In August, the median home sales price in Los Angeles County rose to $602,000. This is up 7.5% from a year ago and above the peak of $600,000 in August 2007. The median price has climbed every year since 2012 and it does not appear to be poised to go down anytime soon. With low inventory and a growing economy, there is little expectation that a significant drop in prices will come anytime soon.
The median sales price means that half the properties sold are below $602,000 and a half are above. With 7,400 properties sold in August, you can assume there are about 3,700 properties in Los Angeles County that sold below $602,000. So this begs the question… Where are these more affordable houses? The answer, to begin with, is not many can be found in the area I serve of Los Feliz, Silver Lake, Echo Park & the greater Northeast Los Angeles area.
A quick search shows 30 properties on the market for under $600,000; 11 condominiums and 19 single family residences.
There is one single-family residence for sale under $600,000 in all of Silver Lake & Echo Park. Listed at $475,000 this is a tiny house that appears to be a serious fixer-upper; only cash buyers are being sought.
There are no single-family homes for sale in Los Feliz for under $600,000 but among the 4 condos for sale, there is one listed at $430,000, a steal for this desirable neighborhood.
The largest single concentration of homes under $600,000 in the area is in Highland Park, where you can find 2 condos, and 6 single-family homes currently on the market under $600,000. The single-family homes range in size from 737 square feet for a 1907 bungalow to a 2000 square foot fixer with tenants who will have to be bought out. But you can get a fully renovated flip house for $550,000.
Both the Glassell Park & Eagle Rock neighborhoods have 4 single family homes on the market under the $600k, and both have at least one that is a very nice small home in addition to the cash only fixers you see regularly at this price point.
In Glassell Park, you can get a cute cabin in the city for only $555,000.
In Eagle Rock, you can get a 2 bedroom, 1 bath artist’s retreat for $600,000
Home prices will continue to rise in Los Angeles for the foreseeable future, but there are still properties hitting the market every day that you can afford without being a tech entrepreneur or Hollywood show runner. So if you have been thinking of getting off the rent rolls and into a house, reach out to me. With the limited inventory at entry level prices, you need a dedicated agent who is motivated by helping people buy their first home. Call LA Andy May, 213-713-0385.