There are a number of factors potential homebuyers consider when trying to find the perfect neighborhood for themselves and their family such as being near downtown or being close to a job that allows for high growth according to Redfin’s prediction of the hottest neighborhoods to close out 2017.
To determine where buyers are looking the most, Redfin analyzed the page views on Redfin.com, plus what houses were favorited by users. Redfin found that consumers looked for the aforementioned characteristics as well as access to public transit, trendy shopping and dining options, and neighborhoods where homes are quickly gaining value. Redfin real estate agents gave more insight as to where these areas are and why they’re so popular—starting with number one neighborhood First Hill in Seattle Washington.
"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 median sales price in First Hill is $425,000 with an average sale-to-list price of 105.4 percent and the percenage of homes that sold above listing price coming in at 73 percent. The list provides performance reviews of the 10 neighborhoods Redfin previously predicted would be hot in 2017 and an updated list of the 10 neighborhoods that have been this years hottest so far.
"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 see the full report, click here.