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L.A. Median Home Price Climbs to $475,000 in May, the Highest Value This Year

After three consecutive years of growth, the L.A. housing market has gotten even hotter in the first months of this year. Both home prices and sales went up in May, although at a slower pace compared to the previous months.

As you can see in the table below, the median home sale price in May reached a peak value of $475,000, slightly up from April’s $470,000 while the number of closed sales was 7,010.

MonthMedian sale priceM-o-M changesNumber of salesM-o-M changes
January$440,000down 1%4,689down 27%
February$454,000up 3%4,659down 1%
March$460,000up 1%6,605up 42%
April$470,000up 2%6,918up 5%
May$475,000up 1%7,010up 1%

Pacific Palisades Sees The Highest Median Home Price: $2.8M

The affluent Pacific Palisades, Beverly Crest, and Bel Air led the other neighborhoods in terms of median home prices, followed by Cheviot Hills and Hollywood Hills West, where home prices jumped up by 47% and 34% respectively.

NeighborhoodMedian Home PriceChange M-o-M
Pacific Palisades$2,800,000up by 30%
Beverly Crest$2,700,000up by 17%
Bel Air$2,580,000up by 4%
Cheviot Hills$2,197,500up by 47%
Hollywood Hills West$2,052,500up by 34%

It’s no surprise, then, that some of the priciest real estate transactions closed in May are located in these areas:

#1. 913 N Bedford Drive, Beverly Hills

Sale price: $23,500,000

Marlene Dietrich house
Photo courtesy of Lastgoddess.blogspot.com

This is the house Marlene Dietrich used to rent from countess Dorothy di Frasso in the early 1930s. Its sale price is now more than three times over what the previous home owners paid for it back in 2008.

#2. 11459 Bellagio Road, Bel Air

Sale price: $18,500,000

bellagio road villa in LA
Photo courtesy of Douglas Elliman Real Estate

This European-style villa was built in 2009 and boasts 6 bedrooms, 8 bathrooms, and stunning craftsmanship all throughout.

#3. 716 N Palm Drive, Beverly Hills

Sale price: $18,246,500

palm drive villa
Photo courtesy of Dream Homes Magazine

This authentic Mediterranean-style villa dates from 1929. Its price more than doubled since the last time it was sold, as the previous owners paid only $7.5 million for it in 2010.

#4. 580 Chautauqua Boulevard, Pacific Palisades

Sale price: $14,750,000

This 1937 property, a Paul Williams-inspired classic, went through a total renovation in 2014 and was listed for a much bigger price of $17.5M.

#5. 1130 Maytor Place, Beverly Hills

Sale price: $11,900,000

This mid-century modern mansion went through total renovations last year when it was bought for half its current selling price.

Top 5 L.A. neighborhoods by number of sales

The low inventory made the sales activity remain generally calm all throughout L.A. in May, with some bouts in the San Fernando Valley communities.

NeighborhoodNumber of SalesMedian Sales Price
Woodland Hills107$625,000
Sherman Oaks78$769,000
Encino76$808,250
West Hills69$589,000
San Pedro67$445,000

If you’d like to gain insight into how this year’s L.A. housing market compares to last year’s status, check out our 2014 L.A. real estate market report.

 

 

 

 

 

 

 

Roxana Baiceanu

Roxana Baiceanu

Roxana is an associate editor with Multi-Housing News and Commercial Property Executive. In the past, she also created content for PropertyShark and Point2Homes’ blog pages. She also has 5 years of experience as a marketing copywriter.

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