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 highly popular areas 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.