Echo Park Real Estate: A Look at the Numbers
Since the early days of Los Angeles, people have wanted to live in the historic neighborhoods of NELA. In a densely populated area where residents are always in the process of coming and going, there are always homes for sale in Echo Park at any given time. Since the early 1920s, real estate here has been in demand and it is today. Why? Let’s take a closer look and see what the numbers say.
This is an eclectic city located in downtown Los Angeles, about ten minutes from downtown. In the center of the city is the famous Echo Park Lake in Elysian Park, which is the site of special events such as the Lotus Festival. It is northwest of Chinatown and Downtown, northeast of Westlake, and southeast of Silver Lake.
It is divided into four districts.
• Angelino Heights – This area is known for its beautiful Victorian homes that maintain city ordinances.
• Elysian Heights – This area is historically known as the home of famous counterculture artists, filmmakers, architects, and political radicals.
• Historic Philippine City – This section is located in the Southwest section.
• Victor Heights – A beautiful area dotted with bungalows and stucco homes that share stunning views of Los Angeles and the Civic Center.
Across the four boroughs, the most common housing types are Bungalows, Cottages, Victorians, and Stuccos. According to the 2000 US Census, there were 40,455 people there. Spread over 2.4 square miles there were approximately 16,868 people per square mile. This makes Echo Park one of the highest density areas in Los Angeles County. The median household income was $37,708, which is low for Los Angeles County. The average household size was 3.0, which is the average for the county.
This city has a high Walk Score of 83/100. This means that most wandering can be done on foot within the city. The transit score for this city is 62. This city has good transit and provides its residents with many public transportation options. These include the Metro Red and Metro Purple Line, numerous bus routes, and Relay Rides rideshare options. This city received a bike score of 49 due to the steep hills and minimal number of bike lanes.
According to Zillow, the median home value in Echo Park is $795,100. This value is up 14.4% from last year and Zillow estimates it will continue to rise 4.3% to $829,000 over the next year. The median price of homes currently listed is $742,450. The median list price per square foot is $618, which is higher than the Los Angeles average of $451. The median rental price is $2,967 a month. Zillow has given Market Health a score of 8.2/10, which is very healthy compared to other marketplaces across the country. This is based on a number of metrics including how quickly homes are selling compared to the previous rate. Echo Park’s prime location and exciting culture are sure to keep the housing market going for years to come.