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The Essex County town of Andover has taken the No. 4 spot on Realtor.com's list of the top 10 "hottest zip codes" in the US, according to the new report from late August.
The annual rankings are determined by taking into account both the market demand, determined by the number of unique viewers per property on Realtor.com's website; and the pace of the market, measured by the number of days a listing remains active on the website.
As evidenced by Andover's spot on the list, the town has certainly experienced a rise in demand and in fast-selling properties. In its report, Realtor.com released data that indicated properties in the town, which had a median listing price of $992,000, stayed on the market for a median of 19 days and had 3.3 viewers per property versus US.
According to the listings website, Andover's rise in popularity among interested buyers is part of an overall trend suggesting that buyers are looking to find homes that offer more space and quality-of-life features than what may be offered in the middle of a city such as Boston.
Thus, more buyers are looking to a wider geographical area around major metro areas to find a home, including suburbs such as Andover, according to the website.
Another perk of looking for a home in the Andover area is that buyers will often find properties priced around 25 percent less per square foot than in Boston. However, this does not always result in saving money, as the larger size of suburban properties may offset these savings, according to Realtor.com.
Still, this does not stop interested homeowners who may be looking for more space over savings, according to the website.
If you're wondering what zip code took the top spot on the list, the honor went to Gahanna, Ohio, which is part of the Columbus metro area.
Those interested can read the full rankings from Realtor.com by clicking here.
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