Trying to find the right home to buy in the right neighborhood in Los Angeles can be overwhelming. With well over 400 neighborhoods and 88 different cities, there are a lot of factors to consider. 

According to year-over-year sales reports, the median sales price in L.A. dropped about 7% between summer 2022 and summer 2023. The number of homes sold in Los Angeles also dropped by about 24% during the same time. 

The important thing to consider is: how do these trends affect me?

Look for transitioning neighborhoods

Median home sales prices in California have increased by $330,000 since 2016 according to Bankrate. That’s a statewide average, and it isn’t true in every neighborhood in Los Angeles. Several transitioning neighborhoods haven’t yet experienced that level of price increase. These neighborhoods could represent the best value for your home buying dollar.

Glassell Park is an up-and-coming neighborhood close to downtown Los Angeles. Mar Vista is a westside neighborhood that’s close to several employment centers, beaches, and the Marina.

Consider a condo or townhome

If you’re interested in the condo lifestyle, there are a number of condominiums and townhomes for sale in Los Angeles, including in excellent, in-demand neighborhoods. According to Redfin, while the median sales price for single family homes declined between 2022 and 2023, condos increased slightly. There are fewer condos on the market than single family homes right now, and it may be possible to find an excellent value in condominium right now.

Identify important quality of life factors

Your home’s location is important, especially when you’re considering factors like commute time, schools, and amenities. Other factors to consider include potential fire and flood danger, as well as taxes and assessments from special districts. Throughout the greater Los Angeles area, you may be able to locate a home that enjoys benefits of nature, but isn’t in a difficult-to-reach area or one that could be subject to severe flooding.

Work with qualified, experienced professionals

The Los Angeles home buying market has been described as a “rollercoaster” by industry analysts. However, there are professionals who understand the ups and downs of the market and who are able to guide you to the best combination of home price, location, and all of the other qualities you desire. California Platinum Realty can assist you in finding the right property, and California Platinum Loans have access to many funding options. Contact them today to start your Los Angeles home buying journey.

Sources

McMillin, David. “Buying a house in Los Angeles,” Bankrate, url: https://www.bankrate.com/real-estate/buying-a-house-in-los-angeles/

Redfin. “Los Angeles Housing Market,” url: https://www.redfin.com/city/11203/CA/Los-Angeles/housing-market