The market in urban areas has come down since pre-COVID. On average, in NYC, about -18%, in SF, about -10% and in DTLA, about -4%. (Prices in the more suburban areas of LA are up about +1%)
Why has LA been more resilient?
1. First, prices in LA were always lower than in NYC and SF. And suddenly, the nice weather, larger spaces and lower prices are looking pretty good when you can transplant yourself anywhere and work from home.
2. Remember, NYC was and still is the hardest hit COVID zone. LA, with it's huge population, has a fraction of the number of cases and deaths. Something is being done right in LA in terms keeping things safer.
3. People still want a city, and LA, with its proximity to green spaces, mountains, beaches, deserts, etc, is proving to be the ideal place to settle during this uncertain time.
4. There is a lot more space in LA than in other major cities. The average home size is about 1300sf in greater LA, and that's not including yards and other outdoor spaces. Compare that to 700sf is SF. You do get a lot more space for your money in LA, it's just a fact.
5. The population. LA has a huge population. Where there is a population, whether employed or not, is going to need basic services, and that means jobs. Why else are companies like Amazon buying up warehouse spaces in LA? Because of demand for goods.
