Plano ranks as the fourth hottest ZIP code for homes in the U.S

Plano has ranked as the fourth hottest zip code in the United States as work is underway on Toyota North America's new campus in West Plano and Liberty Mutual Insurance's hub within the $2 billion, 240-acre Legacy West development.

Each company — along with the plethora of corporate businesses in Legacy Business Park — are bringing the jobs to Plano, which has pushed the city's 75023 ZIP code to be one of the hottest ZIP codes in the country, ranking behind Littleton, Colorado and Columbus, Ohio, according to California-based Realtor.com.

The online real estate services company ranks ZIP codes based on how long it takes properties to sell and how frequently homes are viewed in each ZIP code. Other distinguishing characteristics include a strong local employment base and neighborhood "it factors," or coolness of living in the neighborhood.

The population in Plano's 75023 ZIP code is 46,733, with unemployment falling 22 percent year-over-year in the past six months. About 36 percent of the residents earn at least $100,000, with that projected to increase to 40 percent by 2020 based on five-year projections from Nielsen Demographics.

On average, homes listed on realtor.com within that ZIP code receives an average of nearly 1,200 views per month, or eight times the national average.

In each top ranking ZIP code, homes sell four to nine times faster than the national average, with homes spending an average of 20 days on the market. The top-ranking ZIP codes also have good paying jobs, with the median household income at $71,000, or 32 percent higher than the national average of $54,000.

The only other Texas ZIP code to land in the list was Austin's 78729 ZIP code, which ranked as the No. 8 hottest ZIP code in the country.

The Dallas-Fort Worth area is one of the top cities for growing home prices in the nation. In April, home prices in the Dallas area grew 8.8 percent year-over-year in April.

In North Texas, this extends a trend seen in the region for the past three years, Ted Wilson, principal at Dallas-based Residential Strategies Inc., told the Dallas Business Journal this summer.

"Until we have some alleviation in the inventory, I think prices will continue to inch higher," Wilson told me. "So far it's been ok because low mortgage rates are masking the increases as prices go up and the financing is still relatively affordable."

Source: Dallas Business Journal