Technology-powered real estate brokerage Redfin issued a new report on the nation’s hottest neighborhoods in 2019. The report is based on the number of competing offers, waived contingencies, sale-to-list ratio and number of days on market.
According to the report, White Oaks in the city of San Carlos in the San Francisco Bay Area is the most competitive neighborhood of the year for homebuyers, followed by Alger Heights in Grand Rapids, MI and East Arlington in Boston.
According to Redfin, the average home in White Oaks sold for 105.9% of its asking price in 2019. This is in contrast to only 12 percent of offers facing a bidding war nationally. Redfin data shows that the median sales price in White Oaks was $1.835 million in November.
“Although bidding wars have declined on a national level, in the Bay Area, home to half of the 20 most competitive neighborhoods of 2019, it can still be difficult for buyers to win homes. The Boston metro also stands out, with four of the top 20 most competitive neighborhoods, followed by Grand Rapids and Washington D.C., with two apiece. Suburbs of Minneapolis and Seattle (Brooklyn Park and Tacoma) each have one neighborhood on the list”, said the report.