If buying a new home is in your plans for this new year, you’re probably trying to anticipate where the hottest areas will be in the months and years to come. Well, you might want to call your realtor, because, based on two studies that have been published recently, it looks like those neighborhoods will be Cypress Park and West Adams.
Cypress Park is the top pick of the most recent Zillow Home Value Forecast, as reported in L.A. Weekly. This neighborhood, adjacent to last year's hot spot Frogtown and the now perhaps overheated Highland Park, appears to be on the cusp of blowing up. Zillow predicts that average prices in the neighborhood will spike eight percent by the end of 2017.
If Cypress Park is where buyers will be starting to drive costs up in this coming year, the neighborhood where they’re currently snapping up homes appears to be West Adams, according to a finding by Redfin. Houses there are selling like hotcakes. Typically in the L.A. metro area a house will be on the market for 42 days, but in West Adams it’s currently just 25 days.
Part of that competition to buy houses as soon as they hit the market is that prices in the neighborhood are still considered affordable by L.A. standards, with a median price in 2016 of $550,688. For comparison, the median price for the neighborhood in 2014 was a mere $383,250, so if you bought in then, you’ve already seen a nice jump in value.
Should you decide that it’s all too much for you and you’re looking to leave L.A. entirely, now might be the time to invest in a property in Nashville. That city took the top spot in Zillow’s national ranking, earning their title of “hottest housing market of 2017.”
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