The Pulse of the Housing Market in NELA: August 2023 vs. Last Year
Why Should You Care?
Hey, you're curious about real estate in Northeast L.A. (NELA), aren't you? Let's dig into the latest trends. Here's the kicker: numbers don't lie, but they also don't tell the whole story. We'll break down the data for Highland Park, Eagle Rock, Mount Washington, Glassell Park, Silver Lake, Echo Park, and Los Feliz. By the end, you'll know exactly where the market stands, and—more importantly—where it's going.
Highland Park: The Real Deal
Here's something interesting: 22 homes sold in Highland Park this August. That’s a drop from last year, mirroring the fewer new listings—only 17 this year, down a whopping 32%! But don't fret! The average home price shot up 13% to $1.24 million. That's real growth, friends, not just inflation.
Eagle Rock: Size Matters
In Eagle Rock, home sales are down 22%, but listen to this: the average home price and size both increased by 11%. This tells us people are opting for more space. If you're eyeing a bigger home, Eagle Rock may be calling your name.
Mount Washington: Unicorns and Reality Checks
Remember that "unicorn" $4.9 million sale last year? After adjusting for it, home prices in Mount Washington actually increased 7%. But with new listings dropping 71%, you may feel the squeeze if you're hunting in this area.
Glassell Park: The Trend-Bucker
Glassell Park marches to its own drum—home sales rose 30%. The catch? Prices dipped 4%. If you're looking for a bargain in NELA, strike while the iron is hot!
Silver Lake and Echo Park: Quick and Steady
28 homes sold this August, a bit less than last year, but they're still selling like hotcakes—average 18 days on the market! Prices are stable, so if you're thinking of joining this vibrant community, now's a good time.
Los Feliz: Luxury Living
Los Feliz saw a massive 14% price jump, but don't get too excited. A unicorn $9.4 million sale skewed the data. However, homes are still a luxury at an average $3.08 million.
Final Thoughts: Your Move
Now you're in the loop! Feeling that rush of excitement? Or maybe just a tiny bit overwhelmed? Either way, if you've got questions, we've got answers. Get in touch and let's make your real estate dreams a reality. You don't want to miss out on the opportunities this market has to offer.
Reach out if you're ready to jump into the action or just want to chat. The housing market waits for no one—let's get you into your dream home today!
Wendy Colton 213-842-4142 [email protected]