LA's Echo Park Home Prices Jump 10% in 3 months

Los Angeles, California - Still fresh off the $45million remodel of Echo Park Lake, this area has seen a tremendous rise in real estate interest. Though the lake has been part of Los Angeles history for over 150 years, residents of this generation are only beginning to realize its beauty after its renovation. Just like any other community that has seen some new changes, residents are moving out as well as in.

From September 2015 to December 2015, median home prices in Echo Park jumped $77,100 to $813,000 according to Jeffrey M at Redfin. That’s over 10% within one quarter. The change has been astronomical. Any passer by can see the gentrification too. Food stands are being displaced with coffee shops sporting reclaimed wall accents and subway tiles with contrasting grout.

Oddly enough, historically high priced areas such as Brentwood and Holmby Hills have seen 17.9% and 33% decreases, respectively, in median home price since the year before. Meanwhile, Eagle Rock, Mt. Washington, Glassell Park are selling like hotcakes.

You want to get in? Better do it quick. Torcora had its crosshairs on an property just up the street from the park in Q1 of 2015. However, we were unable to acquire this home in Q1 of 2015. Within 1 year, the estimated value has jumped over $150,000.