A new report shows just how much Los Angeles luxury real estate is heating up.
Some of the city’s most exclusive and celebrity-filled quarters saw double-digit price growth in the first quarter compared to a year before, with Brentwood—home to the likes of Arnold Schwarzenegger, Tobey Maguire and LeBron James—leading the pack with a median price jump of 60% to $4.1 million, according to a recent report by the Multiple Listing Service, a database of public listings and sales activity.
More:Read More About the Luxury Market in Los Angeles
Another epicenter for the rich and famous, Beverly Hills, saw the second highest price growth in the first quarter. The median sale price there increased 40% to $5.95 million.
Other high-end neighborhoods with scorching hot price growth include Topanga, Cheviot Hills-Rancho Park, Hollywood Hills East and Westwood-Century City.
But some of the hottest markets were in places where only a few homes trade hands each quarter, making their remarkable price growth a little less reliable as an indicator of strength. For instance, the MLS recorded the median price of a Malibu Beach home at nearly $12 million—a 29% bump over the $9.2 million average sales price a year ago. But only six homes sold in the first three months of the year.
Last week, Douglas Elliman and appraisal firm Miller Samuel put out sales figures showing the luxury market in Los Angeles outperforming all other sectors. It was remarkable in light of most major markets, like New York, Miami and San Francisco, where the lower-income markets are booming compared to soft and often oversupplied luxury segments.