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Echo Park Real Estate: A Look At The Numbers
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From LA’s earliest days, people have wanted to live in the storied neighborhood of Echo Park. It is a densely populated area and residents are always in the process of coming and going, therefore there are always homes for sale in Echo Park at any given time. Since the early 1920’s, Echo Park real estate has been in demand and that is how it is today. Why? Let’s take a closer look and see what the numbers say.
Echo Park is an eclectic city located in Central Los Angeles about ten minutes from Downtown. At the center of the city is the renowned Echo Park Lake in Elysian Park, which is the site of special events like the Lotus Festival. Echo Park is northwest of Chinatown and Downtown, northeast of Westlake and south east of Silver Lake.
There are four districts within Echo Park.
• Angelino Heights - This area is known for the beautiful Victorian homes that are preserved by the city’s ordinances.
• Elysian Heights - This area is historically known for being the home of famous counter-culture artists, filmmakers, architects and political radicals.
• Historic Filipino town - This section is located in the southwest section of Echo Park.
• Victor Heights - A lovely area scattered with Bungalows and Stucco homes that share breathtaking views of Los Angeles and the Civic Center.
Throughout the four districts of Echo Park, the most common types of homes are Bungalows, Cottages, Victorians and Stuccos. According to the 2000 U.S. Census there were 40,455 people in Echo Park. 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 average for the county.
Echo Park has a high Walk Score of 83/100. This means that most errands can be accomplished on foot within the city. Echo Park’s transit score 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 ride sharing options from Relay Rides. Echo Park received a bike score of 49 because of the steep hills and minimal bike lanes.
According to Zillow, the average home value in Echo Park is $795,100. This value has increased 14.4% since last year and Zillow estimates it will continue to rise 4.3% to $829,000 over the next year. The average price of homes that are currently listed in Echo Park is $742,450. The median list price per square foot is $618, which is higher than the Los Angeles average of $451. The average rental price in Echo Park is $2,967 a month. Zillow has given the Echo Park Market Health a score of 8.2/10, which is very healthy in comparison to other markets across the country. This is based on a series of metrics including how fast the homes are selling compared to the past rate. Echo Park’s prime location and thrilling culture will be sure to keep the housing market rolling for many years to come.
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