Long Beach is one of the most diverse cities in California. Known for its LGBT-friendly attitude, its arts and cultural scene and of course, its Grand Prix auto race. Long Beach is also known for its diverse housing inventory, which is within easy reach of Los Angeles and Orange County.
Just how hot is the real estate market in Long Beach?
Demand is actually pretty high and Long Beach is considered a seller’s market. Some buyers are able to negotiate below asking price, but the market is definitely more favorable to sellers. In March there were 280 homes sold and 865 homes active.
Most popular home styles in Long Beach
Single-family homes seem to be the most popular on the market. The second most popular are condos with townhomes being the least popular. As for the hottest street for home sales, that would definitely be Ocean Boulevard.
How long do home sales take to close?
Many homes can take as little as one to three months to close, with a few of them closing in less than a month. Sold homes stay on the market for an average median of 65 days. So as a buyer, you should be ready to make offers fast. Also, expect to spend some time searching in case your offer gets rejected.
How much are homes in Long Beach?
The cost of a home in Long Beach can range from $90,000 to $3 million, but the median price last March was $502,000. The good news is that less than one-fourth of the homes on the market last March sold for more than the asking price. So the vast majority sold for less than the asking price, which means that even though Long Beach is considered a seller’s market, buyers still have plenty of room to negotiate.