Despite the fact that some housing markets in Los Angeles have recently experienced some of the smallest price gains they have seen in three years, other neighborhoods have seen quite the increase in activity. In fact, according to data from September, it is quite clear that there are certain parts of the city that are particularly popular, namely Northeast LA.
The Strength of Northeast LA’s Neighborhoods
According to recent data, the median housing price continues to rise in a number of areas. For example, in Northeast Los Angeles, every neighborhood has a median housing price of more than $600,000. Furthermore, most homes within the region do not stay on the market for more than 15 days. Some specific neighborhoods within the region that experienced significant growth include:
- Echo Park, experienced a 27.9 percent increase in median housing price, reaching $735,900
- Highland Park: Experienced a 17.9 percent increase in median housing price, reaching $615,900
- Glassell Park: Experienced a 14.2 percent increase in median housing price, reaching $613,100
- Eagle Rock: Experienced a 9.3 percent increase in median housing price, reaching $718,300
On average, sellers in Echo Park are enjoying selling prices that are 104.5 percent of their asking price. In Neighboring Silver Lake, sellers are selling their homes on average for 103.2 percent of the asking price.
Overall Prices in LA
Overall, Los Angeles housing prices increased by 3.8 percent in September when compared to the same time last year. This represents the smallest increase the area has experienced since June 212. Nonetheless, sales continue to enjoy an upward trend, having grown by 9 percent in September. On the other hand, inventory is down for the seventh straight month, having fallen by 8.6 percent despite the fact that 6,000 new properties were put on the market in September.
When examining the market for greater LA, which does not include lower-priced areas such as South LA, single-family house and condo sales were up for the third quarter of 2015. Furthermore, the median sales price increased by 8.1 percent to $950,000. This represents a record high median price since the data has been tracked since 2004. Interestingly, the median price has reached this price point not because of super high-end homes, but due to strong middle homes. In fact, prices grew in both the middle and lower end of the market, with the median sales price for a single-family, one-bedroom home increasing by 8 percent when compared to the previous quarter and by 58.7 percent when compared to the same time last year. For two-bedroom and three-bedroom homes, prices increased by 5.6 percent when compared to last quarter and by 7 percent when compared to last year.
Luxury Home Prices
Interestingly, some of the communities that are typically associated with being at the top of the LA market have experienced some recent declines. The median sales price of Bel Air and Holmby Hills, for example, saw a 14.4 percent decrease in median sales price when compared to the previous quarter. At $2.015 million, however, the median sales price was still 1.85 percent higher than the median sales price from the same time last year. In Beverly Hills, the average sales price was up by 23.2 percent to $4,958,723 when compared to last year while the median sales price was up by 27.3 percent to $3.83 million.
To learn more about the current Los Angeles housing market or if you need help purchasing a luxury home, contact our team of professional real estate experts. We specialize in the area’s most exclusive and luxurious neighborhoods.
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(all data current as of 6/24/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.