As the Atlanta market continues to boom, buyers are constantly looking out for the best neighborhoods to settle into. Redfin put out two reports — 2017’s Most Competitive Neighborhoods and Hottest Neighborhoods of 2018 — that may provide some hints as to which parts of Atlanta are considered hot markets.
Redfin reports that the 2017 housing market was the most competitive it’s been since 2013. More than half of all offers written by Redfin agents encountered competition, and homes were on the market a median 45 days — six fewer than 2016.
In Atlanta, nearly 34 percent of Redfin offers were subject to a bidding war in 2017. The three most competitive neighborhoods were Avondale Estates, which saw a 99 percent average sale-to-list price; Decatur, which had a 98.6 percent average sale-to-list price; and Powder Springs, which also had a 99 percent average sale-to-list price. Each also had a median days on market below the national average.
|City||2017 Median Sale Price||Average Sale-to-List||Homes Sold||Sold Above Asking Percentage||Median Days on Market||2017 Price Growth|
Redfin also placed its estimates for three neighborhoods in major metros across the country that it believes are going to become the next big thing in 2018. This is based on the affordability of the neighborhoods and interest in the area. The westside Atlanta neighborhood of Hunter Hills topped the list, followed by Princeton Lakes and Washington Park.
“The Hottest Neighborhoods within reach list has places chock-full of amenities and diverse housing types,” said Redfin chief economist Nela Richardson. “Features like easy commutes, farmer’s markets and proximity to parks or the beach all represent livability characteristics that many people value when searching for homes. Also, these areas have a mix of single family homes, condos and townhouses, which make the neighborhoods accessible to a wide range of incomes.”
|Neighborhood||Median Sale Price (Dec. 2017)||Average Sale-to-List Price Ratio||% of Homes that Sold Above List Price||Median Days on Market|