Redfin Predicts the Hottest Neighborhoods to Close Out 2017
August 18 2017 - 08:00AM
Business Wire
Seattle’s First Hill Expected to be the
Hottest Neighborhood in the Nation; 138 Neighborhoods in 46
Metropolitan Areas Were Ranked Based on Pageviews and Favorites on
Redfin.com
(NASDAQ: RDFN) — Redfin (www.redfin.com), the next-generation
real estate brokerage, today released a list of neighborhoods
across the country it predicts will be the hottest to close out the
year, topped by First Hill in Seattle. To rank these neighborhoods,
the brokerage analyzed hundreds of millions of pageviews on
Redfin.com, plus homes favorited by users. The analysis accounted
for insights from Redfin real estate agents who specialize in
neighborhoods across the 46 major U.S. metros that Redfin examined
for the report.
Rank
Neighborhood (Metro)
Median SalePrice
AverageSale-to-ListPrice
Ratio
Percent ofHomes thatSold
AboveList Price
1 First Hill (Seattle, WA)
$425,000 105.4%
73.0% 2 Golden Gate Heights (San Francisco,
CA) $1,595,500 120.3%
86.7% 3 Bucknall (San
Jose, CA) $1,350,000
115.1% 90.9% 4 Glenview
(Oakland, CA) $947,500
125.7% 82.1% 5 Bodger
Park-El Camino Village (Los Angeles, CA)
$531,500 102.6% 61.9% 6
Mission Bay (San Diego, CA)
$835,000 96.5%
10.6% 7
Deanwood (Washington, D.C.)
$315,000 99.1%
31.4% 8 West Minnehaha
(Portland, OR) $312,900
100.2% 43.6% 9 Country
Lakes (Chicago, IL) $272,500
99.2% 23.8% 10
Lawrence Estates (Boston, MA) $656,450
105.3% 78.9%
Proximity to downtown and high-growth job centers continued to
drive this mid-year list of hottest neighborhoods; the top three
hottest neighborhoods sit close to downtown Seattle, San Francisco
and San Jose. Redfin real estate agents explained that these
communities offer homebuyers the best balance of everything: quick
access to public transit, trendy shopping and dining options, plus
homes that are quickly gaining value. Each of the top three
neighborhoods posted an average sale-to-list price ratio of at
least 105 percent and each saw more than 70 percent of homes sell
above the listing price in July 2017.
“First Hill is sandwiched between the ever-popular Capitol Hill
and the Yesler Terrace redevelopment, with easy access to
downtown,” said Seattle Redfin agent Jessie Culbert. “With Whole
Foods opening in 2018 at the Danforth apartment building, the area
is becoming even more desirable. Buyers tend to like the more
quiet, tree-lined streets in this neighborhood and historic
mansions that hearken back to Seattle’s heritage. All we need is
more inventory; resales at Luma condos, which sold out in 2016,
have been brisk, signaling high demand for new construction.”
The Redfin report includes a performance review of the 10
neighborhoods Redfin predicted in January would be hot in 2017 and
a new list of 10 neighborhoods that have been this year’s hottest,
using relative growth in off-market home values powered by the
Redfin Estimate as a benchmark of “hotness.”
“Bushrod, the Oakland neighborhood we said in January would be
hot this year, lived up to its hype with off-market home values up
9 percent so far this year, compared with 5 percent growth in the
surrounding area,” said Redfin chief economist Nela Richardson.
“Our analysis also brought to our attention several hot
neighborhoods that weren’t on our radar in January, like East Lake
Terrace in Atlanta and Gert Town in New Orleans, both of which
posted home-value gains that were much stronger than their
respective metro areas.”
To view the full report, complete with the list of rankings for
the top three hottest neighborhoods across 46 metro areas, click
the following link.
Customizable data on all of the metros Redfin tracks in this
report is available to view and download on Redfin’s Data
Center.
Connect with Redfin
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mobile app
About Redfin
Redfin (www.redfin.com) is the next-generation real estate
brokerage, combining its own full-service agents with modern
technology to redefine real estate in the consumer’s favor. Founded
by software engineers, Redfin has the country’s #1 brokerage
website and offers a host of online tools to consumers, including
the Redfin Estimate, the automated home-value estimate with the
industry’s lowest published error rate for listed homes. Homebuyers
and sellers enjoy a full-service, technology-powered experience
from Redfin real estate agents, while saving thousands in
commissions. Redfin serves more than 80 major metro areas across
the U.S. The company has closed more than $50 billion in home
sales.
For more information or to contact a local Redfin real estate
agent, visit www.redfin.com. To learn about housing market trends
and download data, visit the Redfin Data Center. To view Redfin’s
press center, click here.
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version on businesswire.com: http://www.businesswire.com/news/home/20170818005074/en/
Redfin Journalist Services:Jon Whitely,
206-588-6863press@redfin.com
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