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December 23, 2019 at 12:01 PM EST
Redfin Ranks the Most Competitive Neighborhoods of 2019
Neighborhoods in Grand Rapids, MI; Tacoma, WA; Minneapolis and the Bay Area Rank Highest for the Year

SEATTLE, Dec. 23, 2019 /PRNewswire/ -- (NASDAQ: RDFN) — Bay Area neighborhood White Oaks is the most competitive neighborhood of the year for homebuyers, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. Alger Heights in Grand Rapids, MI and East Arlington in Boston rounded out the top three competitive neighborhoods.

Redfin Logo (PRNewsfoto/Redfin)

"While neighborhoods in the Bay Area and Boston are still among the most competitive in the country, robust competition for homes in Grand Rapids, Minneapolis and Tacoma neighborhoods signals the desirability of more affordable areas," said Redfin chief economist Daryl Fairweather. "An influx of buyers from more expensive neighborhoods contributes to competition in these affordable neighborhoods, especially because they can make higher offers than local residents when they sell their previous homes." 

The report is based on 2019 rankings from Redfin's Compete Score, which uses a combination of proprietary Redfin data and data from local multiple listing services to determine how difficult it is for buyers to win a home in individual neighborhoods and cities.

Below are the most competitive U.S. neighborhoods based on an average of monthly stats from January through November 2019.

Housing market stats for the 20 most competitive neighborhoods in the U.S.

Neighborhood

City

Metro area

Compete
score

Sale-to-list price ratio

Median days on market

Share of homes sold above list price

Median sale price: neighborhood (Nov. 2019)

Median sale price: metro area (Nov. 2019)

White Oaks

San Carlos, CA

San Jose

95.5

105.9%

12

72.2%

$1,835,000

 

$1,081,500

 

Alger Heights

Grand Rapids, MI

Grand Rapids

95.3

102.9%

7

66.9%

$182,000

$207,500

East Arlington

Arlington, MA

Boston

95.1

103.6%

9

67.4%

$770,000

$490,000

Glenview

Oakland, CA

San Jose

95

125.2%

14

84.7%

$1,170,000

$1,081,500

Brattle Station

Arlington, MA

Boston

94.7

103.8%

8

61.2%

$693,000

$490,000

Creston

Grand Rapids, MI

Grand Rapids

94.5

102%

6

59.3%

$169,000

$207,500

AU Park / Friendship Heights

Washington, DC

Washington, D.C.

94.2

103.6%

7

57.8%

$1,100,000

$414,700

Cambridgeport

Cambridge, MA

Boston

94.1

104.6%

9

62.6%

$815,000

 

$490,000

 

Upper Rockridge

Oakland, CA

San Jose

93.8

115%

15

77.8%

$1,821,000

 

$1,081,500

 

Mission Dolores

San Francisco, CA

San Jose

93.6

114.3%

15

82.3%

$1,660,000

 

$1,081,500

 

Bushrod

Oakland, CA

San Jose

93.6

119.4%

15

86.1%

$950,000

$1,081,500

Berkeley Hills

Berkeley, CA

San Jose

93.5

116.7%

16

84.4%

$1,414,000

$1,081,500

Bay Farm Island

Alameda, CA

San Jose

93.5

105.8%

16

75.1%

$1,058,000

$1,081,500

Arlington Center

Arlington, MA

Boston

93.5

103.2%

10

59.4%

$802,000

 

$490,000

 

Beresford Park

San Mateo, CA

San Jose

93.3

105.3%

13

74.8%

$1,675,000

 

$1,081,500

 

Piedmont Avenue

Oakland, CA

San Jose

93.3

110.3%

15

74.5%

$750,000

 

$1,081,500

 

Hartkopf

Brooklyn Park, MN

Minneapolis

93.2

102.6%

10

65.1%

$223,000

 

$280,000

 

Fairlington

Arlington, VA

Washington,

D.C.

93

101.8%

7

59.1%

$485,000

 

$414,700

 

Northwest Landing

DuPont, WA

Seattle

92.8

101.7%

4

50.5%

$365,000

 

$557,000

 

North Los Altos

Los Altos, CA

San Jose

92.7

103.3%

12

60.1%

$3,173,000

$1,081,500

Of the 10 Bay Area neighborhoods among the most competitive in the country, half are in Oakland. Although the median sale price in Oakland is more than double the national median—$720,000 versus $312,000 for the typical home in the U.S. in November—it's still well below that of San Francisco ($1.4 million) and San Jose ($1.1 million).

Oakland Redfin agent Katy Polvorosa said the area has been particularly hot this year, partly because it's more affordable than neighboring parts of the Bay Area.

"I've heard a lot of people say the Bay Area housing market is cooling this year, but I'm seeing the opposite in Oakland," Polvorosa said. "I'm writing offers that are seeing aggressive competition. Homes that are move-in ready and priced right typically receive offers within 12 to 14 days. The Oakland market is so hot that sellers are still expecting and receiving offers that waive contingencies."

Although the Bay Area is still home to plenty of competitive neighborhoods, homebuyers are gravitating toward more affordable inland metros as housing markets in coastal job centers have become more expensive. In the third quarter of 2019, 26% of Redfin.com home searchers looked to move to another metro area, with affordable places like Sacramento, Phoenix and Las Vegas as popular destinations.

The appearance of two neighborhoods in Grand Rapids on this year's ranking of most competitive neighborhoods is an example of the trend of migration away from more expensive metros.

"Affordability plus quality of life are big draws to the Grand Rapids area. I've worked with buyers from Chicago, California, Hawaii and other expensive parts of the country who are looking here because they can get so much more bang for their buck," said local Redfin agent Shellie Silva, who moved to Grand Rapids from San Diego three years ago. "Homes in neighborhoods with price points below $275,000, like Alger Heights and Creston, are prone to bidding wars and they tend to sell quickly because they're even more affordable that some other parts of Grand Rapids."

In Alger Heights, nearly 67% of homes sold for above list price and the typical home was on the market for one week before going under contract so far this year. And in Creston, 59.3% of homes sold for above list price and the typical home went under contract in just six days.

To read the full report, including methodology, please visit: https://www.redfin.com/blog/most-competitive-neighborhoods-2019.

About Redfin
Redfin (www.redfin.com) is a technology-powered 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 automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 90 major metro areas across the U.S. and Canada. The company has helped customers buy or sell homes worth more than $85 billion.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.

 

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SOURCE Redfin

Redfin Journalist Services: Erin Osgood, 206-588-6863, press@redfin.com