A new Zillow analysis shows that home shoppers desire homes in some of the most luxurious neighborhoods in the country.
Just ahead of Valentine's Day, Zillow analyzed which neighborhoods in major metro areas have the most-loved homes, based on the number of favorites per home. Favoriting a home on Zillow is a way for shoppers to save homes they're interested in, making it easy to show a friend, partner or real estate agent.
The most swooned-over areas are luxury neighborhoods, popular vacation or retirement communities, and up-and-coming urban locales that offer potential investment opportunities.
Topping the list are The Oaks, a star-studded neighborhood near Los Angeles in Calabasas, Lake Nona Estates, a golfing community in Orlando, and Kingswood, located in Atlanta's affluent Buckhead district. Home values in each of these neighborhoods are at least three times greater than in their overall metro areas.
"The heart moves in mysterious ways – in real estate as often as in love. But in both love and real estate, there are some common patterns. The homes that Zillow shoppers have loved the most over the past year cluster into the beautiful, the fun, and the expensive," said Zillow senior economist Aaron Terrazas. "Inventory is starting to recover, but home shoppers still have to decide between the must-haves and the extras that they are willing to do without. Shoppers may gravitate toward fantasy homes and neighborhoods initially, but most often decide on homes in more affordable communities with good access to transit and jobs, as evidenced by home prices growing fastest in these types of areas."
A well-presented home for sale draws the eyes of home shoppers, so sellers should follow the hearts as well. A previous Zillow analysis found that homes with more favorites sell faster and for more money. Homes across the U.S. that receive 30 or more favorites within their first week of hitting the market typically sell in under two weeks, with more than 40 percent selling above list price. Sellers can check their Owner Dashboard to track how many people have favorited their home.
These are the most-favorited neighborhoods in each of the nation's 35 largest metros: