Redfin Ranks the Hottest Neighborhoods to Watch in 2020
With a housing affordability crisis in full swing, neighborhoods with lower home prices surge in popularity
SEATTLE, Jan. 28, 2020 /PRNewswire/ -- (NASDAQ: RDFN) — The southeast states of Virginia, Florida, North Carolina and Tennessee are home to half of this year's top neighborhoods to watch, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. The 2020 watch list was developed by identifying the neighborhoods with the greatest year-over-year growth in listing pageviews on Redfin.com and speaking with agents about what areas are seeing rising interest from homebuyers.
Relatively affordable neighborhoods dominate this year's list. Seven of the top 10 neighborhoods to watch in 2020 have median sale prices of less than $500,000; three fell below the 2019 national median of $279,900 making them "affordable" compared to other parts of the country. Half of the neighborhoods also have median sale prices that are less than their respective metro areas.
"The affordability crisis has caused people seeking single-family homes to search in areas they may not have considered before," said Redfin chief economist Daryl Fairweather. "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. 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."
Corporations are also setting up shop in the southeast. In Atlanta, money manager BlackRock is building a new innovation hub, with plans to employ 1,000 people there by 2024. Microsoft is spending $23 million to expand its campus in Charlotte and a new Volvo plant is adding thousands of jobs in Charleston. The two Carolinas cities are expected to lead the nation in home-price gains this year, according to Fairweather. Charleston saw a 104% annual net increase in the number of Redfin users looking to move in during the third quarter of 2019, and Charlotte saw a 44% boost.
Below is the complete list of Redfin's neighborhoods to keep an eye on this year. All statistics on median sale price, percent of homes that sold above list price, and median days on market represent the full year of 2019.
1. Willowsford, Ashburn, VA (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
"Willowsford is a relatively new development that's very popular due to its location and community amenities. Homes are large and modern, with country-chic facades," said Redfin Virginia team manager Irene De Leon. "There are swimming pools, tennis, 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. In 15 minutes, you can get to Washington Dulles International Airport, Reston Town Center, Route 28, the Dulles Toll Road and I-66."
2. Bal Harbour, Fort Lauderdale, FL
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
“The location of Bal Harbour is so ideal. It’s close to everything, and you have a lot of homes on the water with ocean access. Plus, it’s not as expensive as other high-end communities in Fort Lauderdale with ocean access,” said Redfin Fort Lauderdale agent Pierre Shaheen. “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.”
3. Wildwood, Charlotte, NC
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. "Homebuyers have increasingly been moving east and west of Charlotte—to neighborhoods like Wildwood—instead of north, to avoid the new I-77 toll road. Plus, there's a new development under construction nearby that will include townhomes, shopping and entertainment."
4. West Arvada, CO (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. "We have a bustling old town area with multiple shops, breweries and restaurants as well as a new light rail station. There's a multitude of lakes, hiking and biking trails and large dog parks. You also have a head start getting to the mountains, which for a lot of my clients is a huge plus and why they have joined me on the west side."
5. Waverly Hills, Arlington, VA (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
"Waverly Hills is the neighborhood we are all looking for. It's like something from a story book, with undulating hills, mature trees and a 'front porch culture,' Redfin Arlington agent Candee Currie said. "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. It's close to D.C., the Pentagon and now Amazon HQ2—all hubs of major employment, theatre, culture and sporting events."
6. Adamsdale, North Attleboro, MA (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 located in Massachusetts and borders Cumberland, Rhode Island, making it an ideal place for traveling into Providence or Boston due to the easily accessible commuter rail," said Redfin Boston agent Alysandra Nemeth. "Adamsdale is also conveniently located near major highways, shopping and amenities all while maintaining a neighborhood setting."
7. Poplar Grove, Indianapolis, IN
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, like Fountain Square, Downtown Indianapolis and Irvington," Redfin Indianapolis market manager Jake Johnson said. "The city of Indianapolis has spent significant money making the southeast side of downtown more accessible, adding walking trails, multi-use projects, better roads, etc."
8. West Ridge, Woodinville, WA (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.
9. Raleigh, Memphis, TN
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
"Raleigh's home prices are typically less than $150,000, which appeals to investors, as well as first-time buyers. It is among the least expensive neighborhoods in Memphis," said Redfin Memphis agent VanAsa Preston. "A huge percentage of Memphis's 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."
10. Old Town Rocklin, Sacramento, CA
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. "They built a massive adventure park called Quarry Park, with ropes courses and an amphitheater for concerts in the summer. The neighborhood hosts car shows, local food trucks and festivals. They're also starting to do newer construction, and the houses tend to be a little less expensive. Old Town Rocklin rehabilitated a lot of older properties, and they typically don't have all of those additional HOA and tax costs. Plus, it's walkable and super convenient to the freeway."
To read the full report, including research methodology and a list of the top three neighborhoods in many of the largest metro areas in the U.S., please visit: https://www.redfin.com/blog/hottest-neighborhoods-2020.
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 90 major metro areas across the U.S. and Canada. The company has helped customers buy or sell homes worth more than $85 billion.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email [email protected]. To view Redfin's press center, click here.
SOURCE Redfin
Share this article