West Hollywood Real Estate Forecast 2020
The West Hollywood real estate market forecast for 2020 is one that should benefit both buyers and sellers. In fact, it ought to provide enough to bring about stabilization (which has already been occurring over the past several months).
First settled in the 1770s and developing in the years thereafter, it wasn't until around the first decade or two of the twentieth century it really got its start. Incorporated much later on in November of 1984, West Hollywood is just 1.89 square miles in size, with a population of approximately 37,000 residents.
Boasting warm and welcoming summer months, with an ultra-mild winter, and delightful spring and fall seasons, West Hollywood has some of the best weather in the nation. That alone makes it a wonderful place to call home.
Right now, the median home value in the community of West Hollywood stands at $821,600. Over the course of the past year, property values have risen by 0.8 percent. Industry experts predict house values will continue to increase by about 1.3 percent over the course of the next year.
The median list price per square foot in West Hollywood is now $868, which is substantially higher than the LA metro area average of $400 per square foot. Meanwhile, the median list price of residential homes in West Hollywood is $1.157 million.
Also, the median rental price per month in West Hollywood stands at $4,500, compared to $3,200 per month in the LA metro median.
Currently, the rate of delinquent mortgages in the community of West Hollywood is 0.4 percent, lower than the national figure of 1.1 percent. At this time, the number of homeowners underwater in their mortgages is 5.8 percent, compared to the metro number of 4.1 percent.
At this time, the market is considered to slightly favor buyers over sellers, although it does not fit the description of a true buyers' market.
Loftway is a full-service Real Estate brokerage dedicated to LOFTS and ARCHITECTURAL homes in the Los Angeles area.
When it's time to move forward with buying a loft, be sure to contact www.loftway.com, the premier Los Angeles Loft sales company.