Los Angeles Housing Market: Trends & Prices
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.
Overall Los Angeles Market Trends
The Los Angeles housing market shows that The City of Angels is a popular place to live. Currently, home prices are up 11.2% since last year.
The Los Angeles real estate market is considered to be somewhat competitive, with homes on the market typically selling for 1% below list price.
$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.
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%
Popular Los Angeles Neighborhoods
There are countless neighborhoods to choose from in Los Angeles, so you’re very likely to find the right fit for you.
More than half a dozen regions make up Los Angeles and each region contains many smaller neighborhoods worth exploring. Keep reading for breakdowns of some of the most popular neighborhoods in LA.
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
SoFi Home Loans
It’s easy to see why Denver has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and single or have a family to look after. If you think Denver could be your home sweet home, then you may need to consider your home loan options.
If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible. And don’t worry, there won’t be any hidden fees or prepayment penalties to worry about.
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