Los Angeles County Median Home Prices Match All-Time High
Los Angeles County median home prices are up 5.8 percent year-over-year, climbing to $550,000, according to a study by CoreLogic. That median home price matches a record-high for the market, which was set back in 2007.
The study calculates the median price on 6,384 homes sold in LA County from April 2016 to April 2017. It also breaks it down by individual neighborhoods and cities, showing a wide discrepancy between neighborhoods.
Topanga experienced the highest year-over-year growth of any one city at 42.8 percent (on just eight units sold, however). The median home sale price in Torrance was $1,001,500 in April 2016, but now stands at $1,430,000. The largest year-over-year decline belonged to Westlake Village, which saw median home prices drop by 54.4 percent. The median Westlake Village home sale went for $592,500 — down from $1,300,750 the previous year.
In terms of larger LA neighborhoods, every region of the county saw annual growth. Westchester climbed the most from April 2016 to 2017, showing a 32.2 percent median home price increase to $1,210,000. The Westside (roughly defined as west of West Hollywood and north of El Segundo) saw the least growth at 2.4 percent, though that still put median home prices at $1,677,500 this year.
Looking at all counties in Southern California, Los Angeles was third highest in terms of median home price, behind Orange County ($675,000) and Ventura County ($560,000). Santa Barbara was the only other Southern California county with a median home price above $500,000.