If you bought—or attempted to—buy a home in Fishtown this year, then this news may not come as a surprise to you. But for the rest of us, keep this in mind if you're considering settling down in the North Philly neighborhood: Fishtown was the most competitive 'hood for homebuyers in 2015, according a recently released Redfin report. In this neighborhood, 31 percent of offers made via Redfin escalated into bidding wars; 38 percent were cash deals; and 16 percent of homes sold for over the asking price.
There's no denying the neighborhood's immense growth over the past few years. The winner of last year's Curbed Cup Neighborhood of the Year Award, Fishtown has emerged as the hipster haven of Philly with a bustling restaurant, retail, and music scene that continues to attract both developers and young families.
The Redfin report also found that the average median sale price for a Fishtown home was $245,000. That's about a 15 percent year-over-year increase. Homes also stayed on the market for about 53 days.
Just be glad you're not in Boston. As our friends over at Curbed Boston can attest, trying to find a home in that city is serious business. In Inman Square, named the most competitive neighborhood in the country, homes sold about 68 percent above the asking price and 96 percent of Redfin offers faced bidding wars.
·2015's Most Competitive Neighborhoods for Homebuyers [Redfin]
·Should you buy or rent in Philly in 2016? [Curbed Philly]