Two neighborhoods in Northeast Los Angeles are projected to be LA’s next “It” ‘hoods.
Real estate in the neighborhoods northeast of Downtown have been on an upward trajectory for a few years. In 2015, neighborhoods in the region had a median housing price over $600,000, and the area had a solid real estate year in 2016.
Now, LA Weekly, citing data from real estate listings site Zillow, says the next big neighborhood in LA is expected to be Cypress Park. The neighborhood, which lies where the LA River and 110 Freeway meet, is a working-class neighborhood with a population that’s about 82 percent Latino, according to the Los Angeles Times Mapping L.A. project. Home values in the community are expected to grow eight percent in 2017.
Just north of Cypress Park, Glassell Park saw a 25.3 percent increase in median per-square-foot home prices in 2016 over the year prior, says The Real Deal. This sizeable jump put Glassell Park above super-competitive West Adams and Mid-City in terms of per-square-foot price growth, says TRD, which used data from real estate listings site Redfin.
TRD suggests Glassell Park’s real estate success has a lot to do with the increasing desirability of Northeast LA in general. The neighborhoods there “have grown consistently in recent years,” but Glassell Park probably topped the list because “many people have already been priced out of nearby Eagle Rock and Highland Park.”