As we usher in the new real estate season at Redfin, a big question on our minds is: Which neighborhoods will be the darlings of 2014? In search of answers, we went to our website users, tallying hundreds of millions of pages they visited and homes they added as Favorites to monitor for price changes or sales. At the same time we asked hundreds of Redfin real estate agents across the country to share their insights on which neighborhoods are buzzing and why.
Whipping up this special cocktail of big data analysis and real-life human experience, we assembled our list of neighborhoods with the greatest growth in popularity over the last four months.
Without further ado, here are the hottest neighborhoods of 2014:
What Are People Looking for in a Neighborhood?
Highly ranked schools and scenic community parks look like the obvious common thread among the top neighborhoods. However, Redfin agents have found that the real trend in 2014 neighborhood popularity is a short commute at an affordable price. The trending neighborhoods offer a short drive to or easy access to a commuter rail line at prices that are not the most expensive in the city.
“After a year in which prices popped 13%, Americans are checking out still-close-in but often-overlooked neighborhoods in search of affordability, even if means less-fashionable restaurants or a home that needs a little more work,” said Redfin CEO Glenn Kelman. “Like the actress who was nominated for 18 Emmys before finally winning, these are the Susan Luccis of neighborhoods, finally getting their due. The buyers who have made these alternative spots so hot aren’t like the ones we saw in the last boom, who just borrowed more and paid up. Our clients in 2014 have settled on a price range, and they’re sticking to it.”
Senior Director, Coldwell Banker New Homes Division
With over 200 condominium, townhome and loft projects successfully marketed
“Fewer properties for sale with such remarkably low interest rates make it a great time to sell but a more difficult time to buy”