The real estate market has reached a new high of $100 billion in Los Angeles County, CA

Saurabh

Disclaimer: The author does not claim to be an expert in the field, but the article is based on credible sources.

https://img.particlenews.com/image.php?url=36CwKK_0fmlEygL00
Image for Representational purpose OnlyPhoto by Héctor Martínez on Unsplash

Los Angeles County is well-known for many things, including sandy beaches, breathtaking landscapes, gorgeous mountains, and its high cost of living. According to the Numbeo Cost of Living Index by City, Los Angeles rated 59th among the most expensive places in the world to reside in early 2022. Los Angeles was placed 16th out of 95 U.S. cities in their study. Santa Barbara, San Francisco, Oakland, and Irvine were among the California cities evaluated to be more costly than Los Angeles.

The Los Angeles housing market in 2022 shares numerous similarities with other California and American housing markets in general: Rising prices, decreasing inventory, and rapid sales of properties However, the property market in Los Angeles is in better health than in other California cities. As of February 2022, the average number of days a property for sale spends on the market before being purchased is 36 days, a 28 percent decrease from the average of 50 days in February 2021.

Property values in Los Angeles County are expected to grow by a record $100 billion this year, according to Bloomberg. As in other major California cities, rising property values have created an affordability dilemma. With approximately 60,000 homeless persons, the county of 10 million people has one of the highest concentrations of homeless people in the country. Meanwhile, the median price of a property in Los Angeles is $1 million, up 14% over last year.

As in other major California cities, rising property values have created an affordability dilemma. With approximately 60,000 homeless persons, the county of 10 million people has one of the highest concentrations of homeless people in the country.

Meanwhile, according to Redfin, property prices in Los Angeles were up 13.3 percent year on year in April 2022, with a median price of $1.0M. Homes in Los Angeles sell after 30 days on the market on average, compared to 38 days last year. In April of this year, there were 2,414 house sales, a decrease from 2,856 in April of the previous year.

Thank you for reading! Download NewsBreak App for better optimization and reading experience.

References:

Numbeo

Bloomberg

Redfin

United States Census Bureau

Comments / 3

Published by

Saurabh is a Computer Science & Engineering undergraduate student pursuing his writing interests. He enjoys researching current events/news as well as Evergreen Topics and has also been writing on Medium, Quora and Vocal.

N/A
3898 followers

More from Saurabh

Comments / 0