Homebuyers often idealize their wants on their wish list—and, for many, location is at the top.
The aspiration for a certain location, however, may be just that: an aspiration, according to a new report by Zillow that identifies what areas buyers are interested in the most:
Led by L.A.’s The Oaks, Atlanta’s Tuxedo Park and San Francisco’s Presidio Heights, the majority of neighborhoods ranked by Zillow are enclaves with high price tags, suggesting that although buyers have a demonstrated interest in them, it is more out of curiosity or desire than an intent to purchase. Zillow based its list on the neighborhood’s number of pageviews during the first three months of 2018.
“Real estate shoppers are usually very aspirational, so it’s no surprise we have a lot of shoppers looking outside of where they can likely afford and instead, looking at beautiful homes in desirable areas,” says Aaron Terrazas, senior economist at Zillow. “We see these more posh neighborhoods drawing shoppers in, but ultimately, these probably aren’t the neighborhoods most will end up in—the typical price of entry in the majority of neighborhoods on this list is generally much higher than their city as a whole.”
Homes in Malibu’s Point Dume—No. 7 in pageviews—are the steepest: a median $5,995,000, according to the report. Bel Air (No. 4) follows at a median $5,385,000. Homes in Crestwood, in Yonkers, N.Y. (No. 17), are at a median $559,735—the most affordable, relatively, of the top 20. Six of the top 20 are in the San Francisco metro, five are in the Los Angeles-Long Beach-Anaheim metro, and three are in the Atlanta metro—the majority, markedly, are on the West Coast.
“It’s hard to blame these buyers, because, really, who hasn’t dreamed big when home shopping?” Terrazas says. “Oohing and ahhing over beautiful homes has become one of America’s favorite pastimes.”
For more information, please visit www.zillow.com.