The 4 Hottest Neighborhoods of 2016

If you live in the Seattle or Bellevue area, you’ve heard this multiple time. Seattle is one of the nation's hottest markets in real estate. Right now, it’s more normal than ever to see multiple offers, bidding wars, and homes selling for well over asking price. 

Sure, it seems like every area is hot no matter where you go in the area. But, where are the markets hottest in the Seattle area? Research conducted by Redfin ranked neighborhoods based on several indicators including the percentage of homes that sold for more than their asking price, how quickly homes went under contract and annual price growth in 2016.

1. Factoria, Bellevue, WA

  • Price Growth- 25.9%
  • % Sold Above Asking- 62.1%
  • Median Days on Market- 7
  • % All Cash- 46.3%

Factoria is located in South Bellevue, conveniently off of interstate 90, which makes this a desirable location. With easy access north to Bellevue, west to Seattle, or East to the mountains, this area continues to be in demand. A use of both commercial and residential areas, this is an up and coming neighborhood for those looking to find their next home. 

2. University District, Seattle, WA

  • Price Growth- 22.2%
  • % Sold Above Asking-  66.1%
  • Median Days on Market- 7
  • % All Cash- 34.8%

University district derives it's name from being on campus of the University of Washington. It offers a great mix of shopping, traditional homes, and great restaurants. Living here, you could find yourself admiring the gorgeous architecture and surroundings in the campus of the University of Washington, shopping at University Village, or checking out a hip restaurant on "The Ave." 

3. Woodridge, Bellevue, WA

  • Price Growth- 12.5%
  • % Sold Above Asking- 74.3%    
  • Median Days on Market- 7
  • % All Cash- 36.8%

Woodridge is located immediately south of downtown Bellevue, offering easy access to freeways and downtown Bellevue. Residents of Woodridge enjoy the public schools, abundance of trails for walking, and the local community centers to spend time. 

4. Brickyard Road-Queensgate, Bothell, WA

  • Price Growth- 20.4%
  • % Sold Above Asking- 80.4%    
  • Median Days on Market- 5
  • % All Cash- 25%

Minutes north of Kirkland, brings you into Brickyard Road-Queensgate, Bothell, WA. Residents here enjoy the peace, family friendly neighborhoods, and convenient access to freeways. Quickly make your way into Woodinville for wine tasting, or head just minutes south to Bellevue for shopping. 

What’s driving this growth? Simply put, it’s the lack of available inventory. 

Yes, it’s competitive to buy right now, and yes your patience will be tested during your pursuit of buying a home. The good news is, that if you’re looking to buy a home in a competitive market, you still can. Be ready, have an offer ready to go, and make it easy for the sellers to close. In the event of a bidding war, it’s important to have a good agent on your side.