9 Boston neighborhoods among hardest places in nation to buy a house
The 30 most competitive neighborhoods of 2015 were all located in four metros – the Boston area included.
Where there are tech jobs, there are also home bidding wars, at least according to a new Redfin report.
Redfin found the places around the country where homebuyers faced the most competition for homes, looking at metrics like sale price growth, listings sold above asking price, days on the market, ratio of sale to list price, cash buys, the percentage of bidding wars, and the number of competing offers.
All of the 30 most competitive neighborhoods were located in only four metro areas – Boston, Portland, San Francisco, and Seattle.
And Cambridge’s Inman Square ranked as the No. 1 most competitive market in the nation for 2015, with a $660,000 median sale price and a 17.9 percent median sale price growth. 96 percent of Redfin offers in Inman Square faced bidding wars.
“It’s incredibly rare for a home in Cambridge not to get multiple offers. Offering over list price, waiving contingencies – buyers are doing everything they can to compete,’’ Boston Redfin agent Katie Gustafson said in a statement.
Eight other Boston area neighborhoods made it on the list:
3. Brighton/Allston with a $341,000 median sale price
6. Spring Hill in Somerville with a $619,000 median sale price
10. Cambridgeport with a $712,000 median sale price
19. Powder House Square in Somerville with a $630,000 median sale price
25. Neighborhood Nine in Cambridge with a $678,500 median sale price
26. Washington Square in Brookline with a $745,000 median sale price
27. East Arlington in Arlington with a $550,000 median sale price
29. North Cambridge with a $606,300 median sale price
All of these neighborhoods had 80 percent or more of Redfin offers face a bidding war. The Redfin report notes that, maybe not so coincidentally, many of these neighborhoods are near MIT and Harvard.
“About 80 percent of my clients work in the medical, pharmaceutical, R&D or engineering fields related to the universities and hospitals in the area,’’ Gustafson said in a statement.
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