When you think of the kind of Los Angeles neighborhoods you expect people to be interested in, places like Santa Monica, Playa del Rey, or Hermosa Beach might come to mind. The thing is, good luck finding affordable or available housing in those and most other established LA haunts. As sprawling as this city is, it can often feel like we've run out of space.
With inventory and availability so low, it's only natural that developers and homebuyers alike are going to look to whatever parts of town they view as untapped and full of potential. Turns out, it's Northeast Los Angeles's turn.
Zillow recently crunched the numbers on home listing forecasts for the city and according to their analysis they see real estate values in the Cypress Park neighborhood rising around eight percent in 2017. That's more than the Westside's Cheviot Hills (six percent), Montecito Heights (5.8), Highland Park (5.4), and Downtown Long Beach (5.0).
This densely populated neighborhood located at the intersection of the LA River and 110 Freeway contains 13,478 people per square mile, one of the highest in the city. A true working-class neighborhood, that could start to change if Zillow's predictions come true. That seems more likely when you realize Cypress Park is bordered by hip Frogtown and trendy Highland Park. It's also home to Rio de Los Angeles State Park and has four public schools and a private school, so there's more here to attract would-be homebuyers than just potential.
However, Cypress Park will have some stiff competition from its neighbor to the north, Glassell Park. Per The Real Deal, this Northeast LA neighborhood saw a 25.3 percent year-over-year increase on median home prices in 2016. That's the highest rate across Los Angeles County where the average is closer to seven percent. With homebuyers priced out of nearby Highland Park and Eagle Rock, they looked to Glassell Park and are likely to keep looking, at least until they decide to move on to Cypress Park.
One wonders what will happen in a few years when Northeast LA housing has been tapped, not just for incoming homeowners and developers but also for those who have to move around to make room for them.
Median home prices grow in LA, skyrocket in Glassell Park [The Real Deal]