How to find the hottest neighborhoods

Redfin, the online real estate brokerage, set out to find the most competitive neighborhoods of 2016, as measured by a number of factors, including:

  • Year-over-year median sales price growth
  • Percentage of listings that sold above asking price
  • Median days on market
  • Average ratio of sale price to list price
  • Percentage of homes that sold for all cash

So, without further ado, here are the 10 hottest neighborhoods of 2016, as determined by Redfin.

1. The Factoria neighborhood of Bellevue, Washington

In this Seattle suburb, the median home sales price was $352,500, which is 25.9% above 2015’s total.

The average sale-to-list price was 104.9%, meaning the average sale price in Factoria was 104.9% of the list price. Additionally, 62.1% of the homes in the area sold above asking price.

The median number of days on the market in Factoria was just seven, while 46.3% of the home sales in the neighborhood were all cash.

2. The University District neighborhood of Seattle

In this area, the median home sales price was $559,000, which is 22.2% above 2015’s total.

The average sale-to-list price was 105.1%. Additionally, 66.1% of the homes in the area sold above asking price.

The median number of days on the market in the University District was just seven, while 34.8% of the home sales in the neighborhood were all cash.

3.  The Washington Square neighborhood of Brookline, Massachusetts

In this Boston suburb, the median home sales price was $945,000, which is 30% above 2015’s total.

The average sale-to-list price was 102.1%. Additionally, 55.9% of the homes in the area sold above asking price.

The median number of days on the market in Washington Square was just seven, while 42.7% of the home sales in the neighborhood were all cash.

4. The Prospect Hill neighborhood of Somerville, Massachusetts

In this Boston suburb, the median home sales price was $635,000, which is 30.9% above 2015’s total.

The average sale-to-list price was 102.6%. Additionally, 56.9% of the homes in the area sold above asking price.

The median number of days on the market in Prospect Hill was just eight, while 41.2% of the home sales in the neighborhood were all cash.

5. The Inner Richmond neighborhood of San Francisco

In this area, the median home sales price was $1.9 million, which is 26% above 2015’s total.

The average sale-to-list price was 111.5%. Additionally, a whopping 83% of the homes in the area sold above asking price.

The median number of days on the market in Inner Richmond was 13, while 33.8% of the home sales in the neighborhood were all cash.