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2023’s Hottest ZIP Codes – and Hidden Gems
Reading Time — 2 minutes
January 4, 2024
By Jackson Upcheshaw
Reading Time — 2 minutes
January 4, 2024
With sellers sitting on the sidelines and mortgage rates reaching their highest level in over 20 years, 2023 was a year unlike any other. Even so, buyers purchased approximately 3.79 million homes*. Where did homeowners settle last year?
Many buyers sought convenient locations and turnkey homes. Half of our list includes a number of Texas neighborhoods, followed by neighborhoods in Florida, the Carolinas, Georgia and Oklahoma – all states where the cost of living is below the national average.
Homes purchased in our top neighborhoods reflect the desire of homeowners to head to towns with convenient amenities instead of the congestion of bigger cities. This is in keeping with 2022’s list, when buyers sought a tight-knit community and plenty of activities. Price also continues to be a major factor: Opendoor’s data shows buyers and sellers still believe the housing market is competitive, they’re concerned about interest rates, and they think homes are overpriced.
So who made the list? Across Opendoor markets, here are the top 20 hottest neighborhoods where people bought homes the fastest in 2023. Cypress, Texas jumped the list to #1 (from #7 in 2022), and six new neighborhoods – from Wake Forest, North Carolina, to Davenport, Florida – made their debut:
Uncovering Hidden Gems
In addition to the top markets, we also looked for the hidden gems – neighborhoods under the radar – by examining where new listings increased from January to November 2023.
The results have three things in common: Affordability, Desirability, and Availability. They reflect buyers’ embrace of a different lifestyle, whether through simple-sizing, acquiring fewer things, reducing spending, or resizing their homes.
Many of these areas have more opportunity than meets the eye. They have smaller populations than cities, but are growing rapidly because they are accessible to major metros. And they are in areas some wouldn’t expect to look.
Newly built homes, like many in these neighborhoods, are becoming a more accessible option, and developers continue to invest in these areas. If you’re looking for something move-in ready, take the time to explore these up-and-coming places.
No matter where 2024 takes you, Opendoor is here to help you move into your next phase of your life with ease. Visit Opendoor.com to get started.
Hottest ZIPs Methodology: Top ZIP codes are identified by analyzing data from the local Multiple Listing Services (MLS) where Opendoor Brokerage operates. ZIPs were ranked by total homes which went into contract within 90 days of listing in 2022.
Hidden Gems Methodology: Opendoor examined the number of new listings in its markets which meet its acquisition criteria, in certain price bands, and calculated the percentage increase in number of new listings from January 2023 to November 2023 on a ZIP code level. A ZIP code needed at least 5 new listings in both months to qualify for the list.
*seasonally adjusted annual rate