Los Angeles real estate is one of the highest-priced markets in the country, yet property in this area is always in high demand. The city and the dozens of smaller towns and suburbs that make up the Los Angeles area continue to attract a wide demographic of people looking to live, work, and play. Here are the reasons why real estate in Los Angeles continues to be among the most desirable in the country.
1. Mortgage Rates Remain Low
2. Home Prices Are Holding Up
When the economy slowed, some experts believed that home prices would follow. That has not been the case, especially in the Los Angeles area. In Metro Los Angeles, home prices rose $18,000 or 11.6% to a median price of $553,000 in June, according to Norada Real Estate Investments. Sales of homes increased by 48% in that same month. In Los Angeles County, the jump in existing home sales reached the highest level in May, increasing by 37.50%
3. Los Angeles Real Estate Is a Good Investment
Los Angeles real estate is a highly desirable market for both homeowners and investors. Although one of the more expensive housing markets in the nation, it is always a good long-term investment to buy in Los Angeles. The mild climate, desirable communities, and proximity to the entertainment industry means that buyers are highly likely to not only recoup their investment but also make a profit when they sell.
High demand and tight inventory are pushing real estate prices higher in Los Angeles. According to a recent housing report on Realtor.com, this means that home values in the area are still expected to rise in 2020.
4. There Are Affordable Homes in the Area
There are many fantastic neighborhoods in the Los Angeles area, each with its own unique features and varying real estate markets, that are in close proximity to the downtown area. These factors help to keep real estate in the area in high demand.
5. Single-Family Homes Are Not the Only Option
6. Easy Access to Transportation Systems
Many people want an easy commute to work in the city and look for housing in close proximity to downtown. The closer you are to downtown, however, the more expensive the housing. The surrounding suburbs easily connect to the Los Angeles freeway system, and many of these areas also access the area’s vast public transit system of subway trains, light rail, and buses.
7. Los Angeles Is Surrounded by Natural Beauty
Although it is a major metropolitan area, Los Angeles is also known for it’s proximity to beauty, The area is surrounded by rolling hills and spectacular views of the San Bernadino Mountains. Ocean views are even a possibility in some sections of the suburban areas. The abundant natural beauty the area still offers makes this some of the most popular real estate in the country.
Because so much of nature has been preserved, the area abounds with beautiful parks that feature picnic areas, lakes stocked with fish that beckon to fishermen, and soccer fields where aspiring young players can practice their skills. Hikers, walkers, and runners are drawn to the many trails maintained in the surrounding suburbs, and even the dogs find something to enjoy at the area’s many dog parks.
8. Abundant Cultural Attractions and Entertainment Options
Los Angeles is known as the capital of the film and television industry, but that is not the only attraction that draws people to the area. Los Angeles has more museums and theaters than any city in the country. It is home to the Hollywood Bowl, the Los Angeles County Museum of Art, The California Space Center, The J. Paul Gerry Museum, and The Museum of Contemporary Art, just to name a few.
The area is also becoming one of the most diverse cities in the country, and this is reflected in the attractions that represent a multitude of cultures and nationalities. Local galleries can be found in areas like Chinatown and the NoHo Arts District. Los Angeles is also home to the Japanese American National Museum, the Museum of Latin American Art, The Chinese American Museum, and the California African American Museum.
9. The Area Is Still Family-Friendly
Los Angeles real estate remains popular because it has so many fantastic features that appeal to a wide variety of buyers. To take advantage of all the area has to offer, you need a realtor with a unique and extensive understanding of the California real estate market. A realtor with years of experience living and working in the area can take your vision of the ideal home and turn those dreams into a reality.
Whether you are a single buyer looking for your first home purchase, a family who needs a house in a safe and friendly area, or just looking for a great investment property, Teresa is ready to put her knowledge to work for you. Contact Teresa Mack to take advantage of everything Los Angeles real estate can offer you.