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A swath of territory that includes a key piece of Downtown Los Angeles accounted for one of only two areas countywide to see depreciation in residential values in the third quarter.
The median price on home sales within the ZIP code of 90017–which covers much of DTLA’s Financial District and crosses into Westlake–reflected a $93,500 decline compared with prior sales, according to data provided by real estate information firm Attom and analyzed by The Real Deal.
Attom provided median home appreciation data for every quarter back to 2008 in the 258 Los Angeles County ZIP codes that had at least 10 transactions in the third quarter. The firm does not factor in when homes previously traded, offering a long view of home appreciation in the market.
The only other ZIP code to notch a depreciation in median home values based on sales in the third quarter was 90272, which covers most of Pacific Palisades. The area was ravaged by wildfires earlier this year and remains in the process of rebuilding.
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In the 90017 ZIP code of Downtown L.A, which has nearly 29,000 residents and about 16,000 housing units, the median home price in the third quarter was just over $577,000, well under the county’s median of $900,000 and down about 8 percent compared with sales a year earlier. The portion of the ZIP code that has traditionally been a business district experienced an exodus during the pandemic and has yet to re-find its footing. Meanwhile, the more residential area of Westlake in the western side of the ZIP code is more dense, with most of its residents renting apartments and the majority of those renters classified as rent-burdened, according to a University of Southern California database.
Countywide, the median home sale recorded an appreciation rate in the third quarter, of 50 percent — a median gain of $300,000.
The ZIP code that had the highest appreciation rate in the third quarter of more than 204 percent was Glendale’s 91201.
Beverly Hills’ famous 90210 ZIP code notched a median home appreciation rate in the third quarter that was below the countywide rate even as it boasted a median home price value of $3.6 million. In 90210, it was 33 percent, according to Attom’s figures.