This Is the South LA City Where Homes Are Flying Off the Market
Homes in the Los Angeles metro area typically go fast, and those in Long Beach are no exception. This is all according to a recent GOBankingRates study that shows Long Beach as having some of the fastest-selling homes in the entire nation.
For the study, GOBankingRates determined the cities with the fastest-selling homes by analyzing the 100 largest U.S. cities based on the average number of days on the market, using Zillow’s December 2018 index (the most recent days-on-market data) for this metric and calculating the average days for the entire year 2018.
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Long Beach Homes Are Among the Fastest to Sell in LA
In the year 2018, the United States saw its homes stay on the market for an average of 76 days. Homes in Los Angeles spent an average of 64 days on the market, 12 days fewer than the national average. The Southern California cities of Anaheim, Irvine and Santa Ana also come in under the national average at 58, 62, and 62 days, respectively.
However, the real leader in this metric in the greater Los Angeles area is the city of Long Beach. Those looking to sell their home in Long Beach will only have to wait an average of 56 days before it is off the market. In fact, this figure puts Long Beach in the top 30 on the list of markets with the fastest-selling homes, based on the 2018 average for days on the market. Among this list of the nation’s markets where homes are selling the fastest, Long Beach leads the Los Angeles metro area at 28th, Anaheim comes in at 36th, Santa Ana and Irvine rank 44th and 45th, respectively, and the city of Los Angeles ranks 53rd.
Check Out: 13 Ways California Real Estate Differs From Every Other State
LA Metro Area Falls Behind Nation on Year-Over-Year Home Value
While the Los Angeles metro housing market outpaces the national average in terms of days on the market, it is falling behind the national average when it comes to one-year home values. Long Beach, which leads the way when it comes to days on the market, only saw a 3.1 percent increase in one-year home values when the national average was over 5 percent higher at 7.2 percent.
Location | Days on Market – 2018 Average | Median List Price – Jan. 2019 | Median Home Value – Jan. 2019 | 1-Year Home Value Change | 2-Year Home Value Change |
Long Beach | 56 | $580,000 | $592,800 | 3.1% | 9.8% |
Anaheim | 58 | $599,900 | $598,800 | 3.1% | 9.5% |
Irvine | 62 | $999,900 | $866,300 | 3.0% | 8.7% |
Santa Ana | 62 | $550,500 | $547,600 | 5.0% | 14.7% |
Los Angeles | 64 | $799,000 | $689,500 | 4.8% | 13.2% |
All of the Los Angeles metro cities underperform against the national one-year home value change of 7.2 percent. Santa Ana comes closest with a one-year home value change of 5.0 percent, while Los Angeles itself isn’t too far behind with 4.8 percent. If you were to take the nation’s 100 largest cities and rank them in terms of one-year home value change, Los Angeles would rank 77th and Long Beach would rank 89th. The other Southern California cities do not fare much better. Santa Ana would still wind up 74th on the list, and Anaheim and Irvine would rank 88th and 90th, respectively.
The Los Angeles metro housing market has some definite pros but also some alarming cons when compared to the rest of the nation. With many economists predicting a cooling of the California market as a whole, it might be the right time to make a move if you find yourself looking to get into (or escape) Los Angeles.
Keep reading to see the hottest neighborhoods in the US.
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This article originally appeared on GOBankingRates.com: This Is the South LA City Where Homes Are Flying Off the Market
