The cost of homes and even rentals across the country has increased in the past couple of years. While the pandemic might have changed the economy in many ways, one of the most noticeable aspects is increased real estate prices, and these changes are even more apparent in large cities where it’s already a struggle to find affordable housing.
According to one of the best cash house buyers, Los Angeles and the surrounding areas have always been desirable places to live. With the proximity to Hollywood and the allure of the California lifestyle, people with all kinds of dreams and careers want to make the area their home. But, because of this demand, costs have always been high, and they are even higher now due to a hot housing market.
This guide will look at some of the statistics and news about prices in L.A. at the moment. This information can help you decide if moving to the area is a feasible move financially and if purchasing a home is within reach. If you are planning on moving, Zipmover is a reliable moving company you can trust.
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Home Prices In LA Counties
The average price of a home in Southern California was $795,000 as of 2021, so it’s likely gone up since then. While real estate across Los Angeles and the greater metropolitan area is generally high, certain areas are higher than others. Some neighborhoods in the county typically attract celebrities and the rich and famous, so the average person may not be able to buy property there.
For example, homes in West Hollywood have a median sale price of 1.25 million. On the other hand, Beverly Hills is a well-known area for celebs and the rich, and the average home there sells for around 2.9 million.
Comparing Prices From 2021 to 2020
According to data assembled by the L.A. Almanac, the median house prices in various Los Angeles communities have gone up almost across the board. While there are some exceptions where the price went down on average, this is a rarity. Some examples of changes in popular areas include:
- Los Angeles itself increased by 2.6%, from an average of $955,500 per home in January 2021 to $980,000 in January 2022.
- Prices in Azusa increased by 25.9%, from around $504,500 per home in January 2021 to $635,000 in January 2022.
- Values in Glendale went up by 36.4% from about $920,000 per home in 2021 to $1, 255,000 in 2022.
If you’re trying to compare the costs from area to area around Los Angeles County and beyond, the statistics from this guide are a good start. You’ll be able to get some idea of more affordable options and also see the rather drastic changes to the housing market since 2021.
This data also illustrates that certain areas are much more affordable than others, although they may have less convenience and accessibility to more jobs and public transportation.
Will These Prices Go Down Soon?
It’s challenging to say if the cost of homes in the Los Angeles area will decrease. As of now, there have been major spikes in the market across the country. There are many other economic factors at play, too, including inflation and more stagnant wages. Some experts predict a recession or feel the country is already in a recession.
It’s unlikely that any one person has the answer to these questions. Many elements work together to influence home prices and the economy in general. But, there is a chance that prices could level out, as the high increases across many areas of the country don’t appear to be sustainable at the current rates.