Redfin Names the Most Competitive Neighborhoods for Homebuyers in 2016
Homebuyers faced the most competitive conditions in Seattle, Boston, Denver and San Francisco
Submitted by: RE Technology
SEATTLE — Dec. 29, 2016 — Factoria, a neighborhood in Bellevue, Washington just outside of Seattle, was the nation's most competitive neighborhood for homebuyers in 2016, according to Redfin, the next-generation real estate brokerage. In Factoria this year, the typical home went under contract in seven days and sold for 5 percent above the asking price. Home prices there grew 26 percent this year.
Redfin examined neighborhoods in 27 metro areas to rank the 30 most competitive neighborhoods for homebuyers in 2016. In addition to median days on market, the average sale-to-list price ratio and home price growth, Redfin ranked the neighborhoods' competitiveness based on the percentages of homes that sold for all cash and that sold for more than their asking price.
The nation's 30 most competitive neighborhoods for homebuyers in 2016 spanned just six metropolitan areas. Seattle was home to 10 of the country's 30 most competitive neighborhoods.
Eight Boston-area neighborhoods ranked, led by Washington Square (Brookline) and Prospect Hill (Somerville). Denver had seven hoods in the top 30, including Lakeside and West Pleasant View (Golden). Three San Francisco neighborhoods made the list. Washington, D.C. and Los Angeles also cracked the top 30, each with one neighborhood named.
To read the full report including the top 30 ranking with relevant additional data and insights, please click here.
About Redfin Corporation
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 highly accurate automated home-value estimate. 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 $31 billion in home sales and saved customers more than $335 million in fees through 2015.