Teleconferencing platform Zoom has become such an integral part of our work lives that usage of the word itself is now a mainstay in daily parlance.
In fact, home markets where demand is extremely high are being dubbed “Zoom cities.” They tend to be medium-sized metro areas and often located near college towns with reliable high-speed internet, according to data from Redfin.
In the month of July, the “Zoom cities” of Tacoma and Spokane, located in Washington state, ranked three and four, respectively, among the top 10 most competitive cities for home buyers.
Zoom cities are assigned a Compete Score by Redfin.com and assessed across a number of criteria, including the number of competing offers on a property; the number of waived contingencies; and how much above asking price the property sells for. A score of 90-100 is considered most competitive.
For example, the city of Tacoma, some 30 miles south of Seattle, earned a score of 93. There, housing prices rose 19%, year over year.
Spokane, in fourth place, received a score of 92. Home prices there have soared 36.5% over 2020 levels.
Topping the list was the Denver suburb of Littleton, Colorado, with a score of 94.
Of the top 10 Zoom cities, four were in Colorado, including the cities of Aurora in second place, and Denver in the No. 10 spot.