Washington Square Is One of the Most Competitive Neighborhoods of 2016

Homes spend a week on the market there before being snatched up.

washington square brookline

Image via Google Maps

Brookline’s Washington Square ranked as the third most competitive neighborhood in the country in 2016.

That’s according to Redfin’s annual list of the 30 most competitive U.S. neighborhoods. The relaxed corner of Brookline was beat only by two neighborhoods in Seattle, and is followed by Somerville’s Prospect Hill.

On average, homes spend a week on the market in Washington Square before being snatched up. The median home price is a healthy $945,000, and last year, more than half of the neighborhood’s homes sold for more than asking price. Overall, Washington Square’s home prices grew 30 percent in 2016.

Prospect Hill clocked in closely behind, with homes there spending an average of eight days on the market. The median sale price is a lower $635,000, but prices grew 30.9 percent in the past year.

Analysts at real estate brokerage Redfin looked at factors like year-over-year sales price growth, the percentage of listings that sold above asking price, and the median number of days on the market to compile the list.

Homebuyers look to have it tough in Seattle, Boston, San Francisco, and Denver, as these cities make up the majority of the list. Redfin notes continuously low inventory is to blame for the fast-paced market. A total of eight Boston metro areas appeared in the top 30 most competitive neighborhoods, including East Watertown, West Cambridge, Waverley Square, Union Square, and Jamaica Plain.

You can see the full list here.