Long Beach Real Estate Property Values and Cost Per Square Foot on the Rise in 2024

A Quick Glance at Long Beach’s Real Estate Dynamics

In the vibrant and picturesque coastal hub of Long Beach, California, recent data divulges a real estate market that’s as dynamic as the city’s world-renowned port. Over recent months, trends have highlighted a burgeoning market where property values and cost per square foot are on an uptick, signaling strong demand and a robust local economy. As of October 2023, property aficionados have witnessed a standout peak with the average property value cresting at approximately $825,000. While the chill of December saw a slight recession to about $750,000, the ensuing months have kept market watchers on their toes with its upward trajectory in value.

Adding another layer of fervor to the marketplace, the average sold price per square foot knocked on skyward doors, hitting its peak at $633 in September 2023. If properties are the canvas, every square foot paints a valuable stroke in Long Beach’s market masterpiece. The numbers, while down slightly post-peak, have remained on the incline, empirical evidence of a healthy appetite for local real estate.

Indeed, looking at the pulse of property sales, stability seems to be the keyword. A steady lineup of properties found their new custodians, with around 3,286 sales in August 2023, and keeping close pace, 2,978 as we entered the new year in January 2024. These numbers are a testament to Long Beach’s enduring appeal to both the homeowner and the investor.

Long Beach’s Real Estate in Relation to Nearby Areas

Branch out to the surrounding areas, and the plot thickens. Each neighborhood tells its own story, with the data painting a colorful landscape of the real estate markets.

• Gliding eastward to Lakewood, a steady swell in property values is noticeable, culminating in a robust showing of approximately $805,000 in January 2024. The patchwork of prices per square foot in this area also depicts a picture of positivity with a consistent climb across the same period.
• Signal Hill sends its own strong signal with an emphatic uptick in average property values, scaling a steep climb from $742,000 in November 2023 to an impressive $875,000 by January 2024, echoed by a similar hike in the average sold price per square foot.
• Hawaiian Gardens burst through its earlier property valuations, nearly doubling from $302,450 in July 2023 to a flourishing $509,950 in January 2024. It’s not just the gardens that are blooming in this area—the real estate market is too.

Meanwhile, Los Alamitos showcases high stakes in the real estate game, with values consistently towering above the $1.4 million mark, signifying an elite market segment. In comparison, Seal Beach treads a more even path, with property values gently rising from about $1.395 million in February 2023 to about $1.398 million in January 2024.

As with any market analysis, avg values provide the gravitas to our understanding. Taking a six-month and twelve-month lens, the median transaction value hovers at $670,000 and $669,000, respectively. The consistency is noteworthy—it speaks volumes about Long Beach’s real estate stability. Furthermore, with the median value per square foot settling at $626 over an annual period, we can appreciate the steady ground Long Beach’s market holds amid fluctuating economic climates.

The list price, the starting horn for potential property transactions, also offers critical insights with the median figure standing at approximately $730,000. The foot race for square footage holds firm at a median list price of $622, strengthening market predictions.

But the market isn’t just made up of new and potential sales; it has layers. Foreclosures, once a canary in the coal mine, now have median values situated at about $723,000, intriguingly surpassing pre-foreclosures at $709,000 and bank-owned properties at $734,500. In contrast, the recently sold segment radiates success, reaching higher median values at around $832,453 compared to those actively for sale at about $708,700.

In summation, the Long Beach real estate market isn’t just floating; it’s sailing with the wind at its back. The increasing property values, alongside a stable number of property transactions and a burgeoning cost per square foot across various market segments, reflect a real estate ecosystem ripe with opportunity.