Silver Lake & Echo Park Real Estate Market Snapshot with Important Breakdown and Analysis

The Silver Lake & Echo Park real estate market buzzed with activity in recent months and years. These two areas surpassed the long-standing strength of the Los Feliz market, which had a storied past. Gangs and neglect had previously made them undesirable and forgotten by the city. Now, they are the talk of the town and are often likened to Brooklyn, NY. Artists, hipsters, and the LGBT community pioneered the shift in this area. Now, you’ll likely see moms with strollers walking along the graffitied and worn paths of Sunset and Echo Park Ave.

Call it gentrification, call it Urban Chic – whatever you call it, the Silverlake & Echo Park real estate market is growing day by day. If you own a home, are a potential buyer, or are simply curious about the local market trends, you’re in the right place. In this blog post, we’ll provide you with an in-depth analysis of the market’s performance from June 9, 2023, to September 9, 2023. Welcome to the Silver Lake & Echo Park Real Estate Market Snapshot with Important Breakdown and Analysis. We will cover Silver Lake Home sales, Echo park home sales, Silverlake luxury properties and Echo Park’s affordable homes.

A Range of Prices, A Variety of Transactions

Let’s analyze the numbers in detail. The Silver Lake & Echo Park real estate market witnessed a wide range of property transactions, encompassing various price brackets. Below is a summary of Silverlake home sales and Echo Park home sales in different price ranges. From Echo Park affordable homes to the higher-end Silver Lake home sales along with their average days on the market (DOM):

Echo Park Affordable Homes

Firstly, let’s look at the Echo Park affordable homes price range. Properties priced between $300,000 – $349,999 and $550,000 – $599,999 each saw one sale, with average DOMs of 38 and 18 days, respectively.
Moreover, a property in the $600,000 – $649,999 range was swiftly sold within 8 days. Notably, Silverlake and Echo Park host a majority of the Tenants in Common (TIC) properties in Los Angeles, akin to duplexes or triplexes functioning like condo associations. This price bracket includes distressed homes, private off-market sales, and TIC sales.

Getting into the Groove

Transitioning into the active market, we observe a pickup in pace within the $650,000 – $699,999 range. Four properties were sold in this range with an average DOM of 48 days.
Moving onward to the $750,000 – $799,999 range, the number of properties sold remained the same, but the average DOM extended to 115 days.

Expanding Horizons

As we ascend the price ladder, the number of properties sold remains fairly steady. In the $800,000 – $849,999 range, two homes found buyers within an average of 31 days, while three homes in the $850,000 – $899,999 range changed hands within 10 days each.

Million-Dollar Territory of the Silver Lake & Echo Park Real Estate Market

Stepping into the million-dollar range, the market’s momentum surged further. An impressive 27 properties were sold in the $1,000,000 – $1,249,999 range, with an average DOM of 59.
Following closely, the $1,250,000 – $1,499,999 range saw 26 properties sold with an average DOM of 22 days. This range represents the prime sector on the East Side, where 2-bed, 2-bath homes can command prices around $1,300,000.

Silver Lake Luxury Properties

The Silver Lake & Echo Park real estate market continued advancing towards the upper echelons of the market, 13 properties in the $1,500,000 – $1,749,999 range found buyers with an average DOM of 24 days.
Additionally, another 26 properties were successfully sold in the $1,750,000 – $1,999,999 range, spending an average of 20 days on the market.

Top Tier Transactions

The Silver Lake & Echo Park real estate market continued to impress with eight properties selling in the $2,000,000 – $2,249,999 range (average DOM: 27 days), two in the $2,250,000 – $2,499,999 range (average DOM: 56 days), and five in the $2,500,000 – $2,749,999 range (average DOM: 19 days).
Furthermore, in the $2,750,000 – $2,999,999 range, one property was sold in 53 days. These homes offer scenic views, ample exterior square footage, and proximity to the reservoir. These Silver Lake luxury properties are in constant demand.

The Pinnacle of Silver Lake Home Sales & Echo Park Home Sales

Moving into the highest price brackets of Echo park home sales and Silver Lake luxury properties, two properties in the $3,000,000 – $3,249,999 range found buyers with an average DOM of 12 days.
Also, a single property in the $3,250,000 – $3,499,999 range was sold in 44 days, while another property in the $3,500,000 – $3,749,999 range found a new owner in 68 days. Notably, Silverlake boasts estates in the hills, showcasing architectural wonders.

The Summit

At the summit of the market, one property each was sold in the $3,750,000 – $3,999,999 range and the $4,000,000 – $4,249,999 range.
Interestingly, the former had no recorded DOM, while the latter sold in 70 days. Finally, a property in the $4,250,000 – $4,499,999 range changed hands in 13 days. While not yet reaching Los Feliz prices, Silverlake and Echo Park are certainly making significant strides.

My suggestion? Invest now.

Market Summary

Throughout this period, 138 properties were sold in the lively Silver Lake – Echo Park area, taking an average of 33 days to find buyers. Prices varied widely, from as low as $271,000 to a high of $4,325,000. On average, properties sold for about $1,571,873. The middle point, or median price, was $1,400,000, giving us a good sense of the typical price in this bustling market.

Navigating the Dynamic Landscape of Silver Lake & Echo Park's Real Estate Market

The Silver Lake – Echo Park real estate market is competitive. It’s entry level for folks moving east from places like Santa Monica and Brentwood but out of reach for most of the locals who have been here for a long time. Shifting real estate markets are not without some controversy; however, the scene here is vibrant, young, and oh so enticing. Follow the artists, they’ll let you know which neighborhoods will become big.

For more specific information about properties or personalized advice tailored to your needs, don’t hesitate to reach out to local real estate experts. Stay tuned for further updates as we continue to track and analyze the evolving trends in the Silver Lake – Echo Park real estate market.

I am a Californian born here in Los Angeles. As a top graduate of the AACSB internationally accredited California State University of Los Angeles School of Business and Economics, I have accelerated my career as a residential real estate advisor by combining my passion for California history, writing, architectural preservation, and extensive sales background. My marketing and negotiation skills, combined with community outreach have helped me build a solid reputation with our clients.

I am a Senior Real Estate Specialist (SRES®) working closely in the communities that we serve with our mature clients. When I am not listing or selling some of California’s finest homes, I turn my focus to early 20th-century California collectibles. My e-commerce business Golden State Decor on Etsy celebrates the rich history of the Golden State with one-of-a-kind procured items while contributing directly to the California Conservation Corps Foundation.

A Californian born here in Los Angeles, David has spent his whole life in California. As a top graduate of the AACSB internationally accredited California State University of Los Angeles School of Business and Economics, he has accelerated his career as a residential real estate advisor combining his passion for California history, writing, architectural preservation, and extensive sales background.

David is a Senior Real Estate Specialist (SRES®) holding certifications in Probate and Trust Sales and Accessory Dwelling Units. His marketing and negotiation skills, joined with community outreach have helped him build a solid reputation with his clients.

Recently he represented a record-breaking sale for the most expensive home ever sold in Echo Park at 744 Sq. Ft. On the buying side, he knows the terrain, from negotiation, strategy, emerging markets, and the geographic pockets where the hidden gems lay. He continues to empower his clients with this knowledge, helping them get closer to building wealth and financial independence.

When David isn’t listing or selling some of California’s finest homes, he turns his focus to early 20th Century California antiques and collectibles. His e-commerce business Golden State Decor on Etsy celebrates the rich history of the Golden State with one-of-a-kind procured items while contributing directly to the California Conservation Corps Foundation.