Melrose is the hottest real estate market in the entire country, according to an analysis done by the website Realtor.com. Here’s what they had to say about our city:
Welcome to the hottest ZIP code in the U.S.! Close to both Boston and Cambridge, Melrose has become a magnet for young professionals and families due to its relative affordability, access to public transportation, and attractive downtown area. The median income for households headed by 25- to 34-year-olds is $88,000—67% higher than for the average millennial in the U.S.
“This is literally the most desirable spot in the country,” Realtor.com’s chief economist, Jonathan Smoke, told the Boston Globe. Melrose took the top spot in a list that was compiled by Realtor.com’s economic data team, which was looking to identify the top ten zip codes in the U.S., communities where homes sell four to nine times faster than the national average and are listed for less time and viewed more times than houses in other communities in their areas.
While the popularity of these communities is driven by economic trends such as median income in the area and the affordability of homes for first-time buyers, there’s more to it than that, said Smoke: “Noneconomic ‘it factors’ such as strong school systems, short commutes, and access to public transportation, as well as close proximity to shopping and restaurants, also play an integral role in each market’s popularity.”
Melrose was the only community in the Northeast to make the top ten list.
This is a great recognition for the community we love! It is recognition that should be shared by all citizens as well as our municipal employees, our business community, and our houses of worship. We should all be very proud.