After a report yesterday revealed Seattle had the nation’s hottest housing market for the second month running, it should come as no surprise that many of the most competitive neighborhoods in the country are clustered around the Seattle region.
Redfin, a Seattle-based real estate and technology company, crunched the numbers on the most competitive neighborhoods from house hunters across 27 U.S. metro areas. Four of the top 10 and 10 of the top 30 hottest neighborhoods are in or near Redfin’s hometown of Seattle.
Bellevue, Wash.’s Factoria neighborhood, home to T-Mobile, is the most competitive neighborhood in the country. Seattle’s University district is second, followed by two neighborhoods in Boston, Mass.
Redfin ranked the neighborhoods based on the percentages of homes that sold for cash and sold for more than their asking price. Analysts also considered the median days on the market and home price growth in each neighborhood.
Home prices in the Seattle area are soaring, fueled by booming job and population growth. Home values grew 10.7 percent year-over-year in October 2016 and saw an annual gain of 11 percent in September, according to the S&P CoreLogic Case-Shiller National Index.
Neighborhood (City) Metro Area
1. Factoria (Bellevue) Seattle, WA
2. University District (Seattle) Seattle, WA
3. Washington Square (Brookline) Boston, MA
4. Prospect Hill (Somerville) Boston, MA
5. Inner Richmond (San Francisco) San Francisco, CA
6. Dolores Heights (San Francisco) San Francisco, CA
7. Woodridge (Bellevue) Seattle, WA
8. Lakeside (Wheat Ridge) Denver, CO
9. West Adams (Los Angeles) Los Angeles, CA
10. Brickyard Road-Queensgate (Bothell) Seattle, WA