Redfin predicts Eliot as the 5th Hottest Neighborhood in the Country for 2017!
Redfin, the next-generation real estate brokerage, has announced its annual list of neighborhoods across the country it predicts will be the hottest this year. To rank the neighborhoods that are heating up the most, the brokerage analyzed hundreds of millions of pageviews to Redfin.com and homes that users saved to their favorites to monitor for price and status changes. The analysis also takes into account insights from local Redfin real estate agents who specialize in the local neighborhoods.
High-growth job centers are driving this year’s list of hottest neighborhoods; the top five hottest neighborhoods all sit close to Los Angeles, Portland, San Francisco and Seattle. But while home prices continue to rise in the centers of these booming tech cities, home buyers are increasingly focusing their searches in neighboring cities. Redfin real estate agents explain that these communities offer home buyers the best balance of everything: quick access to public transit, trendy shopping and dining options, plus larger move-in ready homes with charm and price tags that are a little easier to bear.
This trend stayed true in the Portland area, where Eliot, Barclay Hills and Vancouver were predicted to be the hottest of 2017. Renovated homes that preserve the nature and charm of the area while offering updated amenities is one of the many reasons Eliot topped the list. This wave of renovation, coupled with increased demand, is causing a significant increase in home prices. Eliot saw home prices rise 30 percent in the last year.
Local Redfin agent, Michael Morris, noted that “…as traffic intensifies in Portland, proximity to downtown and access to public transportation are increasingly important to many buyers. Not only does Eliot have a high Walk Score, with arguably some of the best restaurants in the city peppered throughout, but it’s also right across the river from downtown, has easy access to the MAX line and even has a bike lane running right through the center of the neighborhood (and an impressive Bike Score of 96). Eliot has diverse housing stock with a mix of older renovated homes, new condos, and townhomes, especially along Williams and Vancouver. Those recent housing developments and rehabilitations, along with the many transit options, are making Eliot an especially popular location right now–even though the neighborhood has been garnering attention for a few years.”