West Hollywood real estate gems pop like a North Star amid a star-soaked sky of West Hollywood homes for sale. And, like the North Star, when you see it you know it’s the one.
Finding your special abode within the West Hollywood real estate market, unfortunately, isn’t always easy. Navigating the ever-changing housing markets can feel a bit like constantly searching for your dream home with no end in sight. We know how exhausting this can be. But here are four things to know about the West Hollywood real estate market in 2022 to help you prepare.
Luxury condominiums are out to play in 2022’s West Hollywood real estate market
In 2022, West Hollywood luxury condominiums are flooding the market, ranging from historic 1920s designs to modern and luxe. West Hollywood residents love gazing at night at the rolling, city-light-dotted hills of Los Angeles’ vibrant metropolis from bird’s eye views of their condominiums. These condominiums are ideal for residents seeking a serene home only a few steps away from all of the glamour and glitz the nightlife offers. Lawn maintenance is a nonexistent concern as a condominium owner, making it an attractive choice for those appreciating a low-maintenance home. Peruse Mark Christopher Real Estate to get a taste of West Hollywood’s 2022 condominium real estate.
Only 19.8% of West Hollywood’s residents are homeowners
It’s no secret, nor is it hard to believe that the West Hollywood real estate market is fiercely sought after. After all, it is home to the internationally esteemed Getty Museum, it’s where movie star legends have gone to create unforgettable names for themselves, and it’s where industry giants and creatives alike forever flock to. Whether you're a creative yourself or enjoy a spirited community, West Hollywood is the place to be.
To further speak to West Hollywood’s exclusive housing market, only 19.8% of West Hollywood’s residents are homeowners. Many people are renters in this area, so if you are looking to buy a home, West Hollywood homes for sale tend to go quickly. When you find your West Hollywood North Star, you’ll want to hang on to it. And in West Hollywood, the majority of homeowners do. The national average for the number of years homeowners typically live in their homes in the United States is thirteen years. However, in Los Angeles, homeowners live in their homes for an average of 18 years.
Is it really a wonder West Hollywood homeowners exceed the national average of the number of years they live in their homes? Not only is it the place to be for music and cinema, but West Hollywood is also only a 20-minute drive to Franklin Canyon Park, home to 605 acres of wind-swept wild oaks, meandering hiking trails, shaded picnic benches, and a nature center. If it’s the ocean you seek, it is only a 25-minute scenic drive through charming Los Angeles neighborhoods to the Santa Monica Pier. Its convenient location is a huge draw for individuals looking who want a multitude of amenities nearby.
West Hollywood homes are on the market for a median of 43 days in 2022
While 43 days might seem like a long time, 14 out of 26 homes sold in September 2022 sold in just 30 days. That doesn’t leave much time at all when deciding on a home, and with the quickly changing market, that’s likely to fluctuate and become even less time.
When you come across the perfect West Hollywood home, ask the seller for a home inspection report or hire a home inspector to check the home out for any issues that may not be apparent to the naked or untrained eye. After you’ve booked an appointment with a home inspector, plan for a day of fun and exploration in your new neighborhood.
Now, in a competitive market, it might be tempting to skip the home inspection. But definitely don’t do that, as it’s a risky investment and there could be issues in the home not visible to the eye.
Why not amp up your excitement by getting a taste of as many of the West Hollywood gems as you can while you peruse the West Hollywood real estate market? Grab a creamy, state-of-the-art latte at Urth Cafe and take a stroll down Melrose. Or check out the Troubadour calendar and plan a day to indulge in a little live music. Visit the MAK Center for Art and Architecture, an artist residency and house designed in 1922 by renowned architect, Rudolph M. Schindler. The architecture of this house is one of a kind and not to be missed.
The Western Region of U.S. home sales dropped by 29% in August 2022
Which of course includes West Hollywood. This is great news for buyers. The West Hollywood real estate market is indeed competitive. However, a drop in home sales often follows with a swing toward a more open market. Who doesn’t appreciate a wider range of homes to choose from? Whether it’s a charming, renovated 1920s single-family home, a charming Spanish Colonial with sweeping archways, or a modern design with clever, light-maximizing window placements and a private backyard ripe for entertaining, West Hollywood’s eclectic housing market is sure to deliver.
Mark Christopher is a Los Angeles native who has been serving clients for seven years. When you’re ready to look into the West Hollywood housing market, regardless of if you’re looking to buy or sell, contact him for a consultation.