Yes, NEIGHBORHOOD is a Scrabble word!

Letter values in Scrabble US: N 1, E 1, I 1, G 2, H 4, B 3, O 1, R 1, H 4, O 1, O 1, D 2.

Is it a valid word?

NEIGHBORHOOD is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

a surrounding or nearby region
people living near one another
the approximate amount of something (usually used prepositionally as in `in the region of')
an area within a city or town that has some distinctive features (especially one forming a community)

Also: neck of the woods.

Not playable in Scrabble US: NEIGHBOURHOOD.