1. Jungle Terrace: St. Petersburg, Fla.
Median list price July 2016: $165,999.50
Median list price July 2017: $239,900
Year-over-year change: 44.52 percent
Median days on market: 10
Florida reigns as the king of the hottest neighborhoods in the U.S. The neighborhood of Jungle Terrace has truly taken off, seeing home prices almost double from 2016 to 2017. At the same time, housing demand hasn’t let up, with the median time on the market spanning only 10 days.
Jungle Terrace benefits from a great location. It straddles U.S. Highway 19, which connects St. Petersburg in the south to Clearwater to the north. Both cities have lower unemployment rates than the U.S. overall, and both anticipate future job growth that exceeds the national average. As an up-and-coming neighborhood set right between these two, Jungle Terrace stands to gain a lot.
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Methodology: To determine the hottest neighborhoods in the U.S., GOBankingRates calculated 1) the year-over-year increase in median list prices for 1,761 neighborhoods across the country, July 2016 to July 2017, with neighborhood price data sourced from Zillow. The other principal factor was 2) median days on market, which is the median amount time homes stay on the market before being sold, sourced from Redfin.