For first-time (or, really, anytime) homebuyers, the biggest question is: where should I live? A new list may help you narrow down your options.
On January 28, real estate brokerage Redfin released its annual ranking of the hottest neighborhoods to watch in 2020. Along with listing the 10 hottest 'hoods in the nation (we'll get to those later), Redfin also crunched numbers on the three buzziest communities in Dallas and 60 other major metro areas.
To find these hot spots, Redfin examined neighborhoods with the greatest year-over-year growth in listing pageviews on Redfin.com and talked to local realtors. "Some of the neighborhoods included may not meet the conventional definition of 'hot,'" the company hedges in a release, "but are still trending among homebuyers."
In the Dallas metro area, the three hottest neighborhoods vary greatly by location and price point:
Located 11 miles southeast of downtown Dallas sits the affordable neighborhood of Rylie, with a median sale price of just $178,000, well below the Dallas median of $299,000. Homes in Rylie spend a median 29 days on the market, the shortest time among the three featured Dallas neighborhoods (and good news for sellers).
Phillips Creek Ranch
In Phillips Creek Ranch, a master-planned community located in booming Frisco, homes go for well above the Dallas median price. Redfin says the median sales price in the upscale neighborhood is $650,000 — more than double the Dallas median. These pricey properties stay on the market for a median 98 days, giving buyers a bit of an advantage when it comes to making an offer.
Situated near Joe Pool Lake, in the cities of Cedar Park and Grand Prairie, Lake Ridge offers a middle ground between Rylie and Phillips Creek Ranch. The median home price in this community is $420,950, and homes spend about 70 days on the market.
As for the 10 hottest neighborhoods in the U.S., no Texas cities made the list. Instead, it concentrated largely on the Southeastern U.S., with the Washington, D.C. metro area making two appearances, likely thanks to Amazon's HQ2 announcement last year. The 10 Hottest Neighborhoods to Watch in 2020 are:
- No. 1 — Willowsford, Ashburn, Virginia (Washington, D.C. metro)
- No. 2 — Bal Harbour, Fort Lauderdale, Florida
- No. 3 — Wildwood, Charlotte, North Carolina
- No. 4 — West Arvada, Colorado (Denver metro)
- No. 5 — Waverly Hills, Arlington, Virginia (Washington, D.C. metro)
- No. 6 — Adamsdale, North Attleboro, Massachusetts
- No. 7 — Poplar Grove, Indianapolis
- No. 8 — West Ridge, Woodinville, Washington (Seattle metro)
- No. 9 — Raleigh, Memphis, Tennessee
- No. 10 — Old Town Rocklin, California (Sacramento metro)