Building Costs Per Square Foot in the City of Long Beach (CA), USA

Residential Construction Market Analysis in the City of Long Beach (CA), USA

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Building costs are 9% above the national average in the City of Long Beach in California. With Sun, sand, and a beautiful sea, Long Beach has it all. From paradisiacal beaches to night parties, it is one of the youngest cities in all of California. Now, not everything is tourism and celebrations in Long Beach, its real estate market also has things to look for.

From values that rise and fall surprisingly, to great tycoons that come and invest to make properties destined for tourism, Long Beach is a city in constant transformation.

In this article, we will tell you everything you need to know about the Long Beach real estate market, from the current values to the changes that are expected in the next year, and the new projects that are coming soon.

Long Beach (CA) Construction Outlook

Long Beach is the ideal city for tourists who love the beach. For this reason, the construction outlook is that of a coastal city that lets the sea be the star, and the buildings blend organically with it.

The buildings are very modern, made in the last decades, and although they are not so high, they are similar to those of the big cities, above all the hotel buildings.

The beach houses are also a real luxury, worthy of being on the cover of any design or architecture magazine. In some cases, they are houses that resemble the most luxurious mansions, and in others, they are more modest but all are modern.

Long Beach gives the feeling of being a modern city, which is constantly being renewed, which is why the construction outlook is changing, and in 2 years it may be completely different from what it is today, especially considering the residential projects that are being built. come in the next few years.

Long Beach (CA) Housing Market Analysis and Forecast

Living forever in a tourist city has its prices. This makes the real estate market always prosperous and competitive, as people are looking to buy a house to live in, and other people looking to invest in real estate projects related to tourism such as hotels.

This means that there are always properties for sale and with quite high prices. Of course, some neighborhoods are cheaper than others, such as Zaferia and Hellman, but others reach quite high price peaks, such as Rose Park.

Although prices are high, this does not mean that they have increased in the last year: prices in Long Beach have always been high. In the last year, there was an increase of 4%, and in the last 5 years, they increased by 15%.

Properties take an average of 40 days to sell. This is mainly due to the high prices, as there is always a demand from buyers who are looking for properties in Long Beach. Therefore, it is a competitive market, and sellers know this so they do not have to worry about waiting longer to get a better price.

Long Beach (CA) Average House Price (Median Home Price)

The median home price in Long Beach is $800,000 in October 2023. This may make you think that it is impossible to buy a property, but in reality, it is not as difficult as it may seem. Of course, $800,000 is expensive even for California, but don’t forget that this is the median home price.

The median home price is obtained based on all the residential properties listed, so prices may be higher or lower depending on the neighborhood you are in or depending on the type of property. Also in the case of Long Beach, some houses are from the 50s and are sold relatively cheaply due to their age.

The average value of single-family homes is $900,000 and reached over $1,000,000 in April 2022. It is expected to reach a value of $1,100,000 in the summer of 2023. In the case of townhouses, the average value is $657,000, and it is in an impressive annual decline since in June this type of property had an average of $1,200,000. The value of these properties is expected to remain stable, barely exceeding $700,000 in the coming year, but of course, unexpected spikes may occur.

In the case of condos/co-ops, they are the properties with the cheapest average in all of Long Beach, being $499,000. In June there was a peak of $560,000, although that number is not expected to reach that number again, at least not until the summer of 2023.

Proposed Residential Building Projects in Long Beach (CA)

Most of the real estate projects in Long Beach are related to tourism projects. There are many hotel buildings, or buildings similar to condominiums but also designed to accommodate tourists.

There are also some villas near the beach, which in some cases will be sold as retirement homes and in others as properties for people who come for tourism. In any case, if tourism is what gives the most income, this does not mean that they are the only type of real estate project that is coming.

Some luxury homes are being projected for 2023 in Long Beach. In some cases these are beach houses, which are practically in front of the sea, and are very expensive, easily exceeding $1,400,000. These houses are true mansions, even better than what you can see in other parts of California.

There are also some residential houses projected on the outskirts of Long Beach, well away from the tourist area. In any case, these are not the most common since it is a fairly expensive region, and middle-class people cannot afford such expensive property, especially considering that they can get larger ones at a cheaper price elsewhere. condition.

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Building Costs Per Square Foot for Single Family Homes in the City of Long Beach (CA), USA

Building costs are 9% above the national average in the City of Long Beach in California.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Long Beach City ranges from $375.93 per sqft to $576.28 per sqft, with the average being $443.65 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in Long Beach City ranges from $228.47 per sqft to $350.22 per sqft, with the average being $269.62 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in Long Beach City ranges from $147.70 per sqft to $224.33 per sqft, with the average being $172.92 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in Long Beach City ranges from $107.79 per sqft to $165.30 per sqft, with the average being $127.21 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in Long Beach City ranges from $87.49 per sqft to $133.99 per sqft, with the average being $103.17 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in Long Beach City ranges from $69.01 per sqft to $105.77 per sqft, with the average being $81.41 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.