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Hollywood Real Estate Forecast 2020
The Hollywood residential real estate forecast will probably continue its current trend. At this time, Hollywood is in a buyers' market, meaning the inventory is quite low, while there are many times more buyers in the market.
Currently, the median home value in the neighborhood of Hollywood is $951,564. This represents a decline of 3.8 percent compared to this time last year. Real estate industry experts and economists alike believe that will continue but at a more moderate pace of a 1 percent decrease. This will happen over the course of the year.
Meanwhile, the median listing price per square foot in Hollywood stands at $687. That's higher than the surrounding metropolitan area, which is at an average of $551. Presently, the median listing price or asking price in the community is $1 million, although the median selling price is $847,000.
At this time, by comparison, the median rental price is $3,632 per month. That too is more than the wider metro area of $3,500 per month.
As for distressed properties, which include both foreclosed properties and short sales, these are statistically immeasurable right now. Essentially, the number of distressed properties available on the market in Hollywood is effectively zero. This is markedly lower than the national average of 1.2 percent.
This also represents good news for buyers and sellers alike. For sellers, the presence of substantial distressed property sales depresses their home values. It also encourages investors to jump in but they don't homestead.
As you can see, the residential real estate market in Hollywood is a cool one, with no present sign of it picking up. However, this helps buyers to get into the market because prices aren't rising quickly. Meanwhile, it helps homeowners, since it doesn't involve artificial pressures on the local market.
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