A review of sales data by Redfin real estate brokerage shows the 20 most competitive neighborhoods in the country for 2019. As expected, one of the neighborhoods was in Arlington.
Redfin’s report is based on the company’s “Compete Score,” which uses data such as the number of competing offers, how quickly a home sells, how much the sales price is above the list price and the number of waived contingencies (which refers to buyers giving up items such as a home inspection) to evaluate how difficult it is for buyers to obtain a home in a neighborhood. Each of the top 20 neighborhoods had a Compete Score above 90, which means that most homes in that community got multiple offers, typically with waived contingencies.
In the D.C. region, the AU Park/Friendship Heights neighborhood in Northwest ranked No. 7 with a Compete Score of 94.2. In that neighborhood, homes sold in a median of seven days for a median sales price to list price ratio of 103.6 percent. The median sales price for the neighborhood in November 2019 was $1.1 million, and 57.8 percent sold for more than the list price.
The other D.C.-area neighborhood on the list was Fairlington in Arlington, which ranked No. 18 with a Compete Score of 93.0. In that neighborhood, homes sold in a median of seven days for a median sales price to list price ratio of 101.8 percent. The median sales price for the neighborhood in November 2019 was $485,000, and 59.1 percent sold for more than the list price.
While some neighborhoods are still highly competitive, nationally, 12 percent of offers written by Redfin agents faced a bidding war, compared with 48 percent in 2018 and 53 percent in 2017.
The city with the most competitive markets — 10 of the top 20 — was San Francisco, followed by Boston, which had four of the most competitive neighborhoods. Grand Rapids and the District had two neighborhoods among the most competitive.
For the full report, click here.