Real estate website Zillow recently released its annual “Total Value” report, which projects the cumulative value of all homes in the country’s major cities. Sitting atop the list? Our very own City of Angels.
With the value of our single-family residences, condominiums, and cooperatives totaling $2.3 trillion, we edged out New York ($2.1 trillion) and our neighbors to the north, San Francisco ($1.1 trillion), for the top spot.
Zillow valued SFRs, condos, and coops for the entire country at $27.5 trillion, meaning L.A. accounts for 8.36% of the market!
This is certainly due in part to our enormous size — 4,057.88 square miles — and also to the fact that our average home is valued at approximately $532,200, according to the website. By comparison, the nationwide average is $177,600.
Here in the South Bay, homes for $532,200 are few and far between — a fact that leads some to wonder why anyone would live here. As a long-time member of the South Bay community, I can say unequivocally that there is no better place to be, and the holidays are perhaps the best time to witness all of the wonder the South Bay has to offer.
Up and down the coast we have fireworks show, boat parades, and menorah and Christmas tree lighting ceremonies. Our cities offer complimentary metered parking and take Santa for rides through the neighborhoods on his sleigh (also known as a fire truck). Local businesses partake in holiday open houses and put on fun, festive events. The community as a whole bands together for a wealth of charitable events to help those in need.
This and so much more are what make the South Bay a great place to live. We are truly lucky to have the kind of holiday cheer and community togetherness that is often lost in a big city, and we’re even luckier that this sense of community lasts year-round.