PropertyShark has just released a new interactive map showing the change in Los Angeles housing prices between 2004 and 2014 (specifically, the sale price per square foot, with the 2004 numbers adjusted for inflation), and the huge increases in some neighborhoods compared with huge decreases in others is kind of shocking.
The rich have gotten much richer: in wealthy neighborhoods in the Hills and on the Westside, and in the fanciest parts of the San Gabriel Valley, prices have shot up over the last decade: by 46 percent in Venice, 52 percent in San Marino, 34 percent in Manhattan Beach, and a somewhat more modest 25 percent in Beverly Hills. The exception is Downtown—which did not start out rich, but has gone from wasteland to hot 'hood in the time the map covers—where prices have gone up 44 percent; its low-income neighbors to the west have also seen big price increases.
Meanwhile, prices in lower income neighborhoods south of the 10 and in the deep Valley have plummeted: they're down by a third in parts of Inglewood, down in the 20 percent range throughout most of South LA and the southeast LA, down 23 percent in Chatsworth and Pacoima, and 24 percent in Panorama City.
Prices in middle class neighborhoods in the central city and southern Valley mostly declined, but far less than in other areas: parts of Koreatown were down 5 and 10 percent, Mid-City was down 7 percent, North Hollywood was down about 10 percent.
But remember: real estate always goes up! For some people!
· Home Price Changes by Zip Code [PropertyShark]
· Mapping the (Mostly Huge) Housing Price Jumps Across LA [Curbed LA]
· LA Is the Least Affordable Big City in the US For Buying a Home [Curbed LA]