Florida Frenzy: America's Hottest Neighborhoods of 2022

SEATTLE, Dec. 16, 2021 /PRNewswire/ -- (NASDAQ: RDFN) -- Eight of Redfin's 10 hottest neighborhoods of 2022 are in Florida, and seven of those eight are in the Sarasota metropolitan area alone, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage.

Redfin analyzed and ranked U.S. zip codes by year-over-year growth in listing views on Redfin.com and Redfin Compete Score—a measure of how difficult it is to win a home based on factors including days on market, share of homes that sold above their listing prices and sale-to-list price ratio. All data represents September 2021. The neighborhoods are:

1. South Sarasota, FL
2. East Venice, FL
3. Englewood, FL
4. Venice, FL
5. Nokomis, FL
6. The Meadows, FL
7. Chatham, Cape Cod, MA
8. Weston, FL
9. Lake Lure, NC
10. Downtown Fort Myers, FL

"The Sarasota area has changed radically over the past year," said local Redfin real estate agent Eric Auciello. "Many of the towns surrounding Sarasota are exploding in popularity because so many people are getting priced out of Sarasota proper or moving in from out of state to work remotely and take advantage of the sunshine, low taxes and relative affordability. A lot of the neighborhoods house hunters are flocking to have historically been retirement communities but are becoming younger with all of the first-time buyers and early retirees moving in."

These communities are also likely gaining steam because retirement is on the rise among older Americans. More than half (50.3%) of U.S adults aged 55 and up had left the labor force due to retirement as of the third quarter, up from 48.1% two years earlier. More than 3 million Americans have retired early due to the pandemic.

The Sarasota metro area was the eighth most popular destination for house hunters looking to switch metros in the third quarter. That's based on net inflow, a measure of how many more Redfin.com home searchers looked to move into a metro than leave. More than two-thirds (67.1%) of home searches in the Sarasota metro came from a different metro area.

"Now that remote work is the norm for many Americans, the most popular neighborhoods are in suburbs with natural beauty and homes that are more affordable than those in major coastal cities like New York and San Francisco," said Redfin Chief Economist Daryl Fairweather. "Many of the hottest neighborhoods on Redfin's 2022 list check all three boxes and likely won't stay much more affordable for long."

A majority of the places in the annual top 10 list also face substantial risk from storms, flooding and heat—a reality house hunters should consider as the impacts of climate change intensify.

1. South Sarasota, FL
   Zip code: 34238
   Parent metro area: Sarasota, FL
   Median sale price: $434,023 (+19% YoY)
   Median sale price of parent metro area: $300,000 (+7% YoY)
   Share of homes that sold above list price: 36%
   Median days on market: 7 (-77 days YoY)
   Housing supply (active listings), year-over-year change: -50%
   Median views per listing, year-over-year change: +208%
   Climate risks: Heat (extreme), storm (high), flood (moderate), fire (moderate), drought (low)
   
   "South Sarasota is known for its proximity to Siesta Key, a barrier island with stunning beaches on the Gulf of Mexico. You can get from one place to the other by car in 20 minutes," Auciello said. "The neighborhood is full of desirable single-family homes that are still relatively affordable compared to the houses in central Sarasota. It's one of the last parts of Sarasota where you can find a home for under $500,000—a draw for folks who have been priced out of other parts of town due to skyrocketing housing costs."
   
   
2. East Venice, FL
   Zip code: 34292
   Parent metro area: Sarasota, FL
   Median sale price: $420,000 (+38% YoY)
   Median sale price of parent metro area: $300,000 (+7% YoY)
   Share of homes that sold above list price: 53%
   Median days on market: 4 (-48 days YoY)
   Housing supply (active listings), year-over-year change: -25%
   Median views per listing, year-over-year change: +173%
   Climate risks: Heat (extreme), flood (major), storm (high), fire (moderate), drought (low)
   
   "East Venice is a hub for retirees. It has a number of 55+ communities and great access to golfing," Auciello said. "We've seen a huge uptick in house hunters coming to check out the area, which may be because many of Florida's retirement communities have been getting younger. First-time buyers are moving in from more expensive parts of Florida and the West Coast in search of better bang for their buck."
   
   
3. Englewood, FL
   Zip code: 34223
   Parent metro area: Sarasota, FL
   Median sale price: $427,500 (+38% YoY)
   Median sale price of parent metro area: $300,000 (+7% YoY)
   Share of homes that sold above list price: 28%
   Median days on market: 8 (-62 days YoY)
   Housing supply (active listings), year-over-year change: -28%
   Median views per listing, year-over-year change: +170%
   Climate risks: Heat (extreme), flood (extreme), storm (high), fire (moderate), drought (low)
   
   "Englewood has a small-town feel and is certainly less populated than other parts of the Sarasota metro area," Auciello said. "It has excellent beach access and relatively affordable waterfront real estate. The neighborhood is about an hour south of Sarasota and an hour north of Fort Myers and Cape Coral, but has grown in popularity as remote work has allowed people to move farther away from big cities."
   
   
4. Venice, FL
   Zip code: 34285
   Parent metro area: Sarasota, FL
   Median sale price: $305,000 (+5% YoY)
   Median sale price of parent metro area: $300,000 (+7% YoY)
   Share of homes that sold above list price: 39%
   Median days on market: 6 (-43 days YoY)
   Housing supply (active listings), year-over-year change: -39%
   Median views per listing, year-over-year change: +155%
   Climate risks: Heat (extreme), flood (major), storm (high), fire (low), drought (low)
   
   "Venice is a retirement community and has a cool historic downtown with excellent bars, restaurants and shops. New businesses are opening up all of the time," Auciello said. "It has a more quaint feel than many other nearby neighborhoods—instead of strip malls, there's beautiful architecture. It also has gorgeous beaches and is the shark teeth capital of the world, which lures tourists and beachcombers."
   
   
5. Nokomis, FL
   Zip code: 34275
   Parent metro area: Sarasota, FL
   Median sale price: $475,000 (+32% YoY)
   Median sale price of parent metro area: $300,000 (+7% YoY)
   Share of homes that sold above list price: 39%
   Median days on market: 10 (-50 days YoY)
   Housing supply (active listings), year-over-year change: -26%
   Median views per listing, year-over-year change: +152%
   Climate risks: Heat (extreme), flood (extreme), storm (high), fire (moderate), drought (low)
   
   "A year ago, this part of Florida was probably half locals and half out-of-staters, but now I'd say 75% of the residents are transplants," Auciello said. "While home prices have increased sharply here, housing still isn't as expensive as it is in many other parts of the country."
   
   
6. The Meadows, FL
   Zip code: 34235
   Parent metro area: Sarasota, FL
   Median sale price: $275,000 (+20% YoY)
   Median sale price of parent metro area: $300,000 (+7% YoY)
   Share of homes that sold above list price: 41%
   Median days on market: 5 (-25 days YoY)
   Housing supply (active listings), year-over-year change: -24%
   Median views per listing, year-over-year change: +178%
   Climate risks: Heat (extreme), storm (very high), flood (moderate), fire (moderate), drought (low)
   
   "The Meadows is a golf community northeast of Sarasota. It has direct access to Interstate 75, which means it's a great place for folks who still need to commute to the city for work. Another appeal is the price point; you can still find homes in the half-million range, whereas many of the surrounding neighborhoods are more expensive. We're seeing a lot of early retirees moving to the area."
   
   
7. Chatham, Cape Cod, MA
   Zip code: 02633
   Parent metro area: Barnstable Town, MA
   Median sale price: $965,000 (+33% YoY)
   Median sale price of parent metro area: $500,000 (+20% YoY)
   Share of homes that sold above list price: 51%
   Median days on market: 11 (-109 days YoY)
   Housing supply (active listings), year-over-year change: -48%
   Median views per listing, year-over-year change: +149%
   Climate risks: Storm (very high), flood (moderate), heat (low), drought (low), fire (very low)
   
   "Cape Cod has always been popular, but has received a whole new level of interest during the pandemic because it offers so much incredible beauty and tranquility," said local Redfin real estate agent Susan Arnoff. "Chatham is relatively expensive, but you can still find affordable homes in other parts of the Cape." Arnoff continued: "A majority of Chatham's homeowners are seasonal. We're seeing a lot of buyers come in from Boston, New York and San Francisco to purchase second homes that they rent out for part of the year as investment properties."
   
   
8. Weston, FL
   Zip code: 33332
   Parent metro area: Fort Lauderdale, FL
   Median sale price: $860,000 (+51% YoY)
   Median sale price of parent metro area: $305,000 (+15% YoY)
   Share of homes that sold above list price: 27%
   Median days on market: 46 (-45 days YoY)
   Housing supply (active listings), year-over-year change: -30%
   Median views per listing, year-over-year change: +216%
   Climate risks: Heat (extreme), storm (high), flood (moderate), drought (low), fire (very low)
   
   "Before the pandemic, we were seeing empty nesters sell their 5,000-square-foot homes in Weston and move into smaller beachfront homes in Fort Lauderdale," said local Redfin real estate agent Anthony Cervoni. "Now we're seeing the opposite—people are coming here from the city because they're tired of being trapped in cramped condos and apartments."
   
   
9. Lake Lure, NC
   Zip code: 28746
   Parent metro area: Forest City, NC
   Median sale price: $427,750 (+26% YoY)
   Median sale price of parent metro area: $235,250 (+40% YoY)
   Share of homes that sold above list price: 41%
   Median days on market: 48 (-63 days YoY)
   Housing supply (active listings), year-over-year change: -25%
   Median views per listing, year-over-year change: +152%
   Climate risks: Storm (very high), heat (high), flood (major), drought (low), fire (low)
   
   "Lake Lure is a major tourist attraction because it's where a handful of scenes in 'Dirty Dancing' were filmed. Visitors can go on guided 'Dirty Dancing' pontoon boat tours and even attend an annual 'Dirty Dancing Festival,' where they can try their hand at reenacting the famous lift scene," said local Redfin real estate agent Scott Walker. "It's primarily a second-home destination. People buy property in Lake Lure because they want to be in the mountains of North Carolina and away from the hustle and bustle of Asheville, which is located about 45 minutes west."
   
   
10. Downtown Fort Myers, FL
    Zip code: 33916
    Parent metro area: Cape Coral, FL
    Median sale price: $264,328 (+25% YoY)
    Median sale price of parent metro area: $264,500 (+13% YoY)
    Share of homes that sold above list price: 35%
    Median days on market: 9 (-51 days YoY)
    Housing supply (active listings), year-over-year change: -37%
    Median views per listing, year-over-year change: +183%
    Climate risks: Heat (extreme), flood (major), storm (high), drought (high), fire (low)
    
    "This part of Downtown Fort Myers has a lot of 1950s-era homes that need some TLC but are relatively affordable, which is attracting investors, builders and people who have been priced out of more expensive parts of town," said local Redfin real estate agent Chris Jancich. "I recently worked with a disabled veteran who for years had been living in a nearby neighborhood where he was spending over $2,000 a month on rent. He bought a home for $200,000 in the Downtown Fort Myers area, and his monthly housing costs dropped to around $1,400."

To read the full report, including hottest neighborhoods in each metro and additional commentary, please visit: https://www.redfin.com/news/hottest-neighborhoods-2022/

About Redfin
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SOURCE Redfin