Los Angeles’ population grows at a rate of 0.05% every year and with the city’s vast sunny beaches, vibrant arts scene and diverse collection of neighborhoods, it’s easy to see why. In 2020, Los Angeles was California’s fastest-growing city by number of residents, with more than 106,000 new residents calling the area home. Home prices in the city are high — housing costs are nearly three times that of the average U.S. city — but that doesn’t deter Americans from flocking to this beautiful and culturally diverse oceanfront city.
Thus far in 2021, Los Angeles’ real estate market has been hot. Recent statistics published by Realtor.com indicate a seller’s market, with a high demand for housing and limited available listings. It’s predicted that home sales in the city will grow 10% during the remainder of 2021, and sale prices could increase as much as 7.3% in the city this year. If you’re looking for a home in the Los Angeles area, it’s a good idea to start the house hunt and begin working with a Los Angeles mortgage expert soon.
Los Angeles Housing Market: Overview
The following information is up-to-date as of July, 2021:
- The median listing price is $970,000
- The median price per square foot is $627
- The median sold price is $920,000
- Homes sold for an average of 1.27% above the asking price
- The average home sold after 51 days on the market
- The most expensive neighborhood is Bel Air, with a median listing price of $5.5 million
- The most affordable neighborhood is Downtown Los Angeles, with a median listing price of $639,000
The Best Neighborhoods in Los Angeles
Los Angeles is a city that’s full of culture, character and distinct neighborhoods — each with its own personality. When you’re planning a move in the city, or if you’re planning to relocate to Los Angeles from somewhere else, it’s important to get familiar with the city’s regions. There’s The Harbor, home to neighborhoods like Long Beach, Lakewood and Wilmington. There’s The Antelope Valley, located in the northern part of the city, which features more affordable housing options that appeal to singles and young families. Homebuyers with big budgets and a desire to be close to the water might want to consider neighborhoods such as Malibu or Calabasas, located in the Santa Monica Mountains area. And of course, there are several other regions throughout the inner city and along the outskirts of Los Angeles that feature culturally and economically diverse neighborhoods that are suitable for an array of budgets, needs, and personal tastes.
Work With Los Angeles Mortgage Experts
Whether you’re a first-time homebuyer who’s just saved up a downpayment or a real estate veteran with enough equity to secure your dream home, working with a mortgage expert who understands the unique Los Angeles housing market is crucial. Fairway Independent Mortgage Corporation’s Potempa Team can help you secure the right home loan so you can move into your new home quickly. We understand the frustration that comes with house-hunting in a seller’s market and that’s why we work hard to secure your mortgage approval fast. Contact The Potempa Team today for pre-approval and start searching for your California dream home today.