The median home listed in Los Angeles will soon cost more than $1 million -- up 30% in 5 years
The already dizzying Los Angeles housing market is poised to reach new heights, as the latest data from Zillow suggest that the median home listed in the city will soon cost more than $1 million.
As of June 30, the figure was $975,333, more than a 30% increase from five years prior. Statewide, six other cities were even more expensive and had already crossed the million-dollar mark: San Jose, Santa Maria, Santa Cruz, Salinas and San Francisco.
In Santa Cruz and San Diego — the major markets with the largest increases — median listing prices were up more than 40% over the last five years. Inflation over the same period was 21%, according to the U.S. Bureau of Labor Statistics.
“Even if it is an arbitrary number, it’s an astounding one,” Michael Lens, a professor of urban planning and public policy at UCLA, said of the million-dollar median.
“A signature way that generations have built wealth in this country is through the housing market,” he said, and the figure “puts in pretty sharp focus the barriers to entry in that housing market in building wealth and having a predictable and stable home over your head.”
https://www.latimes.com/california/story/2023-08-01/median-home-prices-los-angeles-real-estate-million-dollars
Salinas crossed the million dollar mark?
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