Redfin tells us that the most competitive markets during 2019 shared these characteristics:
- Buyers paid above asking prices
- Buyers waived contingencies
- Bidding wars were the norm
- Houses seemed to “fly off the shelves”
- AND, inventories were down between 30%-40%!
Redfin gave scores to the top 20 most competitive neighborhoods in the country based upon the sale-to-list price, the number of competing offers, days on the market and contingency waivers.
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In the hottest neighborhood in the country with a Redfin score of 95.5, the White Oaks neighborhood in San Carlos CA, the average home sale price was +105.9%. The median sale price in White Oaks was $1.835M, nearly +$800,000 above the median home sale price in the metro of San Jose. Days on the market in the White Oaks neighborhood was 12 and 72.2% of the homes in the neighborhood sold above the list price.
The Alger Heights neighborhood in Grand Rapids, MI was the nation’s second hottest neighborhood in 2019 despite its median sale price coming in -$25,000 below the median sale price in Grand Rapids metro. Its median sale price was $182,000, +102.9% above list price. Days on the market came in at 7.
The East Arlington MA neighborhood of Arlington was the third most competitive neighborhood in the country with a median sale price of $770,000. Boston’s median sale price in 2019 was $490,000. Days on the market in East Arlington was 9.
Here are the 10 Most Competitive Neighborhoods in 2019, according to Redfin:
White Oaks (San Carlos CA)
- Redfin score of 95.5
- 2% of neighborhood homes sold above list
- 12 DOM
- $1.835M median sale price
Alger Heights (Grand Rapids MI)
- Redfin score of 95.3
- 9% of neighborhood homes sold above list
- 7 DOM
- $$182,000 median sale price
East Arlington (Arlington MA)
- Redfin score or 95.1
- 67% of neighborhood homes sold above list
- 9 DOM
- $770,000 median sale price
Glenview (Oakland CA)
- Redfin score of 95
- 7% of neighborhood homes sold above list
- 14 DOM
- $1.17M median sale price
Beadle Station (Arlington MA)
- Redfin score of 94.7
- 2% of neighborhood homes sold above list
- 8 DOM
- $693,000 median sale price
Creston (Grand Rapids MI)
- Redfin score of 94.5
- 3% of neighborhood homes sold above list
- 6 DOM
- $169,000 median sale price
Friendship Heights (Washington DC)
- Redfin score of 94.2
- 8% of neighborhood homes sold above list
- 7 DOM
- $1.1M median sale price
Cambridgeport (Cambridge MA)
- Redfin score of 94.1
- 6% of neighborhood homes sold above list
- 9 DOM
- $815,000 median sale price
Upper Rockridge (Oakland CA)
- Redfin score of 93.8
- 8% of neighborhood homes sold above list
- 15 DOM
- $1.8231M median sale price
Mission Dolores (San Francisco CA)
- Redfin score of 93.6
- 3% of neighborhood homes sold above list
- 15 DOM
- $1.66M median sale price
Thanks to Redfin for source data.
Also read: 39% of Home Sold At or Above Listing Price in 2019, Housing Affordability At Three-Year High, Residents Moving from Too Expensive California
