Koreatown property prices—including homes, commercial spaces, and buildings—rose by more than 55% between 2016 and 2024, closely aligning with the overall LA County average, according to a new report.
Crosstown, a local Los Angeles media outlet, analyzed property tax data from the LA County Treasurer’s Office and found that real estate prices across 265 neighborhoods in the county increased by 54% over the eight-year period. The steepest rise was in West Adams, where prices surged 107%.
West Adams, located south of the 10 Freeway between Vermont Avenue and Western Avenue along Jefferson Boulevard, was traditionally seen as a lower-income area. Analysts noted that heavy investment in affordable housing stock contributed to its sharp price hike.
In contrast, wealthier areas with already high property values saw more moderate growth.
Today, even a fixer-upper three-bedroom home in West Adams is listed at around $1.1 million, underscoring the area’s rapid transformation.
Investment Potential Remains High
Real estate experts explained that neighborhoods once considered stagnant often generate significant returns when investment pours in.
Other high-growth areas included Elysian Valley (86%), Lake Los Angeles (84.5%), Century City (84.4%), Exposition Park (84.4%), and Mid-City (81.4%).
Koreatown also saw robust growth. A Korean American real estate developer told Crosstown that a 55% price increase signals enduring investment value. “Given the current pace and scale of new building projects, property prices in Koreatown are likely to continue rising over the next four to five years,” the developer said.
Gentrification Raises Concerns
Crosstown also raised concerns about gentrification in rapidly appreciating neighborhoods. As expensive new housing and commercial buildings are developed, long-term residents—particularly renters—may face mounting financial pressure.
Jimmy Recinos, a Central LA resident for more than 10 years, noted the shift firsthand. “Areas like West Adams used to be home to low-income families, but now there’s a surge of homes demanding rents that are simply unaffordable,” he said.
Wealthy Neighborhoods See Slower Growth
Neighborhoods with the lowest property price growth were largely affluent areas with fewer new developments and limited market turnover. These included Rancho Dominguez (16.5%), Downtown LA (31.4%), Stevenson Ranch (33.1%), Rowland Heights (34.4%), Walnut (34.8%), and Calabasas (35.8%).
Several neighborhoods with large Korean American populations, such as Burbank (51.79%), Cerritos (41.26%), Diamond Bar (36.88%), Glendale (45.94%), La Cañada (49.81%), La Crescenta (51.17%), La Mirada (47.07%), Northridge (45.47%), and Torrance (50.21%), also reported below-average gains.
Emerging Investment Hotspots Identified
Crosstown identified Historic South Central, Bell, and Maywood as promising investment opportunities. These areas, with average property assessments under $200,000 and currently low growth rates, are expected to draw increasing investor attention in the coming years.
BY BRIAN CHOI [ichoi@koreadaily.com]
AND YOONJAE JUNG
