Most real estate experts agree that rising home prices of 2012 will continue upward in the New Year. Unsurprisingly, the San Francisco Bay Area is a market to watch, having fared well through the recession in terms of property values. Surprising though is which neighborhoods are gaining value most dramatically. Redfin's list of "neighborhoods to watch across the nation" include Bay Area 'nabes, to be sure, but none are the usual suspects when it comes to "most desired." Redfin's analysis identifies neighborhoods expected to experience the steepest home price hikes in 2013.
"The results surprised us," said Redfin CEO Glenn Kelman. "The hottest neighborhoods aren't the well-known bastions of privilege. They're once-gritty urban areas and far-flung suburbs with school districts on the rise. This is the surest sign that the recovery is broadening, and that home-buyers are venturing out to once-marginal areas hit hard when the bubble burst." The top three "once-gritty" 'hoods for the San Francisco Peninsula: The Mission, Foster City, and Belmont; for the East Bay/Silicon Valley region: Livermore, Willow Glen, and East Dublin. Does this mean we've missed our chance to buy into some of the last remaining "affordable" areas in the Bay? Maybe. According to Redfin, these neighborhoods are on the upswing, nowhere near their peak. A case of buy now or be forever priced out? Chime in, savvy readers.
· Which Neighborhoods Will Be Hottest in 2013 [Redfin Blog]