Key Highlights
- Zillow and Redfin agree that Southern and Southeastern markets to be the hottest in 2020.
- More corporations opening hubs in Southeastern region of US
- Affordability crisis causing single-family-home seekers to search in areas they may not have considered before.
Zillow recently predicted that neighborhoods in the Southern region of the US will be the hottest neighborhoods in 2020. Redfin research and its following report on “neighborhood hotness” in 2020 extend such high demand to both the Southern and Southeastern regions of the US.
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Here are Redfin’s predictions for the hottest neighborhoods in 2020:
- Williamsford; Ashburn VA (DC metro)
- Bal Harbor; for Lauderdale FL
- Wildwood; Charlotte NC
- West Arvada; CO (Denver metro)
- Waverly Hills; Arlington VA (DC metro)
- Adamsdale; North Attleboro MA (Providence metro)
- Poplar Grove; Indianapolis IN
- West ridge; Woodinville WA (Seattle metro)
- Raleigh; Memphis TN
- Old Town Rocklin; CA (Sacramento metro)
How did Redfin come to its conclusions on neighborhood hotness? The real estate tech brokerage looked at these factors:
- Y/y growth in median page-views of listings by neighborhood on realtor.com
- Median sale prices of less than $500,000
- A minimum of 50 listings in both 2018 and 2019 and 20 median views/listing
Half of the neighborhoods having median sale prices of less than $500,000 were located in VA, FL, NC and TN. Seven of the top ten neighborhoods had median listing prices under $500,000 and three of the top ten had median list prices under the national median of $279,900. Half of all these neighborhoods had median sales prices that were less than their respective metros.
Why is the Southeastern part of the country becoming so popular? According to Redfin, more and more corporations are opening respective hubs in this region. Included in these corporate movers are…
- Microsoft moving into Charlotte
- Volvo moving a plant into Charleston
- Black Rock money managers moving into Atlanta
Daryl Fairweather, Redfin’s chief economist, said, “The overall US economy is doing better, so people feel more comfortable leaving the biggest job centers for the small job centers.” Additionally, “The Southeast is becoming more metropolitan with more restaurants and amenities that cater to younger people.”
And let’s face it, the affordability crisis in housing is causing people who want to purchase single-family housing units to look for for homes in neighborhoods, metros, states and regions they may not ever have considered before.
Thanks to Redfin and HousingWire’s Julia Falcon for source data.
Also read: Guarded Optimism as Global Lux Markets Enter 2020 – Part 2, January – A Luxury Market of Great Opportunity, Trending Home & Kitchen Design Ideas for 2020
