Homebuyers across New York are competing for homes in some of the state's hottest ZIP codes, with strong demand extending from the Rochester area to Long Island, western New York and the Hudson Valley.
A new analysis of housing markets across the country found that the Northeast and Midwest continue to have the strongest buyer demand. The analysis identified the hottest ZIP code in every state, providing a broader look at where buyers are competing for homes.
For New York homebuyers, the results show that the state's hottest markets aren't limited to New York City. Communities across upstate New York and the Hudson Valley also rank among the state's most competitive housing markets.
Northeast has some of the hottest housing markets
The Northeast had the highest average hotness score of any region
in the analysis.
Looking at the top five ZIP codes in each state, the Northeast had an average hotness score of 93.5. The Midwest followed at 91.4.
Homes also spent less time on the market in those regions. The median time on the market was 38 days in the Northeast and 39 days in the Midwest.
By comparison, the South had an average hotness score of 81.4, with homes spending a median 47 days on the market. The West had a score of 74.5 and a median 54 days on the market.
The trend held across all 255 ZIP codes included in the analysis, not just the 10 markets that ranked highest nationally.
Hottest ZIP codes often cost more
The strongest housing markets also tend to come with higher prices.
Across the 255 ZIP codes analyzed, 71% had home prices above those in their surrounding metro areas. More than half — 53% — were also priced above their respective state averages.
On average, homes in the hottest ZIP codes carried a 21% price premium compared with their surrounding metro area and an 18% premium compared with their state.
That means buyers in many of the country's hottest housing markets are paying more to compete for homes in communities where demand is particularly strong.
South and West have a different type of hot market
The analysis found that the South and West had substantially larger price premiums, even though their overall housing markets were less competitive.
The hottest ZIP codes in those regions were typically priced 26% to 28% above their surrounding metro areas and roughly 22% to 29% above their state averages.
In the Northeast, the average premium was about 11% compared with the surrounding metro and 2% compared with the state. In the Midwest, the premiums were about 14% and 12%, respectively.
The findings suggest there are two different types of hot housing markets.
In the Northeast and Midwest, strong buyer demand appears to be more widespread across the region. In the South and West, the hottest ZIP codes are more likely to be higher-priced communities that stand out from the surrounding housing market.
For New York, that means strong demand isn't confined to the state's biggest cities. Buyers are competing for homes in desirable communities across the state, making some smaller markets just as important to watch as the major metropolitan areas.
5 hottest ZIP codes in New York
The analysis identified these as the five hottest ZIP codes in New York:
- 14450 — Fairport: Rochester metro; hotness score of 97.67; 23 median days on market; $429,000 median price
- 13760 — Endicott: Binghamton metro; 91.96; 35 days; $231,000
- 11725 — Commack: New York City metro; 91.24; 29 days; $831,000
- 14075 — Hamburg: Buffalo-Cheektowaga metro; 89.47; 35 days; $404,000
- 12603 — Poughkeepsie: Kiryas Joel-Poughkeepsie-Newburgh metro; 82.92; 42 days; $453,000
This article originally appeared on Rochester Democrat and Chronicle: Hottest ZIP codes in New York: See the state's top housing markets
