Los Angeles Home Prices Post Lowest Gain in Three Years

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Home prices in the city of Los Angeles rose just 3.8 percent in September from a year earlier to $550,000, marking the smallest price appreciation in Los Angeles home prices since June 2012. Home sales were up 9 percent, continuing a four-month trend of increasing sales activity. Across the broader Los Angeles metro region, the median sale price increased 6.6 percent over last year to $485,000.

LA - Median Sale Price - September

At 6.2 percent, the year-over-year bump in new listings was welcomed by inventory-hungry L.A. Despite adding nearly 6,000 homes for sale in September, overall inventory fell 8.6 percent — the seventh-straight month of declines. Inventory has remained virtually unchanged since March, with about 2.5 months of supply appearing to be the new norm, rather than the 6 months that traditionally signals a balanced market.

LA - Homes Sold - September

Prices declined in Beverly Hills, Century City, Westwood and Silver Lake, which contributed significantly to the slowing pace of price growth in September.

Area Trends

The Eastside continues to be the most competitive real estate market in Los Angeles. Homes sold for nearly 102 percent of their asking prices, the highest sale-to-list ratio across the four major markets of the Eastside, the Westside, the Valley and South L.A. The typical Eastside home sold within 15 days and more than half of all homes sold for above asking price.

Every Northeast L.A. neighborhood now has a median sale price above $600,000. This includes Highland Park, where the typical home sold for $615,900 — more than $100,000 higher than its median sale price a year earlier.

The Westside continues its march of unaffordability, with a median sale price of $1.1 million, up 14.6 percent from last year. By comparison, South L.A. ranks highly for affordability. With a median sale price of $351,400, it’s the only area in Los Angeles where a family earning the median income of $50,544 can afford to purchase a median-priced home.

Hot Neighborhoods

The hottest neighborhoods in September were the Eastside’s Echo Park and the Westside’s Cheviot Hills.

Echo Park home prices soared 27.9 percent since last year. The median sale price in the once-affordable neighborhood was $735,900 — $205,000 more than it was just a year ago. The typical Echo Park home sold within 13 days and nearly 70 percent of properties sold for more than asking price.

Redfin agent Earnest Watts gave two reasons for the recent Echo Park boom.

“There are many newly constructed residences there, such as the Blackbirds community, that are fetching top dollar and driving up prices. Also, Echo Park is right next door to Silver Lake, where many homes are over $1 million. Many buyers, especially first-timers, were once priced out of Los Feliz and went to Silver Lake. Now they’re being priced out of Silver Lake and buying in Echo Park.”

Prices in Cheviot Hills jumped even higher than in Echo Park, rising 37.2 percent from last year. The ultra-high median sale price of $1,791,900 resulted in tamer competition than in Echo Park. Homes spent about 17 days on the market and only 30 percent went for more than asking.

Here’s what’s happening in your neighborhood.

Neighborhood Median Sale Price Year-Over-Year Homes sold Year-Over-Year Inventory Year-Over-Year
Beverly Glen $1,756,300 -49.1% 16 60.0% 33 -15.4%
Beverly Hills Post Office $1,858,300 -13.0% 56 24.4% 106 -2.8%
Brentwood $1,203,600 0.6% 118 -16.9% 162 18.2%
Central LA $826,100 13.3% 824 0.2% 837 -8.2%
Century City $839,800 -13.8% 94 5.6% 107 1.9%
Chatsworth $600,200 21.6% 144 -8.3% 89 -30.5%
Cheviot Hills $1,791,900 37.2% 30 57.9% 15 -11.8%
Crenshaw $468,800 2.8% 49 6.5% 30 -14.3%
Downtown (Los Angeles, CA) $577,000 -2.7% 101 -11.4% 110 -2.7%
Eagle Rock $718,300 9.3% 83 12.2% 47 14.6%
East LA $603,900 12.5% 539 10.0% 356 -7.8%
Echo Park / Edendale $735,900 27.9% 38 22.6% 51 54.5%
Encino $770,600 7.7% 223 25.3% 191 -13.2%
Fox Hills $453,000 10.7% 35 -7.9% 9 -50.0%
Glassell Park $613,100 14.2% 46 -2.1% 31 -26.2%
Hancock Park $1,700,000 23.5% 15 -25.0% 20 17.6%
Highland Park $615,900 17.9% 99 2.1% 62 -7.5%
Hollywood $736,000 26.6% 80 5.3% 58 -20.5%
Hollywood Hills $1,155,000 12.1% 196 16.0% 223 -7.5%
Koreatown / Wilshire Center $521,300 -2.5% 87 -4.4% 105 -19.2%
Lake Balboa $465,200 8.5% 109 25.3% 59 -28.0%
Marina Del Rey $873,800 14.1% 79 -3.7% 50 -36.7%
Mid-City $830,300 25.0% 86 -12.2% 91 -7.1%
Mid-Wilshire $810,500 13.2% 298 -7.5% 310 -9.1%
Mount Washington $682,500 4.7% 60 0.0% 41 -8.9%
North Hills $451,900 8.6% 113 -3.4% 84 -8.7%
North Hollywood $461,000 9.9% 146 2.1% 109 -5.2%
North Valley $462,000 8.6% 1,430 8.7% 947 -12.5%
Northridge $548,500 6.6% 148 -2.6% 113 -8.1%
Northwest San Pedro $465,000 1.0% 103 43.1% 68 23.6%
Pacific Palisades $2,289,200 1.7% 106 -14.5% 131 31.0%
Pacoima $360,400 10.3% 84 9.1% 46 -31.3%
Panorama City $409,200 8.3% 60 13.2% 37 -15.9%
Sherman Oaks $678,700 -3.8% 301 18.0% 229 -12.6%
Silver Lake $780,100 -3.3% 74 34.5% 60 27.7%
South Central LA $323,600 8.7% 163 1.2% 166 -3.5%
South LA $351,400 14.6% 649 3.5% 595 -2.0%
South Valley $538,600 8.6% 1,865 17.3% 1,353 -17.9%
Studio City $1,029,800 4.1% 167 23.7% 150 11.1%
Sun Valley $440,300 14.0% 72 -7.7% 63 -6.0%
Sylmar $402,600 12.4% 177 18.0% 104 -14.0%
Tarzana $534,300 2.1% 143 14.4% 146 -18.0%
Valley Village $657,100 -13.1% 56 5.7% 28 -36.4%
Van Nuys $474,100 14.0% 139 7.8% 89 -11.0%
Venice $1,654,500 13.5% 72 -8.9% 80 9.6%
Watts $267,400 19.0% 75 -6.3% 82 12.3%
West Adams $458,800 17.1% 27 -10.0% 11 -50.0%
West Long Beach $338,900 3.6% 37 -7.5% 30 -3.2%
West Los Angeles $1,102,100 14.6% 1,620 -3.1% 1,478 -4.4%
Westwood $892,500 -11.9% 134 -4.3% 130 1.6%
Woodland Hills $659,300 5.0% 274 34.3% 183 -25.9%
Los Angeles, CA $550,000 3.8% 2,275 9.0% 5,809 -8.6%

 

Neighborhood New Listings Median Days

on Market

Avg Sale-to-List
Beverly Glen 35 29 95.4%
Beverly Hills Post Office 109 35 95.9%
Brentwood 212 26 98.2%
Central LA 1,333 22 98.2%
Century City 162 23 99.5%
Chatsworth 156 24 97.9%
Cheviot Hills 32 17 100.0%
Crenshaw 65 14 99.9%
Downtown (Los Angeles, CA) 165 31 97.0%
Eagle Rock 101 18 100.9%
East LA 735 15 101.7%
Echo Park / Edendale 88 13 104.5%
Encino 324 20 96.6%
Fox Hills 30 17 101.7%
Glassell Park 66 15 102.5%
Hancock Park 29 27 96.9%
Highland Park 127 14 103.9%
Hollywood 99 24 96.9%
Hollywood Hills 313 22 98.0%
Koreatown / Wilshire Center 171 27 98.8%
Lake Balboa 134 17 98.7%
Marina Del Rey 94 20 99.4%
Mid-City 161 15 100.4%
Mid-Wilshire 514 21 99.3%
Mount Washington 93 16 104.2%
North Hills 153 20 99.0%
North Hollywood 206 15 99.1%
North Valley 1,868 18 98.8%
Northridge 198 26 97.8%
Northwest San Pedro 120 24 98.3%
Pacific Palisades 169 22 98.5%
Pacoima 96 27 100.6%
Panorama City 92 14 101.5%
Sherman Oaks 399 16 98.6%
Silver Lake 117 14 103.2%
South Central LA 258 22 98.6%
South LA 1,016 17 100.1%
South Valley 2,535 17 98.2%
Studio City 249 21 97.8%
Sun Valley 104 18 97.5%
Sylmar 230 16 99.9%
Tarzana 246 24 95.6%
Valley Village 69 12 99.6%
Van Nuys 182 18 99.1%
Venice 128 31 97.3%
Watts 128 23 100.3%
West Adams 42 35 103.7%
West Long Beach 51 25 100.8%
West Los Angeles 2,331 18 99.4%
Westwood 163 23 97.8%
Woodland Hills 349 18 98.1%
Los Angeles, CA 3,217 19 98.8%

 

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jeffery-marinoredfin-com

Jeffery writes about the L.A. real estate market for Redfin Real Time and works with journalists covering real estate throughout Southern California. He previously worked as an editor and researcher for a leading real estate publishing firm. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our "Why Redfin?," page.

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