The most sought-after neighborhoods in 2015 won't be the trendiest or the most expensive. Instead, Redfin's recent list of the Hottest Neighborhoods of 2015 reveals that buyers are focused on "neighborhoods of compromise" that offer affordability and convenience and an overall good value, rather than living in a trendy location with a huge mortgage.
This is in contrast to last year's results that listed hip areas like Higland Park, Los Angeles and The Mission District in San Francisco as the most desired neighborhoods, and found that buyers preferred trendy urban areas with high price-tags.
"Many homebuyers have recoiled from the dramatic increase in house prices in urban centers posted over the past three years,” said Redfin Chief Economist Nela Richardson. “They are now searching for more affordable places farther out. Expect the neighborhoods on this list to see high demand in 2015 as rock-bottom mortgage rates and a more lenient mortgage lending environment help make homeownership in expensive cities less costly.”
To compile the list, Redfin looked at the neighborhoods that received the most page views and favorites on their site, analyzed data from their own "Hot Homes" algorithm, and asked local Redfin agents.
The El Cerrito neighborhood in San Diego tops the list of the most desired neighborhood of 2015 due to its mix of good shopping and dining and affordability compared to trendier neighborhoods where home buyers are finding themselves priced out.
Redfin's 10 Hottest Neighborhoods of 2015:
- El Cerrito (San Diego, CA)
- Dickinson Narrows (Philadelphia, PA)
- East Atlanta (Atlanta, GA)
- Little Neck (Queens, NY)
- Bohemia (Long Island, NY)
- Curtis Park (Sacramento, CA)
- Andersonville (Chicago, IL)
- Woodridge (Seattle, WA)
- Crocker (San Francisco, CA)
- Woodridge (Washington DC)
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