Hint: It’s not necessarily a mansion. Shannon Jones discusses what one million dollars buys you in Long Beach:
At one time homes worth one million dollars and above were automatically considered “luxury real estate.” You might picture a waterfront mansion with a Jaguar out front in the circular drive. However, home prices have been skyrocketing during the pandemic so that’s no longer the case. In fact, last month California set a new record. The median home price in the state is now over $700,000! Furthermore, in some parts of California the median home price is over $1,000,000 – one of the few places in the country where this is true. So what does one million dollars buy you in Long Beach and other local areas?
Let’s take a look:
In October, the median sales price in Long Beach was $806,000! This is up 15.3% from this time last year. The average sales price was $942,772, an increase of 25.4% from this time last year. So it’s obvious that one million dollars doesn’t really buy you a mansion in Long Beach anymore. In fact, some condos in Long Beach are even selling for a million dollars or more.
When you go deeper into Long Beach and look by zip code, these numbers become even more clear. When looking at the 90803 zip code which includes Belmont Shore, Belmont Park, and Naples, the average sales price is $1,595,903! However, when looking at 90813, an area north of downtown Long Beach and west of the Los Angeles River, the average sales prices remains a more manageable $456,643.
So what can one million dollars buy you in Long Beach? The answer: it depends! It’s important to consider the area of Long Beach you’re looking in and remember that prices are all relative based on that. For a more in depth look at prices in Long Beach, please check out our latest market update HERE.
Here are all the homes currently for sale in Long Beach and listed between $950,000 and $1,150,000:
Just south of Long Beach, Seal Beach has a quaint main street, beautiful sandy shores and an average home price of $1,392,898 as of
October 2020. The change from last year isn’t quite as high as it is in Long Beach, but this average is still 11.9% higher than this time last year. Generally, homes for sale over $1M in Seal Beach are located closed to the beach. Interestingly, if you can stretch your budget a little higher and go into the $2M range, you can sometimes buy a duplex or even a triplex in Seal Beach.
So what does one million dollars buy you in Seal Beach? Here are all the homes currently for sale in Seal Beach and listed between $950,000 and $1,150,000:
Signal Hill has had much wider swings in home price trends in recent years than Long Beach, which surrounds it. The average sales price in October 2020 was $708,980 which is still fairly high compared to much of the country. However, what’s interesting is that this price is actually lower than this time last year. In October 2019, the average sales price was $808,500.
So what does one million dollars buy you in Signal Hill? Here are all the homes currently for sale in Signal Hill and and listed between $950,000 and $1,150,000:
While home prices have been on the rise in Lakewood, it remains more affordable than its neighbor to the south, Long Beach, but is quickly catching up. The average home price in Lakewood in October 2020 was $687,752 – almost as much as the median home price statewide. Homes in the $1 million range in Lakewood are usually located in the Lakewood Country Club Area. However, this is likely to change as prices continue to rise.
So what does one million dollars buy you in Lakewood? Here are all the homes currently for sale in Lakewood and listed between $950,000 and $1,150,000:
Are You Surprised At What One Million Dollars Buys You in Long Beach?
It may not be a mansion in Long Beach or the surrounding areas, but you can still find a lovely home for one million dollars or below. If you needed help finding that right home within your budget, please fill out the form below or give us a call at 562.896.2456. We can set up a personalized search for you to help you find your dream home!