LA's Hottest Neighborhood Might Not Be One You Expect
Despite high prices throughout the Greater Los Angeles area, it hasn’t stopped certain neighborhoods from continuing to gain more value. A couple times a year, Redfin identifies the nation’s hottest markets — those likely to see the fastest short-term growth in home values — and this summer’s conversation features a handful of LA neighborhoods.
Redfin uses its own estimate data to compare median value growth of off-market homes in the neighborhood to those of off-market homes throughout that metro area. Those neighborhoods that outperform the surrounding area are designated as “hot” for the purposes of the study. “Warm” neighborhoods are those with equal home value growth to its metro area.
After being touted as one of the hottest neighborhoods in the country back in January, LA’s Somerset came in as a warm neighborhood, hitting the same 3.7 percent growth mark as the rest of the area. Median sale price in Somerset — a neighborhood within Glendale — was $580,000. A third of Somerset homes were sold above list price since February.
No Los Angeles neighborhood landed on the list of actual hottest neighborhoods for the first half of the year, but that didn’t stop Redfin from picking another LA option for the second half of 2017.
Bodger Park-El Camino Village has a median sale price of $531,500 so far this year, but 61.9 percent of sales are above list price. The Hawthorne neighborhood is fifth on the overall list due to its proximity to transportation, jobs, and highly-rated schools.