Buying a house is not an easy task that gets done within a few day’s time. The trends in the market and the place where you plan to buy property decide the amount you have to invest in the deal. The prices in the Los Angeles market are constantly on the rise and prospective buyers have to invest a fair portion of their savings in an acquisition deal. However, considering the asset that a home owned in Los Angeles is, the deal is not going to disappoint you in the long run.
What Is The Average Price Of Houses In LA?
According to the real estate tracker, Core Logic, the median price for a single-family home in LA was $650,000 and $530,000 for a condo in November 2019. Smaller residences and starter homes meant for one to two occupants are also included in the median price, which means that the parameter may be understating the average real estate price in the LA market. In November, the median asking price was $440 per square foot, indicating that a 2000 square feet home will cost about $880,000.
The prices in the LA market are neighborhood-dependent because the prices of houses differ according to the part of LA you are in.
What Types Of Houses Can You Buy In Los Angeles?
Being a desirable location where an acquired property serves as a long term investment, LA has diverse housing types like the following:
- Single Family Home: The classic American style home that is located on your own plot with optional features like a white fence and swimming pool.
- Duplexes/triplexes: The property has more than one self-contained unit with each having its own kitchen and bathroom. They serve as good options for buyers who have plans of accommodating their extended family or those who plan to rent out the units.
- Condos: Condos are apartments that you buy. The building and land on which it stands are owned by everyone in the apartment. In this respect, a condo is different from a single-family home.
- Townhomes: They are attached to neighboring units and offer the feel of single-family homes. But they are more or less similar to condos, as the residents share the ownership of land around the homes.
- Small lot homes: Although they look similar to townhomes, they resemble single-family residences more. The units sit on small pieces of land that are slightly larger than its area.
If you have plans of buying a house in LA, you can get the service of Reuven Gradon to get the best deal available.