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We crunched the numbers to determine where single-family home prices are heating up. Our latest heat maps compares the first quarter median sales for 2017 to that of 2016 for The MLS™ primary areas. Here are the areas where single-family median sales prices are red-hot:
- Brentwood (60% increase; Q1-2017 Median Price: $4,096,000): It’s no surprise that homes in this coveted neighborhood are in high demand. The median sales price for single-family homes here landed above the $4 million mark, with a lofty $1.5 million difference compared to Q1-2016. Brentwood also ranked second in our first-quarter heat map for single-family homes sales volume.
A property listed in Brentwood - Beverly Hills (40% increase; Q1-2017 Median Price: $5,950,000): 90210 has become the land of million-dollar listings. The median price in this celebrity hot spot rose to nearly $6 million, with a lofty 40% increase in price. Compared to Q1-2016, the price went up by a staggering $1.7 million.
- Topanga (36% change; Q1-2017 Median Price: $1,190,000): Scenic Topanga topped the million dollar mark, with an increase in median sales price of $314,500. Prices rose by a respective 36%; they were $875,500 in Q1-2016.
- Cheviot Hills – Rancho Park (36% increase; Q1-2017 Median Price: $2,295,500): Tying with Topanga, Cheviot Hills – Rancho Park homes also had a price increase of 36%. This neighborhood may one of the the smaller areas on the map, but its median price is now nearly $2.3 million.Here’s the full breakdown:
Curious about condos and co-ops? Here’s our first quarter map for sales volume.
Questions? Email marketing@themls.com.
Ken
May 7, 2017Home price appreciation is also following a more “niche” neighborhood pattern. For example, the celebrity filled Hidden Valley Estates neighborhood in Beverly Hills appears to be becoming more and more exclusive. Hollywood’s hottest stars seem intent on ensuring that their “friends and family” get the rare home for sale in the neighborhood even before it hits the market, causing price/sqft to continue to rise amid highly limited supply. A similar phenomenon happened in Malibu’s Carbon Beach. Exclusivity and limited supply have become the name of the game – and prices are reflecting that.
themlsblog
May 8, 2017Interesting point — thanks for weighing in, Ken!
themlsblog
May 5, 2017Thanks for the share!