Average Cost for Los Angeles Homes is now $1 Million

The housing market across the United States skyrocketed during the COVID pandemic. With a low supply and high demand, homes were, and still are, going for thousands of dollars over asking price. Million dollar homes used to be nestled up in the Hollywood hills or tucked away in Bel Air, but the million dollar home is now the norm all across Los Angeles. 15 neighborhoods that once were moderately priced, joined the million dollar club this past year. Splurging on an expensive home once meant that you would get a large property with modern features, but a lot of these high end homes are as tiny as 800 square feet with needed improvements. The cost of a lot of these homes was fueled by the staggering low interest rates for conventional loans this past year. With foreclosures on the horizon and a slow increase in interest rates, Los Angeles homes should stabilize under the million dollar mark within this next year.