Real estate brokerage Redfin has published its findings of the Most Competitive Neighborhoods of 2019, and two Grand Rapids locations were slated among the top 10.
The rankings were determined by 'Compete Scores,' primarily calculated based on four inputs: number of competing offers, waived contingencies, sale to list ratio, and number of days on market. Both the Alger Heights and Creston neighborhoods landed near the top of the list, with Alger Heights coming in at second and Creston ranking at sixth.
The two Grand Rapids locations also had the most affordable median sale prices among the 20 hottest neighborhoods nationwide. Alger Heights had a median sale price of $182,000, while Creston home sales had a median price of $169,000. Grand Rapids' two appearances on the list highlights a continuing trend, said Redfin agent Shellie Silva. As home prices rise in more populous coastal areas, buyers are beginning to migrate to more affordable metros like Grand Rapids.
"In Alger Heights, nearly 67% of homes sold for above list price and the typical home was on the market for one week before going under contract so far this year. And in Creston, 59.3% of homes sold for above list price and the typical home went under contract in just six days," said Dana Anderson, author of Redfin's 'Most Competitive Neighborhoods of 2019' report.
Top 10 Hottest Neighborhoods in the U.S.
- White Oaks, San Carlos, CA | Median Sale Price: $1.8M
- Alger Heights, Grand Rapids, MI | Median Sale Price: $182,000
- East Arlington, Arlington, MA | Median Sale Price: $770,000
- Glenview, Oakland, CA | Median Sale Price: $1.2M
- Brattle Station, Arlington, MA | Median Sale Price: $693,000
- Creston, Grand Rapids, MI | Median Sale Price: $169,000
- AU Park/Friendship Heights, Washington, DC | Median Sale Price: $1.1M
- Cambridgeport, Cambridge, MA | Median Sale Price: $815,000
- Upper Rockridge, Oakland, CA | Median Sale Price: $1.8M
- Mission Dolores, San Francisco, CA | Median Sale Price: $1.7M