Curious about the Los Angeles neighborhoods where home prices are escalating most rapidly? A new map from the MLS offers a bit of insight.
Not surprisingly, considering that home prices countywide reached a record high during the same time frame, most of the areas the map covers saw prices rise over the second quarter of 2017.
The highest increases were in areas that are already pricey, including Beverly Hills Post Office and Playa del Rey. In Playa del Rey—where prices spiked 46 percent since the second quarter of 2016—the median cost of a home was $1.785 million between April and June of 2017.
Prices are also up significantly in Downtown LA, where median sale prices shot up from under $500,000 last year to $625,000 in the second quarter of 2017. That figure is especially high given that most housing in the neighborhood is in the form of one or two-bedroom condos.
In spite of the overall hot market, a few neighborhoods tracked in the map (sadly none of the fine communities of the Valley and South Bay are included) did see prices drop off between the second quarter of 2016 and the same period a year later.
The biggest decrease was in Malibu Beach, where the median sale price fell from a hefty $8.75 million to a slightly less astronomical $7.3 million—though the neighborhood is still the highest-priced area on the map.
Check out the full map below: