""Redfin,"":http://www.redfin.com/#home a Seattle-based real estate broker driven by technology, is finding some of the nation's top emerging markets in what the broker says are unlikely places.[IMAGE]
Redfin ""studied"":http://www.prnewswire.com/news-releases/redfin-names-the-real-estate-neighborhoods-to-watch-in-2013-186774801.html 48 emerging neighborhoods located within 16 major metro areas across the country to determine which neighborhoods showed the most promise in terms of price growth this year.
""The results surprised us,"" said Glenn Kelman, CEO of Redfin. ""[T]he 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.""[COLUMN_BREAK]
Kelman sees this trend as ""the surest sign that the recovery is broadening.""
Eight of the top 10 neighborhoods are located in California.
The top neighborhood is Highland Park, located in Los Angeles. From December 2011 to December 2012, Highland Park has experienced a 48 percent drop in inventory along with a 72.7 percent rise in sales volume. Median prices in the neighborhood rose 31.2 percent over the year.
Other top emerging neighborhoods, according to Redfin's study, are located in San Diego, San Francisco, Chicago, and Seattle.
The most drastic price increase from December 2011 to December 2012 took place in The Mission, a neighborhood in the San Francisco Peninsula, where the median sales price rose 79.8 percent.
Sales volume increased most in Logan Square, a Chicago neighborhood, where sales rose 93.8 percent last year.
Inventory, another factor in Redfin's study, declined most in Livermore, located in San Francisco's East Bay. The neighborhood now has 71.3 percent fewer homes in its inventory than it did last year.
Kelman pointed out that while many industry analysts now concur the housing market bottomed out last year, ""the reality on the ground is sometimes more complicated than that.""