IRVING, Texas — This story originally appeared in the Dallas Business Journal.
Irving’s 75060 ZIP code is the hottest residential area in Texas and one of the hottest in the nation for fast home sales and buyer interest, according to a new Realtor.com analysis.
Homes in that southern Irving area sold faster and received more views from buyers than the average home listing in the U.S., according to Realtor.com’s annual list of the 50 Hottest ZIP Codes, released today.
The 75060 ZIP code is bounded by South Belt Line Road to the west, Rock Island Road to the north, and West Hunter Ferrell Road and the west fork of the Trinity River to the south. Its western boundary extends just east of Highway 12. Nimitz High School lies in the heart of the area.
Overall, Texas fared poorly on the “50 Hottest” list, with only one other ZIP code — El Paso’s 79934 — sneaking in at No. 50.
In the south Irving area, which ranked No. 44, the median listing price for a home was $339,000 in June 2022, and listings spent an average of 18 days on the market. Homes in the area received 2.5 more buyer views than a typical U.S. listing.
Due to higher mortgage rates, record-high home prices, rising inflation and higher costs for housing and everyday expenses, homebuyers are targeting areas that offer value for their housing dollar, according to the report. Among the ZIPs on this year’s list, the average asking price of $432,000 was 4% lower than the U.S. median listing price in June of $450,000.
New England ZIPs dominated the top 10 positions on the list, representing over half of 2022’s ZIPs.
“Our 2022 Hottest ZIPs ranking illustrates how many Americans are redefining their priorities to achieve home ownership while building their careers, by trading downtown life for relatively affordable areas with reasonable part-time commutes to big cities,” said Danielle Hale, chief economist for Realtor.com. “Even as the housing market resets, home shoppers in the competitive Hottest ZIPs may need to take extra measures to win.”
Rising affordability challenges are forcing many buyers to get creative if they want to beat the competition without busting their budgets. Nine of the top 10 made the list for the first time in the ranking’s eight-year history.