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.
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.
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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