Los Angeles Housing Market: Trends & Prices

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    Los Angeles Real Estate Market Overview

    (Last Updated – 03/2020)

    The City of Dreams has been continuously hyped up over the years thanks to its eternally bustling film industry. The idea that Los Angeles offers glamour and excitement will probably never fade. Though there are many reasons to appreciate Los Angeles aside from the silver screen.

    You’re just hours (if not minutes!) away from beaches, mountains, and famous theme parks, as well as countless museums and restaurants. And who could forget the sun? On average, the city receives 284 sunny days a year—which could be why beginning 2020 the average home price in Los Angeles is pretty high at $745,000. Make sure to pack your sunscreen!

    If you’re planning on making the move to Los Angeles, get ready to spend a lot of time in the car. LA was named the 5th worst city for traffic in the United States. The traffic doesn’t seem to deter too many people, though.

    Almost 4 million people reside in Los Angeles, and their average commute manages to be only around 30 minutes. 36.3% of Los Angeles residents have even bought property in the city, so it seems they find the traffic a fair tradeoff for all the amazing opportunities the city has to offer.

    $745,000

    Avg. Home Price

    $474

    Avg. Price Per Sq. Ft

    56 days

    Avg. Time on Market

    Los Angeles Housing Market Forecast

    If you’re looking to make an offer on a home in Los Angeles, you may have to move quickly, as most listed homes go pending in around 52 days.

    Los Angeles home prices vary greatly by neighborhood, so do your research carefully before you buy a home in this city.

    Los Angeles house prices have generally gone up in the past five years and experts predict this trend will continue in 2020.

    Housing market forecast chart

    *Graph taken from Zillow as of 02/2020

    Demographics of the Los Angeles Market

    The glitz and glam of Los Angeles awaits. From Beverly Hills to Malibu, you’ll find plenty of career and recreational opportunities. The beautiful weather combined with the allure of Hollywood makes this one of the most exciting places to live in the country.

    Almost 4 million people call Los Angeles home and over 2 million people work in this sprawling city. This isn’t a pedestrian-friendly city, so the average household owns two cars. Be prepared to sit in some traffic—but the entertainment, food, and art offerings will be worth it.

    Median Income: $62,474

    Median Age: 35.8

    College Educated: 34%

    Homeowners: 36.3%

    Married: 41%

    Westwood

    Take advantage of all the benefits of living near a college campus without paying the pricey tuition. Westwood is home to UCLA, and therefore offers great restaurants, shops, and stores—many of which are within walking distance.

    Quick Facts

    Population:

    48,568

    Median Age:

    22.7

    Housing Units:

    18,863

    Bike Score:

    55

    Walk Score:

    69

    Transit Score:

    65

    Average Household Income:

    $89,503

    Westwood Housing Market

    Even though housing prices in Westwood seem high, with the current average home price being $1.38 million, home values in this neighborhood are actually down 7.6% right now compared to last year.

    On average, houses are currently on the market for around 74.5 days and sell for about 2.8% under list price.


    Average Home Price

    $1,380,000

    Average Price Per Sqare Ft.

    $766


    Downtown

    Downtown Los Angeles is a great location to live and work, especially if you’re passionate about the arts. Enjoy the chic Arts District and all of the galleries and museums it has to offer. Not to mention, you’ll be right next to Los Angeles Union Station which makes getting out of town a breeze.

    Quick Facts

    Population:

    54,420

    Median Age:

    39

    Housing Units:

    29,585

    Bike Score:

    78

    Walk Score:

    95

    Transit Score:

    98

    Average Household Income:

    $54,246

    Downtown Housing Market

    Home values in Downtown LA are down compared to last year and houses stay on the market for an average of 82.5 days.


    Average Home Price

    $580,000

    Average Price Per Square Ft.

    $628


    Silver Lake

    This hip area of Los Angeles is known for its indie music scene, modern restaurants, and fun bars.

    Young people will love this neighborhood, but don’t worry, parents—there are some amazing schools to choose from for your little ones.

    Quick Facts

    Population:

    31,603

    Median Age:

    35.9

    Housing Units:

    12,796

    Bike Score:

    51

    Walk Score:

    77

    Transit Score:

    54

    Average Household Income:

    $94,039

    Silver Lake Housing Market

    Silver Lake is becoming very popular. Housing prices are currently up 41.8% compared to last year and this growth doesn’t look like the growth will be slowing down anytime soon.

    The median price per square foot listed in Silverlake is over $200 more expensive than the Los Angeles average.


    Average Home Price

    $1,210,000

    Average Price Per Square Ft.

    $673


    Venice

    Why not relax and head to the beach? If you love the surf and sand, then Venice might be the neighborhood for you.

    This area has maintained the arty, hippie vibe it’s known for while modernizing at the same time. You’re guaranteed to have a blast people-watching at the boardwalk each weekend.

    Quick Facts

    Population:

    28,486

    Median Age:

    39

    Housing Units:

    16,464

    Bike Score:

    85

    Walk Score:

    82

    Transit Score:

    53

    Average Household Income:

    $148,766

    Venice Housing Market

    Venice has been a popular neighborhood for decades in Los Angeles, and that doesn’t seem likely to change in the near future.

    Current home prices are up 0.93% compared to last year and houses stay on the market for an average of 69 days.


    Average Home Price

    $1,980,000

    Average Price Per Square Ft.

    $953


    Sherman Oaks

    If you’re intrigued by glamorous, old-Hollywood architecture, Sherman Oaks might be a great neighborhood for you.

    You’ll cross paths with iconic roadways like Mulholland Drive and Ventura Boulevard, plus the area has a special 1930’s charm, perfect for putting down roots.

    Quick Facts

    Population:

    69,398

    Median Age:

    38

    Housing Units:

    31,835

    Bike Score:

    52

    Walk Score:

    62

    Transit Score:

    44

    Average Household Income:

    $122,005

    Sherman Oaks Housing Market

    It looks like the Sherman Oaks housing market seems to be cooling down. Current home prices are down 12.0% compared to last year and houses stay on the market 56 days on average.


    Average Home Price

    $895,000

    Average Price Per Square Ft.

    $500



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