Lake Forest is a city that allows families to be near their favorite beaches while giving them a quiet place to relax and call home. Hidden in the wooded hills north of Laguna Beach, this tranquil community offers various amenities for all family needs. It has top rated schools, beautiful parks, walking trails, lakes, shopping, dining and so much more! If you and your family want to take a break from home but are still close to your favorite towns in SoCal, your search is over. Pack up and head off to Lake Forest, CA.
Lake Forest has an estimated population of approximately 83,000 residents. About 28,000 houses/apartments can be found in the city. The real estate costs may be high, but house prices here aren’t comparable to the most expensive communities in California.
The most common house type in Lake Forest is the single-family detached homes which account for about 56% of the city’s housing units. Apartments which are either large complexes or high rise buildings comes next (21%). Row and other attached houses comprise about 16%. About 7% are other housing types, such as duplexes and small homes that are converted to apartments or small buildings.
According to NeighborhoodScout data, appreciation rates for homes in Lake Forest have been above average for the last ten years. Over the last decade, the cumulative appreciation rate has been about 6%. Lake Forest’s rate ranks among the top 50% nationwide. This value corresponds to the yearly average appreciation rate of 0.55% for a Lake Forest house.
Although there’s a downturn in the housing market, real estate prices in Lake Forest has continued to appreciate faster than most communities. If we look at the recent twelve months, the Lake Forest appreciation rate remains one of the highest in America (7.1%) This value is higher compared to most of the country’s cities and towns. Based on this data, we can say that it’s good news for most short-term real estate investors in Lake Forest. In the last quarter, the Lake Forest appreciation rate was about 2%. This rate corresponds to the approximately 8% annual appreciation rate. Concerning the state of California, the annual appreciation rate of Lake Forest is less than 80% of California’s other cities and towns.
Lake Forest’s average list price is about $820,00. From February to March of 2018, this value has increased by about 6%. Since February 2018, the city’s resale inventories dropped by 4%. Data also shows that the median price in Lake Forest per square foot ($425) has decreased by a few dollars ($421).
Rates of distressed properties (foreclosures and short sales) in the city remained the same as a percentage of the total market in March.
Bear in mind that the above information depicts the average costs of real estate in Lake Forest. Individual neighborhoods in this city may differ greatly in their investment potential. It’s best to do thorough research about Lake Forest’s real estate marketing trends to keep you updated. You can also ask assistance from trusted real estate brokers for investment or purchase decisions.
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