Fear not: You won’t need to search as far as the desert (although plenty of people who can’t afford homes here do move there for various reasons). But the Westside? Forget it. Expect to focus your search east, south and in parts of the San Gabriel and San Fernando valleys. In most cases, you may need to skip neighborhoods that may have been accessible just a few years ago, agents say.
A view of downtown Los Angeles from Lincoln Heights.
(Luis Sinco / Los Angeles Times)
Real estate agents who once suggested Highland Park, Eagle Rock, Mount Washington and Glassell Park (all of which have median listing prices above $1.1 million these days) now point to places like Cypress Park where the median listing price is $794,000; El Sereno, where it’s $825,000; Montecito Heights, where it’s $649,000; and Lincoln Heights at $699,000, according to Realtor.com, which presents homes for sale and tracks data trends.
“I do a lot of business in Eagle Rock and I do a lot of business in Silver Lake and I will tell you I’ve never seen anything remotely livable under $1 million in a single-family home,” says Carmine Sabatella, a real estate agent with the Agency. Unless it’s a fixer that needs costly upgrades. Most people who are at the $1 million mark likely can’t afford more than $30,000 in renovations, he said, which won’t cut it for those types of homes.
In San Gabriel Valley, agents suggest Alhambra, with its median listing of $798,500. In Monrovia it’s $1 million, but homes are selling under asking, with a median selling price of $940,000. In the San Fernando Valley, don’t waste your time in places like Woodland Hills or Sherman Oaks, where the median listings hover around $1.5 million. Instead, try Winnetka or Canoga Park.
A view of Highland Park as seen from Ernest E. Debs Regional Park.
(Alisha Jucevic / For The Times)
As for what kind of living situation you can get for under $1 million, that depends.
In El Sereno, it might be a hillside three-bedroom home with many updates for $670,000 or a flipped three-bedroom with a large backyard and ADU for $995,000. In Cypress Park, it could be a four-bedroom modern townhouse with parking for $899,000. In Monterey Hills, a dated two-bedroom condo for $535,000. In Canoga Park, a 1,300-square-foot fixer-upper for $750,000. In Alhambra, a move-in-ready two-bedroom townhome for $735,000 with a two-car garage and reasonable HOA fees.
“The [San Fernando] Valley is a popular hunting ground for buyers seeking a little more for their money whilst remaining within sensible commuting distance of more prime locations,” says Neil Potts, a real estate agent with Keller Williams Larchmont. “However, there’s definitely a compromise when it comes to location. The 101 is sometimes a massive challenge.”
An aerial view of Canoga Park.
(Myung J. Chun / Los Angeles Times)
Potts’ commute warning is an important one. If you’re considering the San Fernando Valley, agents suggest being selective and paying close attention to development.
“I would absolutely be studying Metro,” Weiss says. “I want to know where transportation is going, where stations are planned, and whether an area that feels disconnected today may become significantly better connected over time.”
Still, those commuter stops likely aren’t coming anytime soon. Construction on L.A. Metro’s first light-rail line in the San Fernando Valley won’t be complete until 2031, at the earliest.
If you find a gem outside of these areas, know it’s the outlier, not the rule.
“I just sold a turnkey property in Pasadena that was about 1,020 square feet, a little Spanish bungalow, two bedrooms, one bath, very, very well appointed. And we got $945,000 for it. That was a one-off,” Sabatella says.
