Where’s the most expensive city in LA? The answer may be a bit surprising and is dependent on one main factor: the number of bedrooms. According to a new report by PropertyShark that was based on property data over the last six years, the median price per square foot changes rather substantially between one bedroom bachelor pads and four-bedroom family homes.
Most Expensive 1-Bedroom Zip Code
You might think that Beverly Hills is out of the question, but the truth is that if you want a one bedroom home, you are better off in Beverly Hills than Redondo Beach according to data in 2017. However, Beverly Hills is not the most expensive.
That accolade goes to Malibu. One-bedroom homes in the 90265 zip code have a median price of $1,719 per square foot.
The second most expensive city for a one-bedroom is Hermosa Beach. However, you will note that its median price is substantially lower at $1,009 per square foot.
Rounding out the top three is another Westside city – Santa Monica. Lower yet at $878 per square foot, Santa Monica’s median price is still more than double what Zillow says the median price per square foot is for all of L.A. County.
And what of Beverly Hills? At ninth place with $592 per square foot, it is only marginally above the L.A. median.
Most Expensive Family Home Areas
The Westside continues to hold its value to buyers and sellers, with the top four most expensive zip codes.
- Beverly Hills – $1,195 per square foot
- West Hollywood – $976 per square foot
- Santa Monica – $947 per square foot
- Malibu – $902 per square foot
The less expensive homes that bring the median price per square foot value down to $416 per square foot are far to the north in Lancaster with just $134 per square foot.
Home prices on the Westside continue to rise and are now above the median prices realized prior to the real estate crash ten years ago. Based on current market conditions and lack of inventory, I predict that 2018 will see the Westside on many different lists showing the area to continue being a hot market. If you are buying or selling in the area, give me a call. I’d love to help you understand how the market on the Westside will affect you and devise a strategy to help.