One of the nation’s leading online realtors
says expensive coastal hubs remain the most coveted places to live, but current
research shows neighborhoods in Baltimore and Philadelphia are gaining
popularity as the most desired affordable neighborhoods in 2019, according to
Redfin's Hottest Affordable Neighborhoods report is an
adaptation of the annual Hottest Neighborhoods report. The Hottest Affordable
Neighborhoods report determines which hot neighborhoods are within reach for
the average homebuyer by incorporating a price cap of $294,000, the national
median home price.
This year, the hottest neighborhoods within reach are concentrated
mostly in Baltimore and Philadelphia, two metro areas that are often considered
affordable alternatives to Washington, D.C. and New York. Neighborhoods in
Chicago, the Portland, Oregon and Boston metro areas and San Antonio also show
up in the rankings.
Below is the complete list of Redfin.com's hottest
affordable neighborhoods
this year research and an industry trends research from
Redfin (www.redfin.com), a NASDAQ traded real estate brokerage based in
Seattle, Washington. All statistics on median sale price, average sale-to-list
price ratio and percent of homes that sold above list price are from late 2018.
ADDED: Hot
restaurants in each neighborhood were added by PillartoPost.org, publisher of
the blog you are currently viewing.
Here’s the List
1. McKinley Park,
Chicago, IL
Median sale price: $270,000
Median sale price for metro area: $230,000
Average sale-to-list price ratio: 97.9%
Percent of homes that sold above list price: 35.1%
"Homebuyers are flocking to McKinley Park because it's
just south of Pilsen, which is one of the trendiest neighborhoods in the
country, and it's just west of long-established Bridgeport. People who are
priced out of Pilsen are looking in McKinley Park," said Redfin agent Niko
Voutsinas. "People who live there have have excellent connectivity to
downtown because it's right off the L and the expressway. The neighborhood has
a beautiful park with public amenities, a pond and an outdoor swimming
pool."
Cool Restaurant: Huck Finn’s, 3414 S. Archer, Chicago, 24-7; family
style and known for its Becky Thatcher biscuits and hub cap size Texas
doughnuts.
Median sale price: $200,000
Median sale price for metro area: $199,000
Average sale-to-list price ratio: 98%
Percent of homes that sold above list price: 28.1%
"East Mount Airy is attractive to homebuyers because
it's close to the center of the city and transit options. It's also near
Fairmount Park, which is one of the largest urban green spaces in the country.
Compared to other neighborhoods in Philadelphia, homes tend to be reasonably
priced and they're larger with lots of character," said Elizabeth Tumasz,
a Philadelphia Redfin agent. "Easy access to cafes, shopping, co-ops and
bookstores is an added bonus."
Brew Pub: Earth Bread
+ Brewery, 7136 Germantown Ave. in nearby Mt. Airy
3. Parkville,
Baltimore, MD
Median sale price: $204,900
Median sale price for metro area: $270,000
Average sale-to-list price ratio: 98.2%
Percent of homes that sold above list price: 24%
"Parkville is popular for people who want to live
slightly outside the city of Baltimore. People appreciate that they're not too
far from downtown, but the property taxes are less expensive and the homes tend
to be larger," said Redfin agent Juliana Weaver. "There are also a
lot of cute Cape Cod style homes in the area, so I always recommend Parkville
to people looking for that type of home."
Top restaurants:
No shortage in the area for top seafood and the beer boiled crab and crab cakes
that make this ‘hood a culinary. Pappas
Restaurant is a busy but tasty local.
Taylor and Oakleigh Rd.
4. Hamilton,
Baltimore, MD
Median sale price: $159,500
Median sale price for metro area: $270,000
Average sale-to-list price ratio: 98.5%
Percent of homes that sold above list price: 31.6%
"Over the last few years, a lot of homes in the
Hamilton area have been renovated and that trend is expected to continue.
There's still a lot of room for it to grow," said Redfin agent Juliana
Weaver. "The neighborhood is known for smaller single-family homes with
small yards at a slightly lower price point than is typical for Baltimore.
People love the neighborhood because there are a lot of local restaurants and
small business."
Local pub: Hamilton Tavern, 5517 Harford Rd. Farm to
table pub standards and wide selection of microbrews.
5. Fircrest,
Vancouver, WA (Portland, OR metro area)
Median sale price: $282,500
Median sale price for metro area: $385,000
Average sale-to-list price ratio: 100.1%
Percent of homes that sold above list price: 20%
"This area is a mix of new construction and older homes
with large yards that have been fixed up, and both options tend to be
affordable," said Redfin agent Rebecca Thompson. "It's an easy
commute for people who work in Portland, the homes aren't cookie-cutter and
it's definitely getting more popular among buyers."
6. Bustleton,
Philadelphia, PA
Median sale price: $248,250
Median sale price for metro area: $199,000
Average sale-to-list price ratio: 98.1%
Percent of homes that sold above list price: 29.4%
"Bustleton is located in the far northeastern part of
Philadelphia. It's attractive because properties tend to be priced lower than
those in the center of the city. It's close to shopping centers and it's also
close to public transportation and major highways, which makes for an easy
commute to the center of the city," said Redfin agent Elizabeth Tumasz.
"Homebuyers like the area because they can stay in the city and still get
that suburban feel. Homes in Bustleton tend to have nice, grassy yards, and there
are a lot of coffee shops, restaurants and parks in the area."
Ethnic eats:
Pierogi Factory, 9965 Bustleton Ave. No
better Polish cuisine than Philly.
7. Linthicum,
Baltimore, MD
Median sale price: $271,000
Median sale price for metro area: $270,000
Average sale-to-list price ratio: 99.4%
Percent of homes that sold above list price: 37%
"Linthicum is a small suburb located just outside
Baltimore, and it's becoming increasingly popular for homebuyers," said
Redfin agent Debra Morin. "It's a quiet, well-established community with a
small-town feel and several walking and running trails, including Andover Park
and the BWI trail. Linthicum has relatively affordable housing and it's close
to Baltimore Washington International Airport, with easy access to public
transit and major highways."
Crabcake central:
G&M Restaurant & Lounge, 804 N. Hammonds Ferry Road, Linthicum Heights.
Mill City BBQ & Brew, 1018 Gorham St. Ain’t the prettiest but there’s pure taste coming out of this weathered brick café. |
Median sale price: $249,250
Median sale price for metro area: $471,100
Average sale-to-list price ratio: 102.5%
Percent of homes that sold above list price: 38.9%
"Lowell is an interesting area because it was known for
textile mills back in its heyday, but it has struggled to find its footing in
more recent times. But now we're seeing investors putting their money back into
the area, with UMass and big-name local investors putting millions to
work," said Redfin agent David Pollack. "It has a great downtown area
with a lot of restaurants and bars, and it's home to a folk festival, a
favorite in the summer. There's a commuter rail that takes you right into Boston,
and it's also home to a minor league baseball team that brings in crowds. But
you still get a lot of bang for your buck in Lowell, especially compared to
bordering towns."
Cozy Neighborhood
joint: Mill City BBQ & Brew, 1018
Gorham St. Ain’t the prettiest but there’s pure taste coming out of this
weathered brick café.
9. Fox Chase,
Philadelphia, PA
Median sale price: $219,000
Median sale price for metro area: $199,000
Average sale-to-list price ratio: 98.4%
Percent of homes that sold above list price: 30.2%
"Fox Chase is in Philadelphia, but it definitely has a
suburban feel with a lot of ranch-style houses and twin homes with front yards.
A lot of them have garages, too" said Redfin agent Michael Severns.
"The neighborhood is perfect for people who commute into the city because
it has easy access to main thoroughfares like the Roosevelt Corridor and
Highway 611. A lot of people who grew up closer to the city in places like
Fishtown and Kensington eventually search for homes a little bit further out in
Fox Chase."
Brew pub: Iron Hill Brewery & Restaurant, 785
Huntington Pike (mall).
10. Beacon Hill, San
Antonio, TX
Median sale price: $213,264
Median sale price for metro area: $220,000
Average sale-to-list price ratio: 98.5%
Percent of homes that sold above list price: 46.2%
"Beacon Hill combines old San Antonio charm with 21st
century urban living," said Perry Sanders, a Redfin agent who works in the
area. "The architecture includes a mix of single-family homes,
condominiums and townhouses. Combine that with Beacon Hill's plentiful shops
and eateries, and you quickly understand why the neighborhood has gained
popularity in recent years—a trend that's likely to continue."
The full Hottest Affordable Neighborhoods report, complete
with research methodology, is available here:
https://www.redfin.com/blog/2019/01/hottest-affordable-neighborhoods-2019.html.
To read the full Hottest Neighborhoods report, including a list of the top
three neighborhoods in each of 41 major metro areas, please visit:
https://www.redfin.com/blog/2019/01/hottest-neighborhoods-2019.html.
Cool bistro: So
Hill Café, 1719 Blanco Rd., Italian. Classic pizzas.
Redfin (www.redfin.com) is the next-generation real estate
brokerage, combining its own full-service agents with modern technology to
redefine real estate in the consumer's favor. Founded by software engineers in
2006, Redfin claims the country's #1 brokerage website and offers a host of
online tools to consumers. Redfin serves more than 85 major metro areas across
the U.S. The company has closed more than $60 billion in home sales.
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