For the second year in a row, the 28273 ZIP code, covering much of Steele Creek, has been named one of the hottest in the nation for homebuyers and sellers by Realtor.com.
The real estate service analyzed listings in more than 32,000 ZIP codes to see how quickly houses sell in each, and how frequently they’re viewed online.
The 28273 ZIP code covers much of the area from Arrowood Road to Steele Creek Road. The ZIP code was named the 30th-hottest real estate market in the U.S., up from its ranking of 41st-hottest last year.
The ZIP code – which until recent decades was mostly farmland – was the only one in Charlotte that made the list, although ZIP codes in Cary and Asheville were also featured. The hottest in the U.S. was in Watauga, Texas, a fast-growing town outside of Dallas and Forth Worth.
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Realtor.com said the fastest-selling housing markets share some characteristics: They’re in high-growth cities, they’re relatively affordable, and they’re attracting older millennials who are aging out of apartments and looking to buy.
“Millennials are the largest generation in U.S. history and they are flexing their muscle when it comes to the housing market,” said Danielle Hale, Realtor.com’s chief economist. “Increasingly, the hottest housing markets are the ones that appeal to millennial preferences...With the largest cohort of millennials turning 30 in 2020, we can expect these types of areas to stay in demand in the years to come.”
Housing inventory in Charlotte remains tight, with just 2 1/2 months of supply on the market throughout the region. Combined with strong demand from buyers, that tight supply is pushing prices up in Charlotte.
In September, the median sales price jumped 9.2 percent, to $225,000, compared with the same month a year ago.
But development in Steele Creek’s 28273 ZIP code is booming.
For instance, Charter Properties and builder Pulte Homes are planning to build 292 apartments and 305 for-sale townhouses on a site off Brown-Grier Road, the latest new subdivision to spring up in the area.