The Los Angeles county assessor is reporting that Arcadia, Beverly Hills, Hollywood, Manhattan Beach and Palmdale are the county’s cities with the fastest-growing property values in 2015.
Increasing Property Values in Los Angeles County
According to the report released by the Los Angeles county assessor, the total assessed value of all property throughout the county increased by 6.13 percent to $1.26 trillion. This is the fifth consecutive year in which the county has experienced growth, with the latest figures representing the largest growth in the county’s history. As a result of the $73.1 billion increase in property values, the county has enjoyed about $730 million in additional property tax dollars.
The Most Valuable Cities in Los Angeles County
Not surprisingly, the city of Los Angeles was at the top of the list in terms of the most valuable city in Los Angeles County at $500.36 billion. This figure represents a 7.2 percent increase when compared to last year. Properties included in the data include the city’s 609,974 single-family residential homes, its 110,023 apartment building units, its 121,169 condo units and its 64,646 commercial-industrial parcels, for a total of 784,643 parcels. The remaining top four highest-valued cities in the county included:
- Long Beach at $50.1, representing a 2.5 percent increase
- Santa Monica at $31 billion, representing a 7.3 percent increase
- Beverly Hills at $27.8 billion, representing a 9.1 percent increase
- Santa Clarita at $27.3 billion, representing a 4.7 percent increase
Not surprisingly, there was some crossover when looking at the cities with the greatest value and the cities with the fastest growth. Those cities in the county with the fastest growth included:
- West Hollywood with 9.8 percent growth
- Beverly Hills with 9.1 percent growth
- Arcadia with 8.8 percent growth
- Palmdale with 8.3 percent growth
- Manhattan Beach with 8.1 percent growth
On the other end of the spectrum, the cities with the least amount of growth were Santa Fe Springs, Irwindale, Paramount and Montebello. To determine the fastest-growing cities in the county for its annual report, the Los Angeles county assessor examined detailed information from each of the 88 cities in the country.
Unemployment Declining in Los Angeles County
It is no secret that property values and unemployment frequently go hand-in-hand. According to figures released by the state Employment Development Department, the seasonally adjusted unemployment rate in Los Angeles County fell to 6.9 percent in August from the revised 7.2 percent in July. The drop is even greater when compared to August of last year, at which time the rate was 8.1 percent. Overall, civilian employment decreased by 4,000 while unemployment also decreased by 17,000 over the month. While the civilian labor force decreased by 22,000 over the month, non-farm employment increased by 7,900.
There is no doubt that employment opportunities and property values continue to rise in Los Angeles County, helping to further increase the desirability of property in the area. If you are interested in learning more about property in Los Angeles County or the rest of Southern California, contact our team of professionals to learn more. We specialize in luxury properties in the region’s most exclusive communities.
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(all data current as of 7/24/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.