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Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S. Trust, Bank of America Private Wealth Management; Global Banking, which provides a range of lending-related products and services; Global Markets, which offers sales and trading services, and All Other, which consists of equity investments, residual expense allocations and other.

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Redfin Ranks the Most Competitive Neighborhoods of 2019

12:01 pm ET December 23, 2019 (PR Newswire) Print

(NASDAQ: RDFN) -- Bay Area neighborhood White Oaks is the most competitive neighborhood of the year for homebuyers, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. Alger Heights in Grand Rapids, MI and East Arlington in Boston rounded out the top three competitive neighborhoods.

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"While neighborhoods in the Bay Area and Boston are still among the most competitive in the country, robust competition for homes in Grand Rapids, Minneapolis and Tacoma neighborhoods 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 because they can make higher offers than local residents when they sell their previous homes."

The report is based on 2019 rankings from Redfin's Compete Score, which uses a combination of proprietary Redfin data and data from local multiple listing services to determine how difficult it is for buyers to win a home in individual neighborhoods and cities.

Below are the most competitive U.S. neighborhoods based on an average of monthly stats from January through November 2019.

Housing market stats for the 20 most competitive neighborhoods in the U.S.
Neighborhood                 City              Metro area       Compete  Sale-to-list price ratio Median days on market Share of homes sold above list price Median sale price: neighborhood (Nov. 2019) Median sale price: metro area (Nov. 2019)
                                                                score
White Oaks                   San Carlos, CA    San Jose         95.5     105.9%                   12                    72.2%                                $1,835,000                                  $1,081,500
Alger Heights                Grand Rapids, MI  Grand Rapids     95.3     102.9%                   7                     66.9%                                $182,000                                    $207,500
East Arlington               Arlington, MA     Boston           95.1     103.6%                   9                     67.4%                                $770,000                                    $490,000
Glenview                     Oakland, CA       San Jose         95       125.2%                   14                    84.7%                                $1,170,000                                  $1,081,500
Brattle Station              Arlington, MA     Boston           94.7     103.8%                   8                     61.2%                                $693,000                                    $490,000
Creston                      Grand Rapids, MI  Grand Rapids     94.5     102%                     6                     59.3%                                $169,000                                    $207,500
AU Park / Friendship Heights Washington, DC    Washington, D.C. 94.2     103.6%                   7                     57.8%                                $1,100,000                                  $414,700
Cambridgeport                Cambridge, MA     Boston           94.1     104.6%                   9                     62.6%                                $815,000                                    $490,000
Upper Rockridge              Oakland, CA       San Jose         93.8     115%                     15                    77.8%                                $1,821,000                                  $1,081,500
Mission Dolores              San Francisco, CA San Jose         93.6     114.3%                   15                    82.3%                                $1,660,000                                  $1,081,500
Bushrod                      Oakland, CA       San Jose         93.6     119.4%                   15                    86.1%                                $950,000                                    $1,081,500
Berkeley Hills               Berkeley, CA      San Jose         93.5     116.7%                   16                    84.4%                                $1,414,000                                  $1,081,500
Bay Farm Island              Alameda, CA       San Jose         93.5     105.8%                   16                    75.1%                                $1,058,000                                  $1,081,500
Arlington Center             Arlington, MA     Boston           93.5     103.2%                   10                    59.4%                                $802,000                                    $490,000
Beresford Park               San Mateo, CA     San Jose         93.3     105.3%                   13                    74.8%                                $1,675,000                                  $1,081,500
Piedmont Avenue              Oakland, CA       San Jose         93.3     110.3%                   15                    74.5%                                $750,000                                    $1,081,500
Hartkopf                     Brooklyn Park, MN Minneapolis      93.2     102.6%                   10                    65.1%                                $223,000                                    $280,000
Fairlington                  Arlington, VA     Washington,      93       101.8%                   7                     59.1%                                $485,000                                    $414,700
                                               D.C.
Northwest Landing            DuPont, WA        Seattle          92.8     101.7%                   4                     50.5%                                $365,000                                    $557,000
North Los Altos              Los Altos, CA     San Jose         92.7     103.3%                   12                    60.1%                                $3,173,000                                  $1,081,500

Of the 10 Bay Area neighborhoods among the most competitive in the country, half are in Oakland. Although the median sale price in Oakland is more than double the national median--$720,000 versus $312,000 for the typical home in the U.S. in November--it's still well below that of San Francisco ($1.4 million) and San Jose ($1.1 million).

Oakland Redfin agent Katy Polvorosa said the area has been particularly hot this year, partly because it's more affordable than neighboring parts of the Bay Area.

"I've heard a lot of people say the Bay Area housing market is cooling this year, but I'm seeing the opposite in Oakland," Polvorosa said. "I'm writing offers that are seeing aggressive competition. Homes that are move-in ready and priced right typically receive offers within 12 to 14 days. The Oakland market is so hot that sellers are still expecting and receiving offers that waive contingencies."

Although the Bay Area is still home to plenty of competitive neighborhoods, homebuyers are gravitating toward more affordable inland metros as housing markets in coastal job centers have become more expensive. In the third quarter of 2019, 26% of Redfin.com home searchers looked to move to another metro area, with affordable places like Sacramento, Phoenix and Las Vegas as popular destinations.

The appearance of two neighborhoods in Grand Rapids on this year's ranking of most competitive neighborhoods is an example of the trend of migration away from more expensive metros.

"Affordability plus quality of life are big draws to the Grand Rapids area. I've worked with buyers from Chicago, California, Hawaii and other expensive parts of the country who are looking here because they can get so much more bang for their buck," said local Redfin agent Shellie Silva, who moved to Grand Rapids from San Diego three years ago. "Homes in neighborhoods with price points below $275,000, like Alger Heights and Creston, are prone to bidding wars and they tend to sell quickly because they're even more affordable that some other parts of Grand Rapids."

In Alger Heights, nearly 67% of homes sold for above list price and the typical home was on the market for one week before going under contract so far this year. And in Creston, 59.3% of homes sold for above list price and the typical home went under contract in just six days.

To read the full report, including methodology, please visit: https://www.redfin.com/blog/most-competitive-neighborhoods-2019.

About Redfin Redfin (www.redfin.com) is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 90 major metro areas across the U.S. and Canada. The company has helped customers buy or sell homes worth more than $85 billion.For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.

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SOURCE Redfin

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