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This week, Redfin released their ranking of the most competitive neighborhoods for buying homes in 2015 and the cities on the list come as no surprise. Four cities—Boston, Seattle, Denver and Portland—boast of such healthy housing markets, bolstered in no small manner by their thriving tech scenes, that they are home to the top 30 most competitive housing neighborhoods of this year.
Top 10 Competitive Neighborhoods of 2015
- Inman Square: Boston
- Overlake: Seattle
- Brighton: Boston
- Roosevelt: Seattle
- Hawthorne: Portland
- Spring Hill: Boston
- Grass Lawn: Seattle
- Central Sunset: San Francisco
- Phinney Ridge: Seattle
- Cambridgeport: Boston
“These four metro areas have set themselves apart in terms of attracting and creating high-wage jobs in tech, pharma, and finance, and that has heated up the local housing market. When a short supply of homes collides with high-income homebuyers, you get this hot, hyper-competitive climate,” stated Redfin chief economist Nela Richardson.
In these highly competitive environments, bidding wars are a familiar phenomenon and listings rarely remain on the market for more than a week. Of the top 10 neighborhoods, only Central Sunset depicts a median days on the market figure higher than eight with 14. In twenty-eight of the top 30 neighborhoods, more than half of the homes sold above asking prices, and the majority of these neighborhoods had at least a third of their homes bought in all cash.
With homes selling like hotcakes in these cities, the inventory of available homes will dwindle and other metros will be able to enjoy the ravenous purchasing habits of these homebuyers.
To read Redfin’s full report, please click here.