Looking to buy a home in Portland's Hawthorne neighborhood? Good luck.
According to the Seattle real estate brokerage Redfin, the popular Southeast Portland neighborhood was among the most-competitive neighborhoods in the entire nation for homebuyers in 2015.
On a top 10 ranking of the most competitive home buying neighborhoods in the country, Hawthorne landed at No. 5. Topping out the list was Inman Square in Boston, followed by Overlake in Seattle, Boston's Brighton/Allston neighborhood and Roosevelt in Seattle.
The remaining neighborhoods on the top 10 were either in Boston, Seattle or San Francisco. In fact, according to Redfin, the 30 most competitive neighborhoods in the nation were located in just those three cities and Portland, a sign that technology hubs are booming at present.
“These four metro areas have set themselves apart in terms of attracting and creating high-wage jobs in tech, pharma and finance, and that has heated up the local housing market," said Redfin chief economist Nela Richardson, in a release.
"When a short supply of homes collides with high-income homebuyers, you get this hot, hyper-competitive climate.”
In its ranking, Redfin analyzed a range of indicators, including the percentage of homes that sold above asking price, how quickly homes went under contract and the percentage of Redfin offers that faced bidding wars. The firm noted that the data came from multiple listing services, public records and proprietary data on Redfin agent and customer activity.
According to Redfin's data, the median sales price in the Hawthorne neighborhood this year was $521,250, an increase of nearly 19 percent over last year. Fifty-six percent of homes sold in the neighborhood went for above the asking price, and the median number of days on the market for homes was just seven days.
In addition, Redfin noted that 41 percent of sales in Hawthorne were all cash transactions, and 90 percent of offers involving Redfin agents in the neighborhood went into bidding wars.
The Portland Business Journal is a KGW News partner.