Who said the real estate market was drying up? Probably the people who are buying or selling homes below the median home value for their county.
A quick look at median sales prices for various areas in Los Angeles County from October ’06 to October ’07 reveals exactly what a true real estate connoisseur has already known: The greatest increases in home prices over the one-year span are occurring in areas where the median home price is greater than that of the county.
The area prime for the greatest increase in value? That would be Beverly Hills, where the unmistakable 90210 zip code isn’t the only reason the media home price has increased more than 100% in the past year.
The lesson is that, for the upper crust of society, the real estate market will continue to shine as demand for the ritziest home living feeds the market’s growing value.