Belmont Heights Real Estate Market Forecast 2023

The charming coastal community of Belmont Heights is nestled just south of Long Beach and is one of the most sought-after neighborhoods in southern California. With its gorgeous weather and breathtaking views, this community is highly desirable for homeowners. In addition to its natural beauty, Belmont Heights boasts a vibrant downtown district filled with locally-owned restaurants, coffee shops, and boutiques.

 

Belmont Heights perfectly blends the casual elegance of a seaside oasis with the historic charm of a small beachside village. Many of the homes in Belmont Heights date back to the early 20th century, with several of the historic Craftsman bungalows and Victorian manors retaining many of their original features. There is also tons of new construction reflecting Mediterranean and California contemporary styles. With plenty of homes along the waterfront and peaceful residential streets, Belmont Heights continues to draw in buyers who crave the tranquil elegance of this southern California community.

 

The Belmont Heights real estate market is fluid, responding to local and national market factors. Those looking towards Belmont Heights as a residence or as a spot for investment property should consider a wide array of market components and trends as they look to purchase in this market. Let’s take a look at some predictions for the Belmont Heights market for 2023.

The housing demand in the greater Belmont Heights area continue to outpace the current supply. The number of homes for sale in Belmont Heights struggles to keep pace with the influx of buyers looking to move into the area. This impacts the average asking price versus the average sales price.

 

The homes in the Belmont Heights regional market tend to sell quickly — 60% of homes that sell spend less than 30 days on the market. And while homes are on the market for slightly longer than in 2022, sales are occurring relatively quickly, and this trend looks to continue for the coming year.

The Belmont Heights market is subject to national factors like rising interest rates that aim to decrease buyer demand and lower home prices. As mortgage rates are forecasted to increase through 2023, buyer power will suffer as interest rates rise, making it even more important to closely follow local market forecasts and consult with an experienced real estate agent.

 

Since March 2022, the median sale price for homes in this particular regional market area has risen by $13,000 for a growth of 1.1%. With predicted growth over the next several years, an investment in a Belmont Heights home in 2023 is a solid long-term strategy for homeowners and those looking towards a second or rental property home.

 

An important micro factor impacting the local real estate market in this community is the cost of living in Belmont Heights. The cost of living in this area continues to outpace the national average, thanks to its proximity to Long Beach and the Los Angeles area. Among the highly desirable neighborhoods in the Long Beach area, Belmont Heights residents have higher housing, transportation, and food costs than other surrounding areas.

Homes in the highly sought-after 90803 zip code that encompasses the neighborhood of Belmont Heights sell for nearly double the price of those in the greater Long Beach community. The average sales price in the micro market of 90803 area is $1.4 million versus $749,000 for the city of Long Beach as a whole.

 

Several factors impact the popularity and high home value of the Belmont Heights area — proximity to the waterfront, active homeowners groups, and the neighborhood’s prestige. With walkable streets, easy water access, and plenty of dining and shopping, the rising value and desirability of this area will only increase through 2023.

Throughout 2023, the Belmont Heights and Long Beach regional real estate markets will continue to favor sellers, meaning that homes tend to sell at higher prices and spend less time on the market. Belmont Heights sellers, anticipating higher sales prices and shortened days on the market for 2023, should work closely with their agents to develop a pricing and marketing strategy to maximize profits.

 

Buyers in the Belmont Heights market can continue to anticipate rising median home prices throughout 2023. But WalletInvestor predicts a slowing of growth, with a more gradual increase in home prices this year than the market saw in the previous three years. This is good news for potential investors and homebuyers looking to purchase in the Belmont Heights area.

The most invaluable tool in any homeowner’s repertoire is an agent with specialized knowledge of market trends. With a curated network of industry connections, access to the latest market movement, and insight into future forecasts, an expert agent is vital for anyone looking to buy or sell in Belmont Heights.

 

With a strong sales strategy, marketing plan, and smart pricing, sellers can take advantage of the thriving Belmont Heights market through 2023. And buyers should consult with a local expert to give them the best negotiating power and purchasing timeline.

An experienced agent is an invaluable member of your real estate team. Ginette Skelton has over 15 years of experience in the regional market and a strong network of professional connections to make each transaction seamless. She is prepared to help buyers and sellers navigate the Belmont Heights market. Give Ginette a call today.