Opendoor's latest report unveils the top 10 'hidden gem' ZIP codes in America, highlighting fast-developing areas that offer promising opportunities for homebuyers. Leading the list is Harrah, Oklahoma, with ZIP code 73045. This neighborhood, located just 25 miles from downtown Oklahoma City, boasts a significant increase in new listings, earning it the top spot. Notably, Corcoran, Minnesota—ZIP code 55374—also made the list, offering a rural feel with proximity to Minneapolis.
Harrah's real estate market has seen substantial growth. In 2022, the median property value was $202,000, and the homeownership rate reached 71.5%. Over the past year, the average home value increased by 2.4% to $229,808. Additionally, the median household income in Harrah rose by 4.3% to $68,661 from 2021. This burgeoning market offers potential buyers more affordable housing options.
"It creates a better environment for buyers who don't want to be in that competitive situation." – Nick Boniakowski
Corcoran offers its residents a unique blend of rural charm and urban convenience, being just about 20 miles from downtown Minneapolis. The average home value in Corcoran has risen by 2.6% over the past year to $577,651. Despite this increase, the area maintains a competitive average rent for apartments at $1,778.
Opendoor's analysis from January to November 2024 shows a notable rise in new listings in these areas. Harrah stands out due to a significant surge in inventory, which contributes to its ranking as the number one hidden gem neighborhood.
"The overall idea of hidden gems is that these are areas where there might be more opportunity, more access to homes," – Nick Boniakowski
These ZIP codes feature a high rate of available inventory or inventory that has been building up over time. This situation creates an advantageous environment for those seeking homes away from overly competitive markets.
"Hopefully that means more options and a little less competition." – Nick Boniakowski