October 23, 2016

The 30 Hottest Neighborhoods in the Nation

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The 30 Hottest Neighborhoods in the Nation

Booming tech sectors in pockets across the country are driving up home prices. Places like Portland, Ore., Seattle, San Francisco, Denver, and Boston in particular are seeing an influx of tech workers with money to spend, and they're prompting some fierce bidding wars.

Read more: Where Americans Are Moving To

Redfin recently highlighted the 30 most competitive neighborhoods of 2015. The rankings below are based on factors like the percentage of homes that sold above asking price, how quickly homes went under contract, and the percentage of offers that saw bidding wars.

For example, landing top on its list was Inman Square – located just outside of Boston in Cambridge – where homes stayed on the market a median of just seven days; 38 percent of homes sold to cash buyers; and 96 percent of the offers written by Redfin real estate agents saw bidding wars.

"It’s incredibly rare for a home in Cambridge not to get multiple offers,” says Katie Gustafson, a Boston real estate professional. “Offering over list price, waiving contingencies – buyers are doing everything they can to compete. My clients recently won a bidding war in Washington Square by agreeing to let the sellers rent their home back for free for two months after closing, giving them a nice cushion to move out of the home and get settled into their new place.”

Below are the 30 most competitive neighborhoods of 2015.

Source: “Homebuyer Competition Was Crazy in 2015. These Four Cities Had it Especially Bad,” Redfin (Dec. 29, 2015)