While home sales moderated in most of the country this year, in some neighborhoods, competition proved fierce for home buyers, with bidding wars and escalating prices.
The real estate brokerage Redfin culled offers data from its real estate professionals across the country as well as 2014 sales transactions from multiple listing services to rank the most competitive neighborhoods to purchase a home in 2014. The neighborhood rankings are based on the percentage of Redfin offers that encountered competition and the percentage of homes that sold above the list price.
The following neighborhoods topped the list as the most competitive places to buy a home in 2014:
1. Sunset District (San Francisco)
- Median sales price: $955,000
- 2014 price growth: 12.5%
- Multiple offers: 54.2%
- Sold above asking price: 87.9%
2. Castro (San Francisco)
- Median sales price: $1,294,500
- 2014 price growth: 7.9%
- Multiple offers: 52.9%
- Sold above asking price: 84.6%
3. Bernal Heights (San Francisco)
- Median sales price: $1,050,000
- 2014 price growth: 13.5%
- Multiple offers: 58.1%
- Sold above asking price: 78.1%
4. Jamaica Plain (Boston)
- Median sales price: $457,000
- 2014 price growth: 8.8%
- Multiple offers: 72.9%
- Sold above asking price: 60.9%
5. Silver Lake (Los Angeles)
- Median sales price: $822,000
- 2014 price growth: 14.2%
- Multiple offers: 71.9%
- Sold above asking price: 55.6%
6. Almaden Valley (San Jose)
- Median sales price: $1,080,000
- 2014 price growth: 15.1%
- Multiple offers: 56.7%
- Sold above asking price: 65.7%
7. Ardenwood (Oakland)
- Median sales price: $780,000
- 2014 price growth: 11.3%
- Multiple offers: 44.7%
- Sold above asking price: 75.7%
8. Cambrian Park (San Jose)
- Median sales price: $812,000
- 2014 price growth: 11.1%
- Multiple offers: 52.5%
- Sold above asking price: 67.9%
9. Ravenna (Seattle)
- Median sales price: $582,500
- 2014 price growth: 11.5%
- Multiple offers: 62.9%
- Sold above asking price: 57.3%
10. Allston/Brighton (Boston)
- Median sales price: $336,225
- 2014 price growth: 8.5%
- Multiple offers: 70%
- Sold above asking price: 49.5%
Source: “The Most Competitive Neighborhoods for Homebuyers in 2014,” Redfin (Dec. 22, 2014)