Top 5 Hottest LA Real Estate Pockets: Summer 2021
Written By: Jason Knight
Top Five Hottest LA Real Estate Pockets
The LA housing market has been on fire all summer long, with May bringing record numbers and June then attempting to raise the bar even higher. With the combo of record prices, ultra-low inventory, and discouraged buyers comes the first signs of slowdown in many pockets of the city in July. On the otherhand, certian areas of the city that have actually seen heightened demand are still blazing just as hot as they have been all summer long.
We took a look at the most recent single-family home sales across the city and compiled our Top 5 based on the key indicators of a real estate hot spot. Here are the parts of the city generating the highest buyer demand, coming out of July 2021.
Atwater Village showed strong buyer demand throughout July 21. The average List-to-Sale price was +110%, which was +15% from last year. Homes were sold within 26 days on average, and that is 35% faster than a year ago. The average home sold in this area was $1,393,321, a gain in value of +36% vs last year. 2-bedroom homes were highest in demand, commanding +18% over asking price on average and selling within 12 days on the market. If you own a 2-bedroom in Atwater, the average price-per-sqft of your home in July was $1,150.
Streets lined with post-touring musician/dads eating artisan ice cream with their kids, great restuarants, and a cool village vibe are all part of the appeal in this pocket of LA on the rise. July showed strong signs of continued demand for the area, with the average List-to- Sale price of +111%, which was up +13% from last year. The average home sold within 19 days, which is 50% faster than a year ago. The price of the average home in Eagle Rock for July was $1,183,029, a value gain of +10% vs last year. 3-bedroom properties were most sought after, commanding +21% over list price…the highest list-to-sales price across Los Angeles in July.
Highland Park is east of the LA River and sandwiched between downtown, Glassell Park, Eagle Rock, and Pasadena. Highland Park has long been a hub for art and architecture, and boasts eclectic and historic eateries, bars, and entertainment. The trendsetters of LA are definitely moving her, and the demand proves it. List-to-Sales price in July on average was +112%, +12% over last year. Homes in Highland Park only stayed on the market an average of 15 days, that’s 53% faster than a year ago. The average home sold for $1,097,665, a value gain of +10% versus last year. 2-bedroom homes drove the highest demand, selling for +16% over list price and only staying on the market for an average of 10 days. That 2-bedroom averaged $993 a square foot.
Boyle Heights has been a hot spot for a while now, and hasn’t showed signs of cooling. Boyle Heights remained in strong demand in July, with List-to-Sale prices averaging +106%, which is up +5% from a year ago. Homes in Boyle Heights stayed on the market for an average of 19 days, and carried an average sales price of $622,429. The affordability of this area, comparative to other trending areas in the city, also continues to drive demand.
El Sereno is bordered on the north by Highland Park and South Pasadena, on the east by Alhambra, on the south by East Los Angeles, and on the west by Lincoln Heights and Montecito Heights. Sharing a commonality with others mentioned in this article, this area offers short commutes, great views of the city, and is appealing to creatives and young families. And it is on the rise. The average List-to-Sales price in this area was 112%, up 9% versus last year. The average home only stayed on the market 17 days, which is 47% faster than a year ago. The average sales price is still under $1M, coming in at $970,379 for July with a gain of 28% versus last year. 2-bed and 3-bedroom homes were strongly in demand in July, with 3-bedroom homes averaging just 7 days on the market before being sold.
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