Redfin Predicts the Hottest Neighborhoods of 2017

Oakland’s Bushrod Expected to be the Nation’s Hottest Neighborhood

117 Neighborhoods in 39 Metropolitan Areas Were Selected Based on
Pageviews and Favorites on Redfin.com

SEATTLE–(BUSINESS WIRE)–Redfin (www.redfin.com),
the next-generation real estate brokerage, today announced its annual
list of neighborhoods across the country it predicts will be the hottest
this year, topped by Bushrod in Oakland. To rank the neighborhoods that
are heating up the most, the brokerage analyzed hundreds of millions of
pageviews to Redfin.com and homes that users favorited to monitor for
price and status changes. The analysis also takes into account insights
from Redfin real estate agents who specialize in neighborhoods across
these 39 major U.S. metros.


                   
Rank     Neighborhood (Metro)    

Median Sale
Price

   

Median
Days on
Market

1    

Bushrod (Oakland, CA)

    $817,000     49
2     Woodridge (Bellevue, WA)     $720,000     37
3     Serra (Sunnyvale, CA)     $1,760,000     42
4     Somerset (Glendale, CA)     $459,700     61
5    

Eliot (Portland, OR)

    $499,000     54
6     Edgeworth (Malden, MA)     $426,000     64
7     Colonial Village (Washington, DC)     $772,500     79
8     Hollywood Park (Sacramento, CA)     $345,000     47
9     Greenfield (Aurora, CO)     $455,000     70
10     Treme (New Orleans, LA)     $199,200     261
           

High-growth job centers are driving this year’s list of hottest
neighborhoods; the top three hottest neighborhoods all sit close to San
Francisco and Seattle. But while home prices continue to rise in the
centers of these booming tech cities, homebuyers are increasingly
focusing their searches in neighboring cities like Oakland, Bellevue and
Sunnyvale. Redfin real estate agents explain that these communities
offer homebuyers the best balance of everything: quick access to public
transit, trendy shopping and dining options, plus larger move-in ready
homes with charm and price tags that are a little easier to bear.

“Bushrod is a quaint enclave of homes with unique character nestled
between the more established (and expensive) area of Rockridge and the
increasingly trendy hot spot of Temescal. From Bushrod you can walk to
some of the Bay Area’s best restaurants on College Ave. It’s also
walking distance to either the Ashby or Rockridge BART stations,” said
Redfin real estate agent Tom Hendershot. “Homebuyers often come to the
area hoping to find something in Rockridge and ultimately realize they
can have an even better lifestyle at a lower cost in Bushrod. This may
not last for long though – a two-bedroom starter home in this
neighborhood recently sold for $200,000 over the list price and was off
the market in 10 days.”

Other neighborhoods that made the top 10 list, such as Eliot in
Portland, Hollywood Park in Sacramento and Treme in New Orleans, are
located in second-tier cities, which Redfin predicted would be
particularly popular in 2017. Many of those neighborhoods also feature
renovated homes that preserve the nature and charm of the area while
offering updated amenities.

“Redfin research shows that over the past five years, home prices in
urban cores have shot up 50 percent faster than in the metro areas as a
whole,” said Redfin chief economist Nela Richardson. “Our data on
homebuyer activity shows that this year people are bypassing the most
expensive areas in the center city in search for high-end amenities and
renovated homes that are a few train or bus stops outside the city
limits. The hottest neighborhoods of 2017 will be those edge communities
that deliver urban convenience at prices that are closer to earth.”

To view the full report, complete with analysis and rankings for the top
three hottest neighborhoods in each of the 39 metros, click or paste the
following link: https://www.redfin.com/blog/2017/01/the-hottest-neighborhoods-of-2017.html

Customizable data on all of the metros Redfin tracks in this report is
available to view and download on Redfin’s
Data Center
.

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About Redfin

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.

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
.

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Contacts

Redfin Journalist Services:
Amy Musser, 206-588-6863
press@redfin.com