Manhattan Beach, a premier coastal city in Los Angeles County, is renowned for its luxurious homes, pristine beaches, and upscale lifestyle. With top-rated schools, a bustling downtown, and a close-knit community, Manhattan Beach continues to attract homebuyers and investors looking for an elite beachfront living experience. In this market update, we’ll explore the latest trends, statistics, and insights into the Manhattan Beach real estate market as of July 2024.

Market Trends

  1. Home Prices: The median home price in Manhattan Beach has seen a significant increase over the past year. As of July 2024, the median home price is approximately $2.8 million, reflecting a year-over-year increase of around 10%. This surge in prices underscores the high demand for luxury properties in this prestigious area.

  2. Inventory Levels: The inventory of homes for sale in Manhattan Beach remains low, with about a 2.2-month supply currently available. This limited inventory is a key factor driving the competitive market and rising home prices.

  3. Days on Market: Homes in Manhattan Beach are selling quickly, with the average days on market (DOM) for a property around 21 days. Many homes, especially those in prime locations, receive multiple offers and sell above asking price.

  4. Interest Rates: Mortgage interest rates have remained stable, with the average 30-year fixed-rate mortgage around 6.5%. While higher than recent historical lows, these rates continue to support strong buyer activity.

  5. Rental Market: The rental market in Manhattan Beach is robust. The average rent for a one-bedroom apartment is approximately $3,500 per month, while a two-bedroom unit averages about $4,800 per month. The high demand for rental properties is driven by the area's desirability and limited housing supply.

Neighborhood Insights

  • The Strand: The Strand is Manhattan Beach's most exclusive area, featuring beachfront homes with unobstructed ocean views. Properties here often exceed $5 million, making it one of the most expensive and sought-after neighborhoods in the city.

  • Tree Section: Known for its charming tree-lined streets and family-friendly environment, the Tree Section offers a range of single-family homes. The median home price in this neighborhood is around $2.5 million. It is popular among families for its excellent schools and community atmosphere.

  • Sand Section: This neighborhood is characterized by its proximity to the beach and vibrant downtown area. With a median home price of approximately $3.2 million, the Sand Section offers a mix of luxury homes and townhouses, attracting buyers seeking a dynamic coastal lifestyle.

  • Hill Section: Located on elevated terrain, the Hill Section provides stunning panoramic views of the ocean and city. Homes in this area are typically large and luxurious, with a median price of around $3.8 million. This neighborhood appeals to buyers looking for privacy and breathtaking vistas.

Market Forecast

The outlook for the Manhattan Beach real estate market remains strong. With limited inventory, high demand, and the city’s inherent appeal, home prices are expected to continue their upward trajectory. Buyers should be prepared for a competitive environment, while sellers can anticipate favorable market conditions.

Tips for Buyers and Sellers

  • For Buyers: Secure pre-approval for a mortgage to strengthen your offer. Collaborate with a local real estate agent who has in-depth knowledge of the Manhattan Beach market. Be ready to act swiftly and consider making competitive offers to increase your chances of success.

  • For Sellers: Price your home appropriately to attract serious buyers. Invest in staging and minor improvements to enhance your property’s appeal. Work with an experienced real estate agent to navigate the selling process and maximize your return.

Conclusion

Manhattan Beach remains a vibrant and prestigious real estate market with opportunities for both buyers and sellers. Whether you're looking to purchase a luxury home by the ocean or invest in a high-demand rental property, staying informed about market trends and partnering with knowledgeable professionals can help you achieve your real estate goals in this exclusive coastal city.

Ready to Elevate Your Real Estate Journey in Manhattan Beach?

Don't miss out on the chance to be part of this elite coastal community. Whether you're buying, selling, or investing, our team of expert real estate agents is here to guide you every step of the way.

  • Buyers: Discover your dream home in Manhattan Beach. Our local experts will help you navigate the competitive market and secure the best deal.

  • Sellers: Achieve top dollar for your property with our tailored marketing strategies and professional guidance.

  • Investors: Maximize your returns with our insights and access to exclusive opportunities in Manhattan Beach.

Contact us now to schedule a consultation and take the first step towards achieving your real estate dreams. Your coastal paradise awaits!

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