Long Beach housing market, by Kate Nash.

Long Beach Housing Market

By Kate Nash

In the long beach market, home values were seasonally adjusted, including the home’s middle price tier. In the past years, home values in the long beach market have increased by 17.8%. Currently, the home value of properties is $855000. Historically, the Long Beach market is one of the best areas to invest in as properties appreciate at a modest rate especially post the housing crisis. In the past ten years, housing demand has increased by over 70%. According to Zillow, in the year 2019, the Long Beach real estate market saw a rise in demand by 2.5%. Because the demand has been increasing day by day, it remains the best market for investors, with relatively affordable house prices for buyers. For instance, in 2019, the median property price was $783,409, which is less expensive than San Francisco, Los Angeles, and San Diego.

In 2020, home demand declined because of the huge impact of COVID-19, where buyers reduced in numbers. This was a result of unemployment for some people. In 2021, however, the housing demand in long beach real estate started to rise because most people were now returning to their work which meant that they could comfortably afford a home. In May 2021, the demand for housing in long beach remained high, but the inventory for homes sale was low, with 483 properties in single-family.

Additionally, the average number of days a home went pending was around 26 days. This year has recorded an increase in demand where the average number of days a home is pending in the market is ten days only! From the latest report (April 2022), a home spends an average of 26 days in the market, which is an increase in demand from last year’s April when homes on sale could spend 34 days pending. This is a sign that most buyers who had been out of the market for various reasons are back, and the demand is also increasing.

As demand increases, more houses are constructed to improve supply and try to balance the demand and supply in the market. To the investors, I think this is the best time to buy a house in the long beach real estate because the demand is seen to be increasing every day. As the demand increases, home values are also increasing, which will result in an increase in home prices in the future. The long beach market is showing no sign of a demand decrease, and investors should buy their homes now to be more profitable in the future. Last year’s median price was $855k for a home in the long beach, which has increased up to 18.8% in April 2022.