Manhattan Beach is a laid-back South Bay city famed for its rustic beachfront setting, vibrant community, and exceptional quality of life, making it an outstanding place to call home. Stretching over two miles along the Pacific Ocean, the sandy shores of Manhattan Beach offer residents a year-round paradise. Whether it's basking in the sun, engaging in water sports like surfing and paddleboarding, or simply enjoying a stroll along the Manhattan Beach Pier, residents have easy access to an array of recreational activities.
Its flourishing economy, supported by various industries and vibrant commercial space, fosters a worthwhile business climate, making it an appealing choice for many companies and entrepreneurs. Fine dining, shopping, and entertainment are other perks of living in Manhattan Beach, not to mention prestigious neighborhoods adorned with stately homes and stunning views.
The appeal of this city results in a competitive housing market, where buyers have to engage in bidding wars, leaving little to no time for extensive research. This Manhattan Beach real estate market report provides an overview of the current market and future trends, allowing buyers to make informed decisions when buying a home in Manhattan Beach.
Rising home values
Properties in this coveted coastal city are in high demand, resulting in a red-hot seller's market. The city's skyrocketing job market, proximity to Los Angeles, and high quality of life are among the main reasons cited for the surge in demand. Its modest supply of housing stock cannot meet the rising demand, pushing prices upward. The median listing price of an average Manhattan Beach home is well over three million and is expected to rise in the upcoming year.
Rising interest rates
While the Federal Reserve may have put a brake on the raising of interest rates, past trends suggest that further increments may be imminent. Rising interest rates are known to slow down frenzied real estate markets, where homebuyers are forced to reexamine their budgets. However, this is unlikely to be the case for the highly desired Manhattan Beach housing market. The increments will likely be of such small magnitude that they will have little to no effect on the purchasing power of the elite clientele looking to become Manhattan Beach residents. Therefore, high demand is expected to take its toll on prices, driving them upward.
Favorable investing indicators for landlords
Businesses looking to expand their real estate portfolio or investors looking for a new investment opportunity will be more than delighted with the prospect of becoming Manhattan Beach landlords. This is due to the high demand for rental units that have resulted in high rental rates ($2,393), which supersedes the national average ($1,702) by a considerable margin. Housing demand in this city has yet to show signs of slowing down anytime soon. The overall result is a benefit to landlords, who can command higher rents from Manhattan Beach residents looking for rental units.
There will be a positive net population migration
Back in 2010, Manhattan Beach was a community of 35,135 people. Fast forward ten years later, the city had grown to 35,506 people — an increase of 371 people. It is safe to assume that the population growth will continue in 2023, which also means the Manhattan Beach housing market will continue to boom. Los Angeles will also continue to grow, attracting more people, some of whom will want to live in the suburbs. Manhattan Beach will be one of the first choices for those looking for a laid-back hometown, bolstering demand for homes and resulting in increased home values.
Los Angeles County housing market trends 2023
Los Angeles County is one of the leading counties in regard to property values, with a median home value of over one million. This is due to the high demand for housing, strengthened by a combination of factors, including a thriving job market, a desirable quality of life, cultural attractions, and a desirable climate. Demand is expected to soar through 2023, further increasing property values.
Manhattan Beach foreclosure statistics 2023
Like any other housing market, Manhattan Beach is faced with foreclosures but at a relatively low rate compared to typical real estate markets. Lower foreclosure rates in Manhattan Beach can be attributed to the nature of the housing market. The properties are pricey and designed for a niche clientele who can comfortably buy cash or afford monthly mortgage payments. The income demographics of Manhattan Beach residents speaks volume about the financial capabilities of the inhabitants. The median household income in the city is $169,586, and only 3.1% of the population lives below the poverty line. Hence, foreclosures are unlikely to be a major problem in 2023.
Manhattan Beach housing market: Should you invest?
The real estate market in Manhattan Beach is booming, showing potential for growth. Buying a home in Manhattan Beach is a good investment and will pay off in the long run. Besides financial considerations, Manhattan Beach boasts a wonderful quality of life, making it an excellent place to call home.
Expert tips for buying a Manhattan Beach real estate
Sellers' markets like that of Manhattan Beach often come with a host of challenges for the prospective buyer. Bidding wars and counter offers are prevalent, as are numerous pitfalls. Would-be homeowners should keep the following tips in mind before diving into the Manhattan Beach housing market to ensure a seamless experience and a positive outcome:
- Build a solid working relationship with an experienced Manhattan Beach real estate agent
- Prepare a well-thought-out budget
- Opt for a home in a good neighborhood with easy access to amenities and infrastructure
- Ensure the home passes all inspections
- Conduct due diligence on the home
- Research the market value of the home to avoid overpaying
- Make a reasonable offer
- Have an agent present during negotiations and closing
Invest in Manhattan Beach real estate today
The Manhattan Beach housing market is continuously growing, making buying a Manhattan Beach home a sound investment. To find your ideal home in the city, work with EVJ Homes, a dynamic and top-producing team of Manhattan Beach real estate agents boasting extensive real estate experience and local market knowledge. Contact EVJ Homes to find Manhattan Beach homes for sale.
*Header photo courtesy of Shutterstock
