No neighborhood in the nation is expected to be hotter in the 2013 residential real estate market than Highland Park, according to the online real estate brokerage Redfin.
Using a combination of hard data and a survey of more than 600 real estate agents, Redfin on Tuesday released its rankings of the nation's housing markets, with Highland Park topping the list.
According to Redfin, the neighborhood rankings were partly based on on-market listings, sales volume, median price per square foot, and sale-to-list ratio.
"The hottest neighborhoods are all seeing shrinking selection, increasing sales, and increasing prices—often at rates far above the metro areas that contain them," the posting on Redfin said.
Highland Park's year-over-year data showed a 48% drop in listings, with sales up 73% and prices up 31%, according to Redfin.
Other Northeast Los Angeles neighborhoods cracking the top 10 were Eagle Rock at 4th, and Glassell Park at 7th.
Highland Park has been no stranger to national media attention in recent years, with writers from the The New York Times and Los Angeles Times lauding the area's housing stock and emerging arts and design district on York Boulevard.
Such articles have been met with mixed reactions in Highland Park, making some residents burst with civic pride while angering others that the newfound attention often overlooks the neighborhood's pre-gentrification contributions to arts and culture.
What's your reaction to Redfin's list? Are you excited for what it might mean for your property's value, or concerned about what it might mean for the future of the neighborhood? Some combination of both? Let us know in the comments.
