Last month, the Los Angeles housing market experienced it's smallest price gains in three years, but you wouldn't know it in some neighborhoods. Redfin has released the data for LA housing sales in September, and it's becoming clear where people want to live these days: Northeast LA, along with hipster fave Echo Park, absolutely dominated the housing market last month, and all signs point to that trend continuing in the future. The median housing price is now above $600,000 in every single Northeast LA neighborhood, and most places don't last on the market longer than 15 days.
Highland Park had a 17.9 percent jump in median housing price, bringing it up to $615,900, more than $100,000 higher than just a year ago. Other Northeast LA neighborhoods saw a similar boost in median price, most notably Glassell Park (up 14.2 percent) and Eagle Rock (9.3 percent).
But the big winner in the eastish-side price wars was Echo Park, where the median price shot up 27.9 percent. The median price for a home in Echo Park is now $735,900, up $205,000 from a year ago. On average, sellers are getting 104.5 percent of their asking price in EP. Neighboring Silver Lake is just a shade behind with a median price of $780,100 and houses selling on average for 103.2 percent of the asking price; still, unlike soaring Echo Park, Silver Lake's median is down a touch over last year.
Over on the Westside, Cheviot Hills is also making some noise—the median price in that neighborhood was up 37.2 percent in September, clocking in at $1.79 million.
Maybe it's all the droughtshaming, but Beverly Glen experienced a steep decline in its median, dropping 49.1 percent from last year. On average, Beverly Glen sellers were getting just 95.4 percent of their average asking price, the lowest sale-to-list percentage in all of Los Angeles.
Housing prices in LA overall were up 3.8 percent in September from where they were last year, the smallest increase since June 2012. Sales continued a four-month upward trend, ticking up 9 percent in September. Inventory is down for the seventh straight month, falling 8.6 percent despite 6,000 new places hitting the market in September.
Check out the rest of the numbers here:
· Los Angeles Home Prices Post Lowest Gain in Three Years [Redfin]
· Is There Anywhere You Can Still Get a Deal on a House in Los Angeles These Days? [Curbed LA]