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Culver City California Real Estate Forecast 2020
The Culver City California residential real estate market forecast for 2020 looks fairly bright and brings good news for both buyers and sellers, alike.
If this does materialize, it will essentially freeze home prices. That's certainly good news for active and potential buyers, who can take advantage of the slow down to get into homes. (It's also good news for sellers because this indicates there's not a bubble forming.)
The median list price per square foot in Culver City is now at $672, which is markedly higher than the greater Los Angeles metropolitan area of $447 per square foot. Meanwhile, the median listing price in the area stands at $1,097,000, with the median monthly rental rate being $4,200 (also higher than the greater metro area of $3,200).
Right now, distressed properties, which consist of foreclosed properties and short sale homes, are a very small percentage of the market. Mortgage delinquency in Culver City is only at 0.6 percent, lower than the national average of 1.1 percent. Additionally, the number of homeowners underwater in their properties is only 2.1 percent or about half of the greater metropolitan area of 4.1 percent.
Since there are so few distressed properties available and so little coming into the market in the coming months, this helps to make the local real estate market all that more stable.
As you can see, there's quite a lot of good news for the Culver City residential real estate market now and into the foreseeable future. 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.