Houses in the Factoria neighborhood in Bellevue, Wash., sold for 62.1 percent above asking price and were off the market within a week in 2016.
The metro Seattle community was named by Redfin as the nation’s most competitive neighborhood, based on asking price, days on market, and price growth. Ten neighborhoods in the Seattle area, eight in Boston, and seven in Denver earned spots in the top 30.
Buyers need to act quickly in Union Square in Lakewood, Colo., where homes were on the market for a median of four days this year. Buyers in Inner Richmond in San Francisco need to put up the big bucks, as homes sold for 83 percent more than the asking price (with a median sales price of $1.9 million). Prices grew most dramatically, at 34.8 percent, in Rose Hill in Redmond/Kirkland, Wash.
What’s driving the competition? Continuously low inventory is one key factor. A six-month supply of homes for sale signals a balanced market between buyers and sellers, but home supply in most metros featured in the top 30 hovered near one or two months throughout the year.