Why Is Peabody On The List Of Hottest Zip Codes?

PEABODY, MA -- Peabody was fifth on the list of "hottest zip codes" recently released by Realtor.com. The Leather City was behind Kentwood, MI, Colorado Springs, CO, Watagua, TX and Castro Valley, CA. But the temperature has nothing to do with the ranking, nor does Peabody's nightlife. Instead, Peabody was one of the top places where millennials are driving the housing market.

Realtor.com's results were based on the time it takes properties to sell and how frequently homes are viewed in each ZIP code on the site. In Peabody, millennials -- people between 25 and 34 years old -- own 32% of the homes, a trend that is being reflected across the country. The study of 32,000 zip codes found that younger home buyers are opting for smaller cities like Peabody as they look to purchase their first home.

"With a median household income of $73,312, millennials in 01960 have a higher income than the typical household. Homes in Peabody sell in 20 days, 46 days more quickly than the rest of the country, with a median list price of $424,685, up 8.4 percent compared to last year. Essex County is expected to add 9,000 jobs this year, an increase of 2.2 percent," Realtor.com said.

Read more about the study at Realtor.com.

Subscribe to Peabody Patch for more local news and real-time alerts.

Photo and video by Realtor.com.

Dave Copeland can be reached at dave.copeland@patch.com or by calling 617-433-7851. Follow him on Twitter (@CopeWrites) and Facebook (/copewrites).