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One Colorado Springs neighborhood among the nation's hottest housing markets, study says

October 19, 2017 Updated: October 20, 2017 at 6:18 am
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Colorado Springs' housing market remains hot, and the 80922 zip code now ranks among the top 10 in the country. Gazette file photo.

Colorado Springs' housing market remains hot, and one of its neighborhoods now ranks among the top 10 in the country.

The 80922 ZIP code that covers a large portion of the Springs' fast-growing northeast side came in at No. 7 in Realtor.com's third annual ranking of hottest ZIP codes nationwide, according to a report released this week.

The area - bounded by Powers and Stetson Hills boulevards, Constitution Avenue and Marksheffel Road - includes thousands of entry-level and move-up homes in the Stetson Hills, Indigo Ranch and Springs Ranch subdivisions.

Area homeowners are a short drive from shopping and entertainment along busy Powers Boulevard and are just south of the expanding St. Francis Medical Center at Powers and Woodmen Road.

"You've got every store and every possible need that can be met out there, between the different shopping areas and so forth," said Joe Clement, broker/owner of Re/Max Properties in Colorado Springs.

Home prices ranging from $200,000 to $400,000 in the area consistently are the most in demand among area homebuyers, Clement added.

Realtor.com, an arm of the National Association of Realtors, says it analyzed 32,000 ZIP codes nationwide to determine the time it takes properties to sell in each area and how frequently homes are viewed online.

Homes in this year's top 10 markets sell in an average of 21 days - or 50 days faster than the rest of the country, Realtor.com says. Online users also view home listings in the top markets four times more often than those in the rest of the nation.

Other highlights of Realtor.com's report include:

- In addition to the Springs' No. 7 ranking, other top ZIP codes - in order - included those in Watauga, Texas; Livonia, Mich.; Grand Rapids, Mich.; Medford, Mass.; Littleton; Castro Valley, Calif.; Overland Park, Kan.; San Diego; and Hilliard, Ohio.

- The median price for a home in the top ZIP codes was $360,000 or nearly 1½ times the national median.

- Older millennial households made up a greater share of households in eight out of the top 10 ZIP codes when compared with the rest of the nation.

- Eight of the top 10 ZIP codes had a higher home ownership rate among 25 to 34 year olds than in their surrounding counties.

- The top 10 ZIP codes are in counties with an average unemployment rate of 3.6 percent, or well below the national rate of 4.4 percent.

- In nine out of the top 10 ZIP codes, the median household income was higher than the national median.

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Contact the reporter: 636-0228

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