If you’re looking for a sure-thing investment in real estate this year, these neighborhoods appear to be increasing in value, says listings site Redfin.
We’re talking about homes priced way north of half a million dollars, which is not that crazy given that our median price in the market is $562,800, according to Zillow.
Redfin says it looked at “millions of page views,” including homes “favorited” by users, to come up with its predictions.
“We’ve been doing the report for several years now and have an excellent track record with our predictions, ranking Highland Park and Eagle Rock in previous years,” a spokesman said.
Here are the hottest neighborhoods for 2016:
3. Larchmont. This Larchmont Village–adjacent area (AKA East Hollywood / Hollywood / K-Town – depending on the direction) has a median price of $884,500 and average sales of 100.1 percent of asking price. The median number of days on the market for a home here is 36, Redfin says.
2. Adams Square. This community in Glendale has a reasonable median price of $620,000. Sellers get, on average, 101.2 percent of what they’re asking. Listings last only a median 26 days before sale, the site says.
1. Mt. Washington. We’re not sure where on Mt. Washington you can find a place for $699,000, but that price certainly sounds good to us. Median listing time is 18 days. Sellers are getting 103.7 of their asking price, according to Redfin.
“The neighborhoods of Northeast L.A. have been hot for many years now, starting back before the market crash” says Redfin’s Earnest Watts. “In fact, Mt. Washington started the NELA Trend and is located between two past winners of the ‘hottest neighborhood’ title: Eagle Rock and Highland Park. Mt. Washington is actually one of the more expensive neighborhoods on the Eastside, but many buyers are drawn to the area for the incredible city views, cool neighbors, close location to happening DTLA and Echo Park/Silver Lake and the stellar reputation of Mt. Washington Elementary School.”
Lock in now, because the only way is up for home prices and rents!