Even with recent reports of rising housing prices and the dreaded “seller’s market” syndrome, there are a number of “hot” neighborhoods, especially in the Southeast, ideal for new homeowners.
Real estate site Redfin recently compiled a helpful list of neighborhoods across the country that offer affordable homes and booming economies nearby some of the nation's leading metropolitan areas. Redfin's "2020 Hottest Neighborhoods to Watch" list reflects the communities on its site that have seen the greatest year-over-year growth in listing pageviews, a good indicator of "hotness." According to those metrics, folks are most often looking in the Southeast for homes.
“Homebuyers continue to be priced out of Washington, D.C. and New York, so you’re seeing a lot of northerners moving to the southeast, but even people from as far away as California are migrating there,” read a statement on the Redfin site. “The overall U.S. economy is doing better, so people feel more comfortable leaving the biggest job centers for small job centers. Plus, the southeast is becoming more metropolitan, with new restaurants and amenities that cater to younger people.”
Most homes on the list have median prices of less than $500,000, and half of the abodes are in Virginia, Florida, North Carolina and Tennessee.
Wondering which are America’s hottest neighborhoods? Take a look at what Redfin Realtors have to say about which neighborhoods are hot right now and why.
10. Old Town Rocklin, California (Sacramento metro)
Median sale price: $499,995
Median sale price for metro area: $410,000
Percent of homes that sold above list price: 20.5%
Median days on market: 46
“Old Town Rocklin was not very populated in the past and used to have a lot of vacant strip malls. Now it’s the hub for the Rocklin community, with plenty of activities for families, family-owned restaurants and hip breweries,” said Redfin Sacramento agent Michelle Dane.
9. Raleigh, Memphis, Tennessee
Median sale price: $96,450
Median sale price for metro area: $185,000
Percent of homes that sold above list price: 19.7%
Median days on market: 39
“A huge percentage of Memphis’ housing stock is actually rentals, and a very large portion of these rentals is owned by out-of-state investors. Many of the views on Redfin.com may actually be coming from these potential investors, as well as first-time buyers,” said Redfin Memphis agent VanAsa Preston.
8. West Ridge, Woodinville, Washington (Seattle metro)
Median sale price: $934,997
Median sale price for metro area: $562,300
Percent of homes that sold above list price: 14.7%
Median days on market: 36
“This area has older homes and apartment/condo complexes, which led some buyers to overlook it in the past, but with the explosion of the Woodinville wine country as well as the new Totem Lake town center, prices have shot up,” said Redfin Seattle agent Michael Wyman.
7. Poplar Grove, Indianapolis
Median sale price: $182,300
Median sale price for metro area: $190,000
Percent of homes that sold above list price: 28.3%
Median days on market: 10
“Poplar Grove is blowing up. First-time homebuyers are moving here to start families, as it’s extremely affordable and close to areas where they enjoy hanging out,” Redfin Indianapolis market manager Jake Johnson said.
6. Adamsdale, North Attleboro, Massachusetts (Providence metro)
Median sale price: $400,000
Median sale price for metro area: $286,000
Percent of homes that sold above list price: 39.5%
Median days on market: 41
“Adamsdale is also conveniently located near major highways, shopping and amenities all while maintaining a neighborhood setting,” said Redfin Boston agent Alysandra Nemeth.
5. Waverly Hills, Arlington, Virginia (Washington, D.C., metro)
Median sale price: $322,500
Median sale price for metro area: $412,433
Percent of homes that sold above list price: 50.8%
Median days on market: 6
“The homes are all unique, some with updated history and others with beautiful new architecture. Neighbors know and care for each other. The community is a haven from busy traffic, but within walking distance of schools, shops, eateries, parks and every form of public transportation,” said Redfin Arlington agent Candee Currie.
4. West Arvada, Colorado (Denver metro)
Median sale price: $376,500
Median sale price for metro area: $415,925
Percent of homes that sold above list price: 17.9%
Median days on market: 41
“West Arvada is a wonderful place to live. It is 20 minutes away from Boulder, 20 to 25 minutes from downtown Denver and 15 to 20 minutes from downtown Golden. The schools are also very highly rated,” said Redfin Denver agent Corey Keach.
3. Wildwood, Charlotte, North Carolina
Median sale price: $181,000
Median sale price for metro area: $259,900
Percent of homes that sold above list price: 35.7%
Median days on market: 32
“Wildwood, just 15 minutes from downtown Charlotte, is one of the few affordable remaining areas where you can find homes under $250,000. They’re cute, ranch-style, brick homes, too, that aren’t in cookie-cutter neighborhoods,” Redfin Charlotte market manager Marcy Prentiss said.
2. Bal Harbour, Fort Lauderdale, Florida
Median sale price: $747,500
Median sale price for metro area: $270,000
Percent of homes that sold above list price: 4.8%
Median days on market: 109
“There are a lot of shopping centers and big anchors setting up shop. Bal Harbour was kind of sleepy for a while, but it caught up and is now doing really great,” said Redfin Fort Lauderdale agent Pierre Shaheen.
1. Willowsford, Ashburn, Virginia (Washington, D.C., metro)
Median sale price: $918,059
Median sale price for metro area: $412,433
Percent of homes that sold above list price: 16.3%
Median days on market: 51
“There are swimming pools, community events, a farm, ponds, and 40-plus miles of trails. You could probably do something every day in the community if you wanted, and it all revolves around different seasons,” said Redfin Virginia team manager Irene De Leon.
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