Home Prices across Los Angeles are rapidly approaching pre-recession levels, with the median home price in LA County rising to $549,000 last month, according to a recent report from CoreLogic.
But some neighborhoods are experiencing more explosive growth in home prices than others, and a new heat map from The MLS shows that prices are surging in some of LA's most exclusive communities.
The map, which tracks recent single-family home sales recorded by the listing service, indicates that tony areas such as Brentwood, Beverly Hills, and Cheviot Hills have seen median sale prices rise significantly over the last year
Prices in all three areas jumped more than 35 percent between the first quarter of 2016 and the first quarter of 2017. In Brentwood, the median sale price rose 60 percent, from just under $2.6 million in the first months of 2016 to nearly $4.1 million in 2017.
Other already pricey areas, including Malibu, Hollywood Hills East, and Marina del Rey, also saw significant gains.
These high-end areas were joined by a few neighborhoods where prices have escalated quickly in recent years. North Inglewood, Boyle Heights, and Highland Park all saw price increases of at least 24 percent. The highest increase was in North Inglewood, where prices rose from $415,500 to $530,000.
Still, prices in some areas remained relatively flat and, in some cases, even declined. The most significant drop was in Santa Monica, where the median price fell from nearly $3 million in 2016 to a little under $2.2 million in 2017. At the same time, though, the city saw an uptick in total sales, with 62 in the first quarter of 2017—up from 49 a year earlier.
Just south, Venice also saw a drop in sale prices, though we’ll have to see how long the dip in prices lasts. After all, the most expensive sale ever recorded in the neighborhood closed just last month.