By Mandi Woodruff
It seems that the housing market is slowly but surely rebounding in America. Existing home sales and asking prices have crept up, and analysts report decreasing delinquencies and foreclosure filings. As a result, some of the most sought-after neighborhoods in the U.S. are beginning to see high listing prices and a shrinking inventory.
Seattle-based brokerage firm Redfin has honed in on the American neighborhoods that show the most promise for 2013. In its study, the company analyzed data from 10,000 active homebuyers and 130,000 listings in 16 of the biggest real estate markets around the country.
"The results surprised us," said Redfin CEO Glenn Kelman. "The hottest neighborhoods aren't the well-known bastions of privilege. They're once-gritty urban areas and far-flung suburbs with school districts on the rise."
Overwhelmingly, California neighborhoods dominated the list, a trend Kelman chalks up to the state's improving economy and the lure of a thriving tech scene.
"Across the state, there are far more buyers than sellers, and we see bidding wars on almost every reasonably priced listing in Silicon Valley and Orange County," he told BI. "It's probably also true that what happens to America happens first in California: The real estate bubble burst in California first, so buyers there have been waiting longer to make their move than just about anywhere else."
Methodology: This ranking was based on data from December 2011-2012 for housing markets in Atlanta, Austin, Boston, Chicago, Dallas, Denver, Los Angeles, Philadelphia, Phoenix, Portland, Sacramento, San Francisco, Seattle, Silicon Valley, Southern California, and Washington DC-Baltimore. Redfin highlighted the top three neighborhoods in each metro area, then whittled the list down from 48 to round out its top 10. See the full ranking here.
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By Mandi Woodruff