Homes in the area sell in 14 days on average and listings receive up to four times the views than those in the rest of the country. ZIP code 92129, which includes Rancho Penasquitos, Black Mountain, Spyglass Hill and other in demand areas of San Diego amassed a hotness score of 96.6.
This area is known to be a relatively affluent part of San Diego with good school and family-friendly neighborhoods, likely adding to its hotness.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.75 percent, 15-year rates are near 4.25 percent and the 5-year ARM is averaging 4.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.