Strong Demand To Live, Work In Long Beach Prices Increase Across Real Estate MarketsRelease Date: 2018-07-30
By: Samantha Mehlinger
Sales and lease prices in all real estate sectors in Long Beach are continuing to increase due to strong demand to live and work in the city, according to economists and real estate executives. In general, trends in the Long Beach markets are reflecting those throughout Southern California, although some are experiencing more dramatic activity than in other regions.
As in most of the state’s populous cities, Long Beach’s single-family market has been characterized in recent years by high demand and low supply, factors that continue to drive up sales prices. According to Robert Kleinhenz, economist and executive director of economic research for Beacon Economics, the median sales price of single-family homes in Long Beach increased by 13.8% in May compared to the same month in 2018. By comparison, the median price of homes within Los Angeles County increased 8.1%. It is possible that the median price increased sharply in Long Beach because more higher-end homes have sold recently, he noted.
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