The COVID-19 pandemic has disrupted many industries, but the Westside real estate market in Los Angeles continues to boom. With low interest rates and limited supply, buyers are competing for properties, driving up prices and making it an excellent time for sellers. In this article, we’ll explore the Westside real estate market and highlight some of the top neighborhoods to invest in today.
Westside Real Estate Market: Booming Amidst Pandemic Chaos
Despite the pandemic’s economic impact, the Westside real estate market has remained resilient. According to Redfin, the median home price in Los Angeles County rose to $750,000 in August 2020, a 12.8% increase from the previous year. Westside neighborhoods are among the most desirable in the city, with easy access to the beach, downtown, and major freeways.
Additionally, the low interest rates have made it an excellent time for buyers to enter the market. With rates hovering around 3%, buyers can afford more expensive properties and get more for their money. Sellers, on the other hand, are benefiting from limited supply and increased demand, resulting in bidding wars and higher prices.
Top Westside Los Angeles Neighborhoods to Invest in Today
If you’re looking to invest in Westside real estate, here are some of the top neighborhoods to consider:
Santa Monica: Known for its beautiful beaches, world-class dining, and shopping, Santa Monica is one of the most popular and expensive neighborhoods on the Westside. However, with median home prices around $2 million, it’s also one of the most lucrative areas for investment.
Brentwood: Located in the foothills of the Santa Monica Mountains, Brentwood is a peaceful and affluent neighborhood. Its proximity to the Getty Center, hiking trails, and excellent schools make it a favorite among families and celebrities alike. Median home prices are around $2.5 million.
Venice: Known for its bohemian vibe and eclectic architecture, Venice is a trendy neighborhood with a younger demographic. Its proximity to the beach, boardwalk, and Abbot Kinney Boulevard make it a popular tourist destination. Median home prices are around $1.8 million.
As with any investment, it’s essential to do your due diligence and work with a reputable real estate agent who knows the local market. While the Westside real estate market may be booming, it’s essential to be strategic and make smart decisions when investing in property.
The Westside real estate market is thriving despite the chaos caused by the pandemic. With low interest rates, high demand, and limited supply, it’s an excellent time to buy or sell property. As we’ve highlighted, some of the top neighborhoods to invest in include Santa Monica, Brentwood, and Venice. By doing your research and working with a knowledgeable agent, you can make smart decisions and succeed in this thriving market.