Despite the pandemic, the Los Angeles property market is booming. The demand for affordable housing has increased, and the city’s diverse neighborhoods offer a range of properties to suit every budget. Whether you’re looking for a trendy loft in downtown Los Angeles or a spacious home in the suburbs, there’s something for everyone in the City of Angels.
Los Angeles Property Market Booms Amid Pandemic
Despite the uncertainties caused by the pandemic, the Los Angeles property market has seen a significant increase in demand. With many people working from home, there has been a surge in demand for larger properties with home offices and outdoor spaces. Additionally, historically low-interest rates have made it easier for buyers to secure mortgages and invest in property.
According to a report by the California Association of Realtors, the median home price in Los Angeles County reached $750,000 in December 2020, up 15.4% from the previous year. The report also indicates that the number of homes sold in December was up by 26.7% compared to the same month in 2019.
Top Neighborhoods to Consider when Buying LA Properties
Los Angeles is home to many vibrant neighborhoods, each with its own unique character and appeal. Here are some of the top neighborhoods to consider when buying LA properties:
Downtown LA – If you’re looking for a trendy, urban lifestyle, Downtown LA is the place to be. Here you’ll find a mix of historic buildings and modern high-rises, along with trendy restaurants, bars, and nightlife.
Silver Lake – Known for its bohemian vibe and hipster culture, Silver Lake is a popular neighborhood for artists, musicians, and creatives. The area is home to many vintage shops, cafes, and boutique stores.
Beverly Hills – If luxury living is what you’re after, look no further than Beverly Hills. Known for its high-end stores, upscale restaurants, and celebrity sightings, this neighborhood is the epitome of glamour and wealth.
Whether you’re a first-time buyer or an experienced investor, the Los Angeles property market offers a range of opportunities. With its diverse neighborhoods and growing demand, there has never been a better time to invest in LA property. So why not explore your options and find your dream home in the City of Angels?