Based on a new report, Fall River is one of the hottest neighborhoods in the country.
According to real estate website Redfin, people are moving to Fall River at a high rate.
The Scholarship City ranks 7th in the country according to their analysis.
Redfin issued their top ten list and the majority of the top 10 neighborhoods have seen double-digit growth in home sales and housing values over the past year. Affordability was also a hot point.
How Redfin determined the results was based on analysis that ranked U.S. zip codes by year-over-year growth in listing views on Redfin.com and Redfin Compete Score—a measure of how difficult it is to win a home based on factors including days on market, share of homes that sold above their listing prices and sale-to-list price ratio.
Some of the neighborhoods on the list such as California’s Lake Tahoe and the Lakes Region of New Hampshire, are popular vacation spots.
“Remote work is allowing Americans to live where they actually want to live. People are no longer tied to the cities where their offices are located,” said Redfin Chief Economist Daryl Fairweather. “Some folks are buying second homes in resort towns while others are moving to family-friendly suburbs where they can get more bang for their buck.”
The pandemic will eventually come to an end, but suburbs and vacation towns will likely remain popular among homebuyers, Fairweather added.
“You can’t put the genie back in the bottle,” Fairweather said. “Many Americans have learned that they can be productive working from home. If their employer asks them to return to the office in the city five days a week, they can find a new employer.”
Here is the analysis they developed concerning Fall River.
7. Fall River, MA
Zip code: 02723
Parent metro area: Providence, RI
Median sale price: $315,000 (+17% YoY)
Median sale price of parent metro area: $335,000 (+16% YoY)
Median days on market: 23 (-32 days YoY)
Change in home sales: +6% YoY
Change in median views per listing: +242% YoY
Share of homes that sold above list price: 67%
“Fall River is definitely an up-and-coming city. A lot of investors are buying homes here because the local transportation authority is building a train line that will go directly into Boston,” said Redfin agent Alysandra Nemeth. “The area is full of big, old, colonial homes that have been converted into three-unit apartments. Oftentimes, owners will live in one of the units and rent out the other two to help pay their mortgage.”
Nemeth continued: “Almost all of my buyers are coming from Boston. Everyone is trying to get out of the city, and they can get more for their money in Fall River. Each offer I write for a client competes with a minimum of three other bids, and homes are selling for at least the asking price, if not a little more. This is partly because inventory is so low—there are way more buyers than listings.”
For more on the analysis, click here.