How South LA single-family home prices have changed in the last 10 years
Earlier this year, Los Angeles broke a new record — but it wasn’t necessarily one to celebrate. In May, the city’s population count climbed past the 4-million mark for the first time in history. By 2035, that record is expected to be broken again, as the Southern California Association of Governments expects the city’s resident count to hit five million.
Can LA’s housing market keep up? Data from the California Regional Multiple Listing Service (CRMLS) suggests no — especially not in neighborhoods close to downtown yet historically cheaper. Intersections South LA analyzed CRMLS data on single family residence prices in South LA, one of the areas most affected by LA’s population spike, from 2007 to 2017.
The maps curated from CRMLS data show how prices per square foot have changed in the sale of single family residences over the last 10 years.
Shortly after the financial crisis spiked in 2007, the real estate market began plummeting.
Prices in South LA stayed at a lower level during the following years, with single family residence prices averaging between $100 and $200 per square foot all throughout 2010, 2011 and 2012.
In 2013, prices started rising. As gentrification spilled over from Boyle Heights to South LA, the purchase price for a single family residence rose back to its 2007 level: between $300 and $400 per square foot.
Between 2016 and 2017, single family residence prices in South LA spiked, from averaging between $200 and $300 per square foot to between $300 and $500 per square foot. Neighborhoods in the western parts of South LA, such as Inglewood, West Adams and Hawthorne, have experienced the steepest rise in prices.
Listen to how residents in various South LA neighborhoods are affected by rising prices and gentrification in our four-part radio series, available on Twitter, Soundcloud and Instagram.
