With the kids already headed back to school, summer is coming to a close. And online real estate brokerage Redfin decided to reassess the hottest neighborhoods for 2017 and see what markets have stepped up their game to make the list now.
Given the rapid changes in the market, Redfin released a new list to showcase the hottest neighborhoods for the second half of the year
The new list is a prediction based on the most recent growth Redfin has seen in home-listing page views and favorites on Redfin.com. 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.
So what drove markets to make the cut? Factors such as proximity to downtown and high-growth job centers were staple to making the mid-year list of hottest neighborhoods.
For example, looking at the list, the top three hottest neighborhoods sit close to downtown Seattle, San Francisco and San Jose.
Homebuyers in these areas are able to get the best balance of everything: quick access to public transit, trendy shopping and dining options, plus homes that are quickly gaining value, Redfin noted.
Thanks to their appeal the houses in these markets are going quick, with each of the top three neighborhoods posting an average sale-to-list price ratio of at least 105%.
And on top of this, each saw more than 70% of homes sell above the listing price in July 2017.
So without further delay, here are 10 places Redfin predicts to be hot to close out the year:
The chart below shows the full ten, with a break down of the top 3 beneath it.
Click to enlarge
(Source: Redfin)
Here’s more information on the top three, including a quote from a local Redfin agent in each area.
3. Bucknall, San Jose, California
- Median sale price: $1,350,000
- Average sale-to-list Price ratio: 115.1%
- Percent of homes that sold above list price: 90.9%
“Bucknall has been on the rise for quite some time, and we don’t see that changing anytime soon,” said Redfin San Jose agent Jennifer Tollenaar. “Bucknall has a highly ranked school system and is in close proximity to downtown San Jose. There is plenty of shopping and dining nearby, and it’s easy to jump on the interstate for weekend getaways.”
2. Golden Gate Heights, San Francisco, California
- Median sale price: $1,595,500
- Average sale-to-list price ratio: 120.3%
- Percent of homes that sold above list price: 86.7%
“Golden Gate Heights borders the very popular Inner Sunset neighborhood,” said San Francisco Redfin agent Miriam Westberg. “It may be a slightly longer walk to area restaurants and shops, but homes are often more affordable and can boast great views of the Marin Headlands and the Golden Gate Bridge. The neighborhood has easy access to public transportation, Golden Gate Park, Irving Street and the West Portal commercial core.”
1. First Hill, Seattle, Washington
- Median sale price: $425,000
- Average sale-to-list price ratio: 105.4%
- Percent of homes that sold above list price: 73.0%
“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.”