The property market in Venice has changed.
Once a working-class community that experienced an extraordinary run-up in prices from 2012 through 2019, is taking a pause. From 2012 to 2019, prices grew by an average of about 17% a year, vastly outpacing price growth in the rest of Los Angeles, according to an analysis. Those trends reversed this past July when price growth across Los Angeles began to outpace price growth in Venice. Throughout the pandemic, while home prices rose in neighborhoods such as Brentwood, Pacific Palisades and the beaches of Malibu, homes over $3 million in Venice have become a tougher sell.
Price paid per square foot for a single-family home in Venice dropped by 5.7% in 2020. By contrast, per-square-foot prices for single-family homes in upscale parts of the Greater Los Angeles area showed an increase of 3.2%.
So what's leading the change? Depending on whom you ask, many will say homelessness is a huge contributing factor.
In 2020, Venice, a neighborhood of just over 3 square miles, was host to 1,981 homeless people, up 57% from 2019. The homeless population in Los Angeles County rose by 12.7% during the same period, according to data from the Los Angeles Homeless Services Authority.
Mike Bonin, the 11th-district council member who serves the Venice area, said homelessness is increasing across Los Angeles and consequently is also growing in Venice. “Another reason is there is open space on the beach to sleep,” he said.
So what's the perception of the future of Venice? Well, it's still quite bright. Venice will be a place where you can find an incredible property for far less than other sub-areas of Los Angeles. We still love this area, and know there are many who agree.
to read the full article and contact our team to learn more about market updates within Venice and the surrounding areas.