Residential Property Prices Update
Urban L.A. home values continue to drop, as they take longer to sell. Motivated home buyers get more scarce in an economy that bears less and less resemblance to the America that we once knew. While radical money printing can prop up the casino-like stock market seemingly almost forever, Americans have grown weary of artificially propped up housing prices. The temporary pandemic real estate boom of 2020 is long gone as families have completed their staycation home improvement expansions, and finished their safer residential suburban neighborhood purchases. Today, the market must unwind the slow, painful way, the traditional way when prospective investors realize that long-term prospects are not at all exciting. Like most other major metropolitan areas, DTLA did not take part in the 2020 hot suburban real estate market.
What took just 18 days to sell in July 2020 now sits 49 days on the market in July 2021. Lofts are down $40,000 this year. Downtown LA median price July 2021 of $525,000 sold in 2020 for $565,000. | PDF REPORTS: JULY 2020 | JULY 2021
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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, DRE 01889449; MPR Funding Inc NMLS 2000513. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.