Even those with little interest in real estate remember what happened to the market in 2008. The “Great Recession” burst the bubble of homeowners, investors and speculators across the country. Los Angeles was certainly not immune to the downturn.
But demand for land and housing in Los Angeles, an increasingly international city, never dipped to the lows of boom towns like Las Vegas and Miami. In fact, the local market has recovered nicely and most areas, especially the high-end neighborhoods of the Hollywood Hills and Beverly Hills, are enjoying prices above what they were pre-crash.
Los Angeles is also not the only market that has enjoyed a full recovery. Take a look at this graphic of the Top Ten Strongest Housing Recoveries.
1. Nashville, TN : Median Home Price $187,200 : 11% Gain, peak to present. -11.8% Decline, peak to present.
2. San Francisco, CA : Median Home Price $742,900 : 9.9% Gain, peak to present. -21.7% Decline, peak to present.
3. Honolulu, HI : Median Home Price $701,300 : 9.1% Gain, peak to present. -11.8% Decline, peak to present.
4. San Jose, CA : Median Home Price $855,000 : 4.2% Gain, peak to present. -31.2% Decline, peak to present.
5. Columbus, OH : Median Home Price $151,000 : 3.4% Gain, peak to present. -10.9% Decline, peak to present.
6. Raleigh, NC : Median Home Price $213,200 : 2.3% Gain, peak to present. -10.3% Decline, peak to present.
7. Charlotte, NC : Median Home Price $192,800 : -1.1% Gain, peak to present. -17.1% Decline, peak to present.
8. Philadelphia, PA : Median Home Price $213,000 : -1.3% Gain, peak to present. -13.4% Decline, peak to present.
9. New Orleans, LA : Median Home Price $164,100 : -1.3% Gain, peak to present. -14.4% Decline, peak to present.
10. Colorado Springs, CO : Median Home Price $225,00 : -1.6% Gain, peak to present. -15.9% Decline, peak to present.
As you can see from this graphic, not all of these markets have seen any gains yet since peak market, but percentage wise, they are still seeing double digit recoveries.
You don’t need to look any further than our neighbors in the north to see the recoveries true success story. The Bay Area market is now the hottest in the country, and prices have skyrocketed past their pre-crisis peak.
If you’re looking to buy or sell a home in Beverly Hills, please call us at 323-829-8811. Or email Susan Andrews at susan@luxurylahomes.com.
Contact us anytime if you ever wonder “What’s my home worth”? Or visit HollywoodHillsValue.com for a free no obligation home valuation.