According to the Zillow Home Value Forecast, Cypress Park is the hottest real estate neighborhood in Los Angeles.
The area is situated between last year’s hotspots, Frogtown and Highland Park and now Cypress Park is on the verge of trending upward. Real estate values in Cypress Park are expected to rise by 8 percent this year according to Zillow. TimeOut reports that West Adams is the hottest neighborhood in Cypress Park, “If Cypress Park is where buyers will be starting to drive costs up in this coming year, the neighborhood where they’re currently snapping up homes appears to be West Adams, according to a finding by Redfin. Houses there are selling like hotcakes. Typically in the L.A. metro area a house will be on the market for 42 days, but in West Adams it’s currently just 25 days.”
What makes West Adams so popular? An analysis for Redfin reveals that West Adams saw a big drop in inventory over the last 18 months. Also, West Adams saw a growth in median price in 2016. This year’s median sale price in West Adams was $550,688. The price tag is what makes West Adams so desirable. Since the median price is still under $600,000, it’s seen as relatively affordable compared to other areas in L.A.
Values in Cheviot Hills are expected to rise by 6 percent which makes it the second hottest real estate neighborhood in L.A. according to Zillow. L.A. Weekly reports on the other neighborhoods which made the list:
“Montecito Heights came in third place for forecast price growth — 5.8 percent. Highland Park was fourth at 5.4 percent. And downtown Long Beach, a relative newcomer to this game (and once a crime-ridden ghost town at night), came in fifth with 5 percent growth expected.”
According to Zillow chief economist Svenja Gudell, the greatest values are expected to be found, “in smaller markets away from the coasts.”