Top Ten “Most Competitive Neighborhoods for Homebuyers” in 2015

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Photo by PoPville flickr user Ian Livingston

From an email:

“Redfin just released a ranking of the most competitive neighborhoods for homebuyers in 2015. No neighborhoods in our area made the top 30 nationally (they were all in Boston, Seattle, SF and Portland), however we found AU Park was the most competitive neighborhood in DC, followed by Mount Pleasant and U Street.

We determined the ranking by calculating 7 factors, including the % of homes that sold above asking, the median days on market, the percentage of all cash offers and the percentage of Redfin offers that faced bidding wars.

Here are the top 10. Some of them are 2 neighborhoods combined, but that still gives a good picture of the areas that were hottest this year.”

Ed. Note: Amazing that Southwest had 77.6% all cash offers according to the graph below. Apologies for having to split it into two images:

top ten

top 10 cont

8 Comment

  • justinbc

    Median sale price in Capitol Hill higher than Logan / Shaw, that’s actually pretty surprising, even given the price growth I’ve seen in the market here this year.

    • HaileUnlikely

      I suspect Logan/Shaw has a substantially higher proportion of sales that are condos. I have seen some goofy expensive condos in Shaw, but this would still tend to shift the distribution downward relative to if we were only looking at houses.

      • justinbc

        Oh true, I always forgot about condo sales. Well there’s your proof that “affordable” housing exists! 🙂

      • Yep, that’s why. Median price is also higher in Fairfax than in DC because the houses are much bigger. Need the price per sq foot for apples to apples.

        • HaileUnlikely

          I think they’re both useful, but for different reasons. Median price provides some rough estimate of how much it costs to buy a home in a place — whatever homes are like in such a place.
          .
          In a place with comparably moderate price per square foot but all very large homes, it is the actual price, not price per square foot, that represents a formidable barrier to entry for a buyer. Many very large and very nice houses in AU Park are priced in the $300-$400 per square foot range — comparable to the price per square foot than my foreclosed crap heap I bought in Takoma a few years ago — but they are still very far out of reach for me because their actual price is a lot more than I can afford, even though their price per square foot is similar to that of my current house.
          .
          Price per square foot also tends to be nonlinear, such that very large homes often have somewhat lower price per square foot than very small homes – this even applies to condos in the same building.

  • do y’all suppose h street (north of H, south of Florida) was included in “capitol hill” for this?

    • HaileUnlikely

      I assume they used the same boundaries in their analysis that you get when you search for a neighborhood on their website. Type “Capitol Hill” into the search box on Redfin and you can see what Redfin counts as Capitol Hill. The northern boundary that comes up in said search is F St NW.

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