Redfin Predicts the Hottest Neighborhoods to Close Out 2017
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
SEATTLE--(BUSINESS WIRE)-- (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.
|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%|
Deanwood (Washington, D.C.)
|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
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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Jon Whitely, 206-588-6863
Released August 18, 2017