The way real estate websites can achieve traffic and bring leads is changing all the time.
Not so long ago it was a wise thing to add all the neighbords for your town and city. Now the success of that concept is fading.
Because there are new and boring lead generation companies who have invested a lot of time and effort in producing websites that are full of neighborhoods across the USA. One is called Neighborhoods, another Niche. They have achieved great coverage and are now selling advertising space to you and I. My Lord, does it ever end?
I am not saying you should remove your neighborhood pages, or never add another one. Some of mine are very large in property count and have a good amount of sales every year. So I'll leave those be, even update them once in a while. I have IDX listings on those page too. A new construction neighborhood I rank well for bought me a buyer/seller combo on Friday.
So consider your area, the size of your neighborhoods first. Then go and check who you'll be competing against. It might not be worth the effort if you are not already in the 10 pack on the first page of results.
Alternatives to Neighborhoods
To beat these and other larger portals, switch things up a bit. Lifestyles are what we all crave. Waterfront, ranches, ocean hilltop, urban highrises, country suburban, penthouses, main level condos, main level master bedrooms, acreage, horse property, new construction. These are just some ideas. Create pages of content with reasonable SEO and you'll find your traffic will get a boost, the rankings for those pages will climb and often help the entire website.