Redfin: Here are 2016’s hottest neighborhoods
As 2016 comes to a close, it will be remembered as a year of low interest rates (for the most part) combining with tight inventory to turn some markets into a cutthroat competition for those seeking to buy a home.
But what areas were truly the hottest of the year, with homes flying off the market in less than a week and often well above asking price?
Redfin, the online real estate brokerage, set out to find the most competitive neighborhoods of 2016, as measured by a number of factors, including:
- Year-over-year median sales price growth
- Percentage of listings that sold above asking price
- Median days on market
- Average ratio of sale price to list price
- Percentage of homes that sold for all cash
So, without further ado, here are the 10 hottest neighborhoods of 2016, as determined by Redfin.
1. The Factoria neighborhood of Bellevue, Washington
In this Seattle suburb, the median home sales price was $352,500, which is 25.9% above 2015’s total.
The average sale-to-list price was 104.9%, meaning the average sale price in Factoria was 104.9% of the list price. Additionally, 62.1% of the homes in the area sold above asking price.
The median number of days on the market in Factoria was just seven, while 46.3% of the home sales in the neighborhood were all cash.
2. The University District neighborhood of Seattle
In this area, the median home sales price was $559,000, which is 22.2% above 2015’s total.
The average sale-to-list price was 105.1%. Additionally, 66.1% of the homes in the area sold above asking price.
The median number of days on the market in the University District was just seven, while 34.8% of the home sales in the neighborhood were all cash.
3. The Washington Square neighborhood of Brookline, Massachusetts
In this Boston suburb, the median home sales price was $945,000, which is 30% above 2015’s total.
The average sale-to-list price was 102.1%. Additionally, 55.9% of the homes in the area sold above asking price.
The median number of days on the market in Washington Square was just seven, while 42.7% of the home sales in the neighborhood were all cash.
4. The Prospect Hill neighborhood of Somerville, Massachusetts
In this Boston suburb, the median home sales price was $635,000, which is 30.9% above 2015’s total.
The average sale-to-list price was 102.6%. Additionally, 56.9% of the homes in the area sold above asking price.
The median number of days on the market in Prospect Hill was just eight, while 41.2% of the home sales in the neighborhood were all cash.
5. The Inner Richmond neighborhood of San Francisco
In this area, the median home sales price was $1.9 million, which is 26% above 2015’s total.
The average sale-to-list price was 111.5%. Additionally, a whopping 83% of the homes in the area sold above asking price.
The median number of days on the market in Inner Richmond was 13, while 33.8% of the home sales in the neighborhood were all cash.
6. The Dolores Heights neighborhood of San Francisco
In this area, the median home sales price was $1.895 million, which is 30.7% above 2015’s total.
The average sale-to-list price was 108.3%. Additionally, 68% of the homes in the area sold above asking price.
The median number of days on the market in Dolores Heights was 14, while 36.2% of the home sales in the neighborhood were all cash.
7. The Woodrige neighborhood of Bellevue, Washington
In this Seattle suburb, the median home sales price was $708,500, which is 12.5% above 2015’s total.
The average sale-to-list price was 107%. Additionally, 74.3% of the homes in the area sold above asking price.
The median number of days on the market in Woodrige was just seven, while 36.8% of the home sales in the neighborhood were all cash.
8. The Lakeside neighborhood of Wheat Ridge, Colorado
In this Denver suburb, the median home sales price was $370,000, which is 27.6% above 2015’s total.
The average sale-to-list price was 102.1%. Additionally, 58.4% of the homes in the area sold above asking price.
The median number of days on the market in Lakeside was just six, while 32.3% of the home sales in the neighborhood were all cash.
9. The West Adams neighborhood of Los Angeles
In this area, the median home sales price was $550,688, which is 22.5% above 2015’s total.
The average sale-to-list price was 103.7%. Additionally, 68.6% of the homes in the area sold above asking price.
The median number of days on the market in West Adams was 12, while 37.9% of the home sales in the neighborhood were all cash.
10. The Brickyard Road-Queensgate neighborhood of Bothell, Washington
In this Seattle suburb, the median home sales price was $324,000, which is 20% above 2015’s total.
The average sale-to-list price was 104.8%. Additionally, 80.4% of the homes in the area sold above asking price.
The median number of days on the market in Brickyard Road-Queensgate was just five, while 25% of the home sales in the neighborhood were all cash.
For the full list of the 30 hottest neighborhoods, according to Redfin, click here.