- people on the move
Two GR neighborhoods among most desirable nationally
Two Grand Rapids neighborhoods are among the hottest real estate markets in the entire country according to a recent listing.
Real estate news and brokerage site Redfin recently named Alger Heights as the second-most competitive housing market in the U.S., coming in behind only White Oaks in San Carlos, California.
Redfin gave Alger Heights a “compete score” of 95.3%, just slightly behind White Oaks’ 95.5%. The Creston neighborhood also landed in the top 10, at No. 6.
“While neighborhoods in the Bay Area and Boston are still among the most competitive in the country, robust competition for homes in neighborhoods in Grand Rapids, Minneapolis and Tacoma signals the desirability of more affordable areas,” said Redfin chief economist Daryl Fairweather. “An influx of buyers from more expensive neighborhoods contributes to competition in these affordable neighborhoods, especially if they can make higher offers than local residents when they sell their previous homes.”
According to Redfin, nearly 67% of homes in Alger Heights sold for above list price, and the typical home was on the market for one week before going under contract so far this year.
Creston saw 59.3% of its homes selling for above list price and the typical home there going under contract in just six days.
Redfin’s top 10 most competitive markets
- White Oaks
- Alger Heights
- East Arlington, Arlington, Massachusetts
- Glenview, Oakland, California
- Brattle Station, Arlington, Massachusetts
- AU Park/Friendship Heights, Washington, D.C.
- Cambridgeport, Cambridge, Massachusetts
- Upper Rockridge, Oakland, California
- Mission Dolores, San Francisco, California
The rankings for most competitive neighborhoods include neighborhoods with at least 50 home sales from January through November 2019 for which Redfin has “compete score” data. The rankings in the report reflect an average of monthly stats from January through November 2019.
Compete scores rate how difficult it is to win a bid on a home in an area. Using a combination of Redfin data and data from the multiple listing services, the compete score is primarily calculated based on four inputs: number of competing offers, waived contingencies, sale-to-list ratio and number of days on market.
Some neighborhoods, including those in New York City, were excluded from the report because multiple-listing data is unavailable for many transactions there.