Home Prices Rise
March 4, 2021
Home prices in Santa Monica and LA County coastal communities increased during the pandemic and are expected to climb higher in 2021, according to The Red Paper 2020 Press..
The median price for a Santa Monica home was $2,752,100. The median price for a Santa Monica condominium was $1.05M. The median price per square foot in Santa Monica in 2020 was $1,206, it said.
Venice, Mar Vista, Marina del Rey and Playa del Rey have seen an influx of buyers who want to live near Silicon Beach, a tech center for major global media companies and innovators, including nearby Facebook, Google, Postmates, Hulu, Snap and Headspace.
The demand to live seaside in retreat-style homes, increased in 2020, according to The Red Paper 2020 Press. The report was published by luxury, global real estate company The Agency and found that homebuyers began focusing on creating private getaways while sheltering at home.
Coastal life continued to draw new homeowners with access to the ocean, bars, shops, restaurants and cafes. Even the ones that were closed during the pandemic.
In 2020, single-family home sales were highest in Malibu, Pacific Palisades and Santa Monica, along with the grouped-together markets of Beach Cities, which include Venice Beach, Manhattan Beach, Hermosa Beach and Redondo Beach.