Long Beach Housing Prices May 2021 Forecasted Trends

In the past year, Long Beach has seen an increase of up 16.10% in housing prices. One of the unique things about reviewing the Long Beach housing prices May 2021, is that it gives you insights into trends.  Then, you can make good investment decisions when it comes to buying or selling a property.

It’s been a crazy year in the Long Beach housing market, with prices skyrocketing and inventory plummeting.

We’re forecasting that Southern California next year will be more of the same, but we’ll get into that later.  For now, let’s talk about what you need to know about Long Beach Housing Prices May 2021.

As your local Long Beach real estate expert, I want to help you understand the local trends so you can use them to your advantage.

Prices are on the Rise in Residential Marketplace

Long Beach, California has been on an upward trend for the past 12 months. 

The Long Beach housing prices for May 2021 video at the bottom of this blog post will go into more details just in case you like to watch videos.

In May 2021, single family homes and condos have seen a significant increase in value. 

This means that if you bought your home last year (2020), it’s worth more this year (2021).  But by how much?

I will share that with you below so keep reading…

Long Beach Housing Prices May 2021 to Your Advantage

I like to look at the average pricing city wide and then break it down by zip code and neighborhood.  This method gives me, as a real estate agent, insights into the trends of an area.  Which I pass unto my clients.

Comparing May 2021 to May 2020 for Long Beach Homes

Let’s compare the housing market from May 2020 vs May 2021 to see what prices are doing here in the city.  The chart below we are going to look below includes the median home price verse the average single family home prices.

The average selling price in May 2021 for Long Beach homes is $899,132. That is up 16.10% over 2020.

What is the Difference between Average Prices and Median Prices?

As a Long Beach real estate agent, I like like the average prices.  This  is because appraisers typically average recent sales within the past 90 days to determine a value for a property for a lender to loan money on.

When I represent a homebuyer, seller or real estate investors, I like to share house values based on average pricing. 

But some people like to know what the median price is.  So, I listed it below in the summary of housing prices chart below.

Long Beach Homes	2021	2020	Change
Average Selling Price	$899,132	$774,461	+16.10%
Median Selling Price	$825,000	$690,000	+19.60%

Some real estate portals like Realtor.com, Trulia, Zillow and Redfin, will use the median price.  Keep that in mind if you go to them when searching for a home.  

How Many Days is it Taking to Sell Long Beach Homes Citywide?

I like this statistic because it gives me more insights into how hot, cold or stable a real estate area is.

From the day it is listed for sale, the clock starts ticking away.  The current average time of market, also known as “days on market” for Long Beach homes is 19 days.  That is down from 28 days on the market in May 2020. 

Houses are selling fast.  Yes they are…

List to Sale Ratio:  The Percentage of the Listed Price that Properties Sell for

This is one of my favorite real estate statistics because it tells you and me if we are in a seller’s market or buyer’s market.  100% represents a full price offer.

If the chart shows 98%, then you know that sellers citywide are taking less than a full price offer.  If the properties are selling for 102.80%, then expect to pay over the listed price.

Video Summary of Long Beach CA Real Estate Market May 2021

Some of my clients like you like to watch a quick video summary of housing prices.  So I created this video just for you.

 

Comparison of Long Beach, California Zip Codes by Housing Prices for May 2021

Why are the Real Estate Prices on the Rise in Long Beach?

It’s all about supply and demand.  Since there is low interest rates are low for a fixed rate at 2.5% to 2.75%, home owners are staying in the properties longer. 

When I started real estate as an agent, interest rates where at 14%.

When will housing prices go down in Long Beach?

I wish I knew.  I like a normal real estate market.  Our current economy has a lot to do with interests and home pricing.  If the current economic policies involve more spending than trying to stabilize that, a downturn in pricing may happen. 

It is really hard to forecast when.  Right now, I’m seeing multiple offers on houses and condos throughout the city.

Your Next Steps to Buying a Home or Investing in a Property

To be prepared as a home buyer or real estate investor, fill out my 5-minute buyer questionnaire.

If you have a desire to sell your home in Long Beach, we would love to explain our home selling process and give you a Home Seller’s Guide authored by Jay Valento.

Quick Summary Recap of May 2021 Housing Prices

Here are the local reports in a 13 page booklet for you to download in PDF readable format.  To give you an idea of what is in this free recap of Long Beach housing prices May 2021, here are two graphics for Long Beach 90802 and 90803 zip codes:

Long Beach California 90802 Houses and Condos Report

Long Beach California 90803 Houses and Condos Report

Free PDF Report by Jay Valento of Keller Williams Coastal Properties.  Just click on the link below.

All real estate statistics data is from the California Regional Multiple Listing Service.