Long Beach Real Estate Market Overview
In Long Beach, the real estate market demonstrates variability in terms of home prices and market trends. Properties in this area have been subject to shifts in supply and demand, impacting the overall housing market dynamics.
As of last month, the median sale price for a home in Long Beach was $800,000, which indicates a notable increase of 10.3% year-over-year. This sale price per square foot stands at $607, presenting a slight uptick of 1.2% from the previous year (Redfin).
On the contrary, the median listing home price noted a decrease to $750,000 in February 2024. This reduction represents a -4.9% change on a year-over-year basis, hinting at some cooling in the market (Realtor.com).
An analysis of Long Beach's real estate market trends for Quarter 4, 2023, showed that the median sale price was $772,000, a 12.7% increase year-over-year. The median price per square foot came to $619, marking a 2.8% rise from the previous year with a total of 536 transactions, which is a slight -2.2% year-over-year change (PropertyShark).
It is observed that while the market presents instances of both escalation and decrement, the number of sales and pace at which homes are sold can offer insight into the market's fluidity. For February 2024, 586 homes were listed for sale in Long Beach, which might suggest a stable housing supply (RocketHomes).
The current forecast for the Long Beach housing market depicts a diverse landscape where slight fluctuations in price and sales indicate a market that's responding to the nuances of economic factors and consumer behavior.
Current Market Trends in Long Beach
In reviewing the current state of the Long Beach housing market, a detailed observation of pricing dynamics, sales statistics, inventory levels, and demand indicators provides a comprehensive assessment of its health and trajectory.
Pricing Dynamics
The Long Beach area is experiencing a varied range in home prices with observed fluctuations. The median sale price of a home in Long Beach has been recorded at around $800K, marking a significant increase from the previous year. Housing Market: House Prices & Trends | Redfin suggests a rise of 10.3%. Concurrently, the price per square foot stands at $607, inching up by 1.2% within the same timeframe.
Sales Statistics
Regarding sales, Long Beach has seen a moderate level of activity. In a recent quarter, there were 606 transactions, showing a decrease of 26.2% year-over-year. Long Beach Real Estate Market Trends - PropertyShark signals this trend. Notably, properties are selling at various rates, with some selling over 90 days while others move more quickly due to price adjustments or high demand.
Inventory Levels
Inventory levels provide insight into housing supply within the city. Currently, 553 homes are listed for sale, according to Long Beach Housing Market Report - RocketHomes. This includes a range of different property types, from recently sold homes in Long Beach to condos and even a few foreclosures. The balance between availability and scarcity shapes the market's character.
Demand Indicators
The demand for homes in Long Beach remains strong, though nuanced. Buyers are active, with homes receiving on average 2 offers. In instances where demand outpaces supply, homes may sell for at asking or over asking price, as reflected in homes being marked as sold homes rather than price reduced. This indicator aligns with the ongoing interest in properties for sale in Long Beach, signaling robust market engagement.
Property Types and Localities in Long Beach
Long Beach's real estate market showcases a variety of property types set across distinct neighborhoods, each offering unique features and amenities. From bustling urban areas in Downtown Long Beach to the serene waterfront settings of Belmont Shore and Naples Island, buyers and investors have a diverse range of locales and home styles to consider.
Residential Zones
Long Beach's residential landscape is segmented into various zones, each with its character and appeal. Buyers seeking a coastal lifestyle may gravitate towards Belmont Shore or Naples Island, where the harmony of waterways and community creates an elite ambiance. In contrast, Bixby Knolls offers a more traditional suburban setting, complete with family-friendly parks and community events. The diversity extends to Downtown Long Beach, where a mix of historic charm and urban convenience attracts a wide demographic.
Types of Homes
The Long Beach housing inventory is quite extensive, ranging from single-family homes to modern condos and everything in between. Historic Craftsman bungalows and Spanish-style houses permeate neighborhoods like Bixby Knolls, while Downtown Long Beach caters to those seeking high-rise condos with city views. Meanwhile, new home construction is on the rise, adding contemporary options to the market, such as eco-friendly homes equipped with the latest technologies.
Home Features and Amenities
When considering Long Beach listings, potential buyers are often interested in the amenities each home offers. Homes in Long Beach may feature various amenities, from upscale chef's kitchens and spa-like bathrooms to outdoor entertainment spaces and waterfront access. Higher-end properties might boast private docks for residents with boats, especially in waterfront communities like Naples Island, while family-oriented localities might offer large backyards or proximity to reputable schools.
Economic Factors Influencing the Market in Long Beach
The Long Beach real estate market is shaped by various economic factors which directly impact housing prices and sales volume. These elements play a crucial role in determining the market dynamics for both potential buyers and sellers.
Economic Trends
The local economy in Long Beach significantly influences the real estate sector. Strong economic growth often leads to increased demand for housing, escalating home values across various price ranges. Conversely, an economic downturn can result in a cooled market with more conservative home value appreciation. Recent predictions suggest that the Long Beach economy will see a steady pace, which may contribute to a continued demand for residential properties.
Real Estate Transactions
Transactions within the Long Beach real estate market reflect the current economic conditions. A notable number of recently sold homes and their estimated value can provide insights into the market’s health. Real estate agents play a pivotal role, as they guide transactions to meet market demand, influencing both the volume and the price range of homes sold. Reports indicate that as of Q4, the median home sale price in Long Beach was at $772K, demonstrating robust activity in the housing sector.
Buying and Selling in Long Beach
The Long Beach real estate market demonstrates a dynamic environment for buyers and sellers, with the median sold prices and competitive listings shaping the experience. Attention to detail regarding pricing trends and local resources can significantly impact decision-making in this coastal city.
Buying Real Estate
When purchasing real estate in Long Beach, CA, buyers encounter a market with a median sale price of approximately $800K, reflecting a robust increase over the past year. Prospective buyers should note the median sale price per square foot is around $607, indicating the market's competitive nature. Houses and condos in Long Beach offer a range of options, from waterfront properties to inland single-family homes. Real estate resources and open houses are crucial for buyers, providing opportunities to explore different communities within various zip codes in the region. Foreclosures, although less common, may present more affordable avenues for ownership but require swift action due to high demand.
Selling Real Estate
Sellers in Long Beach are currently navigating a somewhat competitive market, where homes on average receive two offers. The key to a successful sale rests on setting an attractive list price that reflects both the median home sold price and the median price per square foot. Proper staging and marketing, possibly through open houses, enhance the sale potential. Real estate agents in Long Beach can offer valuable insights and strategies, particularly when dealing with market variables such as foreclosures in the area, which can affect overall market dynamics.
New Home Communities
Long Beach is expanding with new home communities providing diverse living options for different buyer preferences. These new home communities often come with contemporary amenities and are designed to meet the expectations of modern buyers. Whether it's a single-family house or a condo, each new community brings its own character and benefits, from eco-friendly designs to community-centered living spaces. With various price points, especially when considering the median home sold price, these new developments cater to a wide range of budgets and lifestyles.
Long Beach and Surrounding Areas
Long Beach, CA, exhibits a diverse and vibrant real estate market with distinct areas such as Belmont Shore, Naples Island, Bixby Knolls, and Downtown Long Beach offering a variety of living experiences. Each neighborhood reflects the city's overall dynamism, appealing to a range of preferences and lifestyles.
Local Insights
Belmont Shore and Naples Island are known for their waterfront properties and upscale living. They are attractive for buyers seeking a sophisticated coastal lifestyle with the convenience of high-end shops and restaurants. Bixby Knolls, on the other hand, offers a blend of residential and commercial areas with a more relaxed, suburban feel, emphasizing community activities and local businesses.
Downtown Long Beach is a hub of cultural, financial, and urban activity. Residential options range from high-rise condos to restored lofts, appealing to those who prefer a bustling city environment with proximity to amenities and the arts scene.
Comparison with Nearby Cities
Long Beach's housing market differentiates itself from nearby cities through its distinct character and varied neighborhoods. When compared to other cities in the Los Angeles area:
- Median Sale Price: In January 2024, Long Beach reported a median sale price of $800,000, a significant growth compared to the previous year.
- Market Activity: In Q3 of 2023, Long Beach saw a median home sale price of $725K with a slight decline from the year before, whereas Los Angeles County experienced a median sale price of $830K, marking an uptick.
- Market Type: The city is typically regarded as a seller's market, indicating that supply may not as readily meet demand, thus commonly resulting in higher prices and faster-selling homes as indicated by RocketHomes.
By analyzing these factors, buyers and investors can discern the unique value proposition of Long Beach's real estate compared to its surrounding areas.
Frequently Asked Questions
This section aims to provide an in-depth look at some of the most pressing questions potential investors and homeowners have about the Long Beach real estate market.
What are the current housing market predictions for Long Beach?
Current predictions suggest that the Long Beach housing market will continue to be somewhat competitive, with homes receiving multiple offers. The trends also indicate a steady rise in sale prices, reflecting ongoing demand.
How has the average home price in Long Beach, CA changed over recent years?
Over recent years, the average home price in Long Beach has seen a consistent uptick. For example, recent data shows that the median sale price of a home in Long Beach was around $800K, marking a significant increase from the previous year.
What trends are influencing the Long Beach housing market today?
Today's market is influenced by a variety of trends, including a competitive environment with homes selling relatively quickly and for a high percentage of the listed price. This reflects a strong demand and a somewhat limited supply.
How does the Long Beach real estate market compare to nearby cities?
When compared to nearby cities, Long Beach's real estate market is considered to be robust, with median sale prices often surpassing those of similar urban areas. The median sale price per square foot in Long Beach is often higher as well.
What factors contribute to the demand for housing in Long Beach?
The demand for housing in Long Beach is driven by factors such as its coastal location, vibrant local economy, and an appealing lifestyle that includes access to beaches, cultural attractions, and strong employment opportunities.
Which areas in Long Beach are seeing the most significant real estate growth?
Certain areas in Long Beach are experiencing remarkable real estate growth, particularly neighborhoods that are close to the waterfront or have recently benefited from economic revitalization efforts. These areas tend to attract a mix of investors and homebuyers looking for valuable opportunities.
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