property
Long Beach Home Prices Match 2021 Peak Amid Tight Inventory
Median sale prices have returned to 2021 peaks while days on market and mortgage rates diverge sharply from that earlier surge.
How we reported this
Long Beach median home prices hit $912,000 in June, matching the 2021 boom peak for the first time since rates climbed above 6 percent.
The return to those price levels arrives as global conflicts and European heatwaves push more remote workers to seek stable coastal housing, even as higher borrowing costs slow turnover. Local buyers now face competition similar to 2021 but without the same low-rate fuel that drove bidding wars then.
Neighborhood Sales Mirror Earlier Pattern
Properties along 2nd Street in Belmont Shore and near the Naples canal district recorded 14 sales above $1.1 million in the past quarter, the same stretch that posted the highest volume during the 2021 run-up. The Long Beach Housing Authority’s inclusionary zoning program, which added 87 deed-restricted units near Pine Avenue since 2022, has kept some entry-level stock off the open market and concentrated demand on older single-family homes in those two areas.
Multiple Listing Service records show average days on market fell to 19 in June, one day shorter than the 2021 average for the same month. Yet the share of cash offers dropped from 38 percent in 2021 to 22 percent now, reflecting fewer investors who once flipped properties near the Port of Long Beach container terminals.
Next Steps for Buyers and Sellers
Sellers listing before Labor Day should price within 3 percent of recent comps on 2nd Street and in Naples to avoid the extended listings that followed the 2021 peak. Buyers can target the 12 homes currently under the city’s first-time buyer assistance program along Atlantic Avenue, where down-payment help reaches $40,000 for households under $120,000 income. Those waiting for rate relief should monitor Federal Reserve signals through September, when new inventory from estate sales in Belmont Heights typically hits the market.
This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.