Five newcomers have joined the ranks of Los Angeles’ ‘million-dollar cities,’ according to a new report from Zillow.
Median home values in East Pasadena, View Park, La Crescenta, La Habra Heights and Seal Beach surpassed the $1 million mark as of November 2020. The year prior, homes in these neighborhoods were valued in the mid- to upper-$900,000 range.
Record-low mortgage rates and lifestyle changes brought about by the COVID-19 pandemic caused home values to climb as high as 12.9 percent annually in the case of View Park. Typical homes in this wealthy, historically Black community are now worth an estimated $1,042,676.
North of Glendale in La Crescenta, home values have jumped 11.6 percent year-over-year to a median of $1,036,070. Thanks to the proliferation of remote work, this somewhat-isolated, mountainside neighborhood is more appealing than ever to buyers.
There are now 39 million-dollar cities throughout the Los Angeles metropolitan area, led by celebrity enclaves like Hidden Hills, Beverly Hills and Malibu, where the otherwise not-so-average home fetches well above $3 million.
Rising home values nationwide resulted in 45 cities being added to the list in 2020 — a 17 percent net increase not seen in over a decade. Unsurprisingly, the highest-priced metropolitan areas in the United States are concentrated on the coasts with San Francisco (61 cities) and New York (51 cities) leading the pack.
“Despite the label, there are homes available in these communities for less than $1 million, but buyers must be realistic about their wish list and act quickly in the current market, especially since homes are selling in a matter of days in many places,” said Zillow senior economist Chris Glynn.
“For sellers, it is possible to capitalize on the recent growth in these markets and relocate to far less-expensive markets — particularly with an increase in remote work offering flexibility in the job market.”