The old adage about real estate and location has, in 2023, grown even more localized.
After years of unfettered home price growth, some cities are seeing home values correct themselves to be more in line with demand in certain high-end areas while continuing to rise everywhere else.
DON'T MISS: Here's Where Housing Prices Are Falling and Rising the Most
A neighborhood can "take off" for any number of reasons — lower prices, new development or simply a wave of new residents that set off a trend. As buyer demand starts to slow overall, certain parts of cities such as Las Vegas and Omaha are dealing with a continued influx of buyers.
Homebuyers Are Flocking To This Texas Neighborhood
Northeast Dallas is, according to a new HouseFresh report breaking down neighborhood demand in 100 of the country's biggest cities, currently the most popular among homebuyers across the country.
The researchers looked at the number of home sales, time from listing to closing as well as the number of page views homes in that neighborhood got on Zillow (ZG).
A half-hour drive from central Dallas and home to nearly 290,000 people, Northeast Dallas averaged 36,113 daily views on Zillow.
"The average price is $465,173, a fraction of that in second-place Hollywood Hills ($2.3m)," HouseFresh authors write in the report. "While LA's celebrity mecca gets plenty of curiosity clicks, Northeast Dallas can likely attribute its popularity to genuine buyer interest since the market caters well to a wide range of property hunters including families, migrants and singles."
With more than 30,000 views each, Hollywood Hills in Los Angeles and Camelback Hills in Phoenix rounded out the top three as the most popular neighborhoods in the U.S.
While the latter has long been an ultra-pricey enclave favored by both celebrities and those curious about their lifestyles, Camelback Hills has started attracting high-earning California and Washington transplants after the 2020 pandemic.
In These Neighborhoods, The Demand Just Isn't There
The top 20 includes a fairly even mix of eternally prestigious zip codes like San Diego's La Jolla and New York's Upper East Side as well as newcomers such as Summerlin North in Las Vegas and Elkhorn in Omaha.
Three of the neighborhoods in the top 20 are in Phoenix while four are in Texas.
"Homebuyer outlook has changed since the pandemic hit. Owners have been thinking about second homes to escape to, bigger suburban houses with room to work from home… or downsizing while they rebuild their careers," reads the HouseFresh report.
On the opposite end, the least popular neighborhoods in the U.S. include the Warehouse District in North Carolina's Durham and Indianapolis's Wanamaker — each of these garner only a respective 12 and 28 views a day per average.
Views do not necessarily translate to a place's status as a desirable or undesirable place to live. Some map lines are drawn out in a way that leave potential homebuyers with few new properties to search for even if the area as a whole is seeing strong demand.
"House prices in Durham’s Warehouse District in North Carolina are up 15.9% in a year but remain reasonable (for a trendy area) at $305,830," reads the HouseFresh report. "As a small neighborhood with a lot going on, there are few properties for sale. This may create less of a buzz about buying around here."
SEE THE FULL LIST OF POPULAR NEIGHBORHOODS (AND SEARCH TO SEE HOW YOURS FARES) HERE.
