Housing prices across Los Angeles are rising and way out of reach for many Angelenos, but, looking at it another way, at least there are more homes to choose from for the person whose budget is over a million dollars, right? The share of million-dollar homes in the LA metro has doubled in the last four years, shows a new report out from Trulia. In 2012, these homes made up 8 percent of LA's market; in 2016, they made up 16.3 percent. Of the 100 biggest metros in the country, LA's rise in pricey homes put it in fifth place, behind three Bay Area metros and Orange County.
Looking at Ventura, Orange, and LA counties, the five neighborhoods that saw the biggest increases in million-dollar homes were all in LA County—in the South Bay, Glendale, and Central LA. (Both the Torrance neighborhoods on the list "sit on or near the border of the ocean-side town of Redondo Beach.")
LA neighborhoods that didn't make the top five list but still saw some of the most marked rises in their million-dollar housing stock include many whose desirability is tied to the rise of Silicon Beach. In Palms, for instance, the share rose from 7.6 percent in 2012 to 40.5 percent in 2016. Venice's share jumped from 48.7 percent in 2012 to 87 percent in 2016.
Perpetually attractive Silver Lake also saw a big jump in its million-dollar house ranks. In 2012, just 7.8 percent of Silver Lake houses were over a million dollars; now, 43.8 percent of the homes there fall into the category, according to Trulia's data.
Neighborhoods that have an established history as enclaves of the wealthy saw less dramatic increases, probably because they were already chock-full of pricey homes: in Bel Air, the share of million-dollar-plus homes rose from 82.9 percent in 2012 to 85.4 percent. In Pacific Palisades, the share rose from 80.9 percent to 85.3 percent.