News By Tag
News By Place
Follow on Google News
Downtown LA Real Estate Forecast 2020
The downtown Los Angeles residential real estate should experience a continued balance between buyers and sellers. One of the single hottest residential real estate markets in the United States.
Here, residents and visitors alike enjoy the Griffin Observatory, Disneyland Park, Hollywood, Universal Studios, and countless bars, restaurants, retailers, entertainment venues, and a lot more. Known for its delightful weather and proximity to the west coast and the Pacific Ocean, LA is a city with a population of over 4 million residents.
Downtown is a particularly popular location because it's in the heart of the actions. There's quite a bit of activity here, including the development of new housing, which also includes lofts and more types of residential housing.
Right now, the median home value in LA is $713,600, having risen by 4.6 percent over the course of the past year. The median list price per square foot in the Los Angeles area is now at $550. This is above the greater metro area, which has a median list price per square foot of $443.
Meanwhile, the median list price in the greater LA area stands at $859,000. However, the median selling price in the area is $722,800. Additionally, the median rent price in Los Angeles is $3,600, which is higher than the overall metro cost of $3,200.
At this time, the number of loan delinquencies is 0.7 percent. And, 0.4 percent of homes are foreclosures currently. Meanwhile, the number of homeowners who are underwater in their mortgages (those who owe more on their home loans than their properties are worth) is at 4.3 percent. This is slightly above the overall metro figure of 4.1 percent.
Presently, the balance between buyers and sellers is near parity. That helps to keep home values from rising too much over the course of the coming year. If this continues, housing prices might slightly drop over the next several months.
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.