Located just 10 miles away from the beautiful Pacific coastline, Downey, California is a wonderful community with nationally recognized schools and major shopping and business centers. Diversity is the hallmark of the various communities here where people of different races, generations, and financial strata live together in harmony in the heart of Southeast Los Angeles County.
Downey, California is a great place to live, thanks to the cool weather, friendly people, and the variety of things to do here. Its proximity to Downtown Los Angeles allows you to enjoy the benefits of quiet suburban living but with all the modern conveniences within easy reach. Its strategic location in the heart of Los Angeles County has a great effect on the median home price in Downey, CA.
Downey is also a great place to raise a family. Your kids will benefit from the quality education they’ll get from the city’s excellent schools. Plus, there’s no shortage of activities and attractions in the city to get every member of the family engaged and to strengthen the bonds among them.
If you’re thinking of moving to Downey, CA, be sure to check out homes for sale here. Property values have spiked over the years due to several factors, among them, the rise of major developments in this area and the upswing in demand for housing in contrast to the scarcity in the housing inventory.
Read on to find out about the median home price in Downey, CA, as well as many other interesting facets of this progressive Los Angeles suburb.
Table of Contents
Downey, California in a nutshell
History
Downey, CA benefited greatly from the California Gold Rush and World War II. The Second World War laid the foundation for the establishment of a strong aviation industry in this area. By the 1950s, the aviation industry became a significant economic factor for Downey. This also paved the way for Downey to have a rich history of aviation and aerospace as it is the present home of the Columbia Memorial Space Center. The local economy got a big boost when Vultee Aircraft became Downey’s largest employer during World War II. By 1941, Vultee was producing 15% of all of America’s military aircraft and eventually became part of North American Aviation, the forerunner of Rockwell International – the facilities of which became the birthplace of the Apollo Space Program. After the Rockwell plant was demolished in 1999, the site became the location of the Columbia Memorial Space Center, a Kaiser Permanente hospital, the Downey Landing Shopping Center, and a city recreation park.Location
Nestled along the banks of the San Gabriel River and conveniently located near several major freeways, Downey is just approximately 15 miles from Downtown Los Angeles and 5 miles from Orange County. Homes here allow its more than 114,000 residents (based on 2020 Census figures) to take advantage of the business resources and a multitude of cultural and recreational activities that Southern California has to offer.
Demographics
Data from NeighborhoodScout.com reveal that residents in Downey are primarily employed in the following top industries: health care (13.6%), manufacturing, (11.7%), retail (10.7%), and education (9.4%). The average household income in this city is $75,974, which is higher than the national average. The largest chunk of Downey, CA’s population comes from the 35-54 age group – a segment that is actively employed and usually with families. More than 80% of the population also consists of high school graduates. It’s also interesting to note that a majority of Downey’s locals (57.8%) are Spanish-speaking, followed by English speakers at 34%. Other languages spoken here are Filipino, Korean, and Indian. So, if you become a Downey resident yourself, be ready to chirp a cheerful Hola! to your new neighbors.Weather
Downey residents don’t have to deal with extreme freezing temperatures; moreover, summers here are short and tolerable. Temperatures could go as high as 84 degrees and as low as 47 degrees with zero chances of snowfall. The city’s interestingly moderate climate appeals to those from other locales who are ready to bask in the sun but would like to take more time to adjust to warmer temps. That said, it may be cooler here than in the rest of the state but you won’t have to worry about shovelling snow off your driveway anytime soon.City growth
The City of Downey has come up with a long-term plan called The Housing Element which covers the years 2021-2029. One of its main goals is to preserve the quality of the existing housing stock in Downey. It also includes steps to foster Downtown Downey’s growth and promotion by attracting retail, restaurant, and housing developments. Local officials also aim to facilitate the development of quality residential and commercial projects. In line with this, the government has allocated a budget of over $2.2 million for economic development and housing in the city. Projects like this have a powerful positive impact on Downey real estate as not only will more people be encouraged to move here to ride with the wave of progress but more investors are also likely to come in and take advantage of promising opportunities in commercial real estate.Attractions
Apart from the Columbia Memorial Space Center which underscores Downey’s major role in American aviation history, this SoCal city is famous for another attraction: the oldest-running McDonald’s restaurant in the world (opened in 1953). Other places worth exploring in Downey, CA include the Rio Hondo Golf Club, the Casa de Parlay Johnson, the District@Downey, and Wilderness Park.Education
In a survey on housing issues in Downey conducted from December 2020 to January 2021, it was revealed that more than half of the respondents decided to live in this city due to the proximity of schools (54.2%). Not only are most schools here within walking distance but they also happen to be among the top-ranked learning institutions in the whole state in terms of safety and quality education. In fact, Downey Unified School District consistently ranks among the top 20 safest districts in Los Angeles County. Some of the most notable schools under this district include Elementary:- Larchmont Charter School (No. 107 in state)
- WISH Community School (No. 200 in state)
- KIPP Raices Academy (No. 251 in state)
- Larchmont Charter School (No. 28 in metro)
- Sherman Oaks Center for Enriched Studies (No. 30 in metro)
- WISH Community School (No. 44 in metro)
- Harbor Teacher Preparation Academy (No. 44 in metro)
- High Tech Los Angeles (No. 44 in the metro)
- Los Angeles Center for Enriched Studies (No. 31 in metro).
Downey, CA real estate
Many people look toward California as their dream home location, not just for the state’s strong economy but also for the vast array of attractions it offers. That’s why real estate here is among the most sought-after in the country, more so in the City of Angels and the rest of its towns and fellow cities in Los Angeles County. This includes the City of Downey.
Downey, CA real estate trends
As the first half of 2022 concluded, market reports reveal there were more people looking to buy than there were homes available, thus, making Downey, CA a seller’s market during this period. This has been so for the longest time, given this suburb’s proximity to Downtown L.A. The scarcity of housing stock has been driving home values to stratospheric levels. To illustrate, the number of listings further contracted by 4.5% between June and July 2022 to 147 homes for sale, 32 of which were sold in that same month. A majority of these homes (18) were sold above their listing price. A whopping 84% of these sold homes (27) also didn’t take more than 30 days before getting snagged by home buyers. The higher than average real estate prices in Downey, CA have also resulted in a higher number of renters than homeowners in the city. To date, 51.3% of Downey’s residents are renting while 48.7% live in their own homes. Meanwhile 3.5% of homes in Downey are vacant.Market correction
Many experts are beginning to see the marked manifestation of a slowdown in market activity, fueled by the recent increases in interest rates by the Fed to curb rising inflation. Still, these same experts are confident that after the remarkable jump in home values across the board since the pandemic’s onset around two years ago, these recent figures seen in the market are but simple corrections as the market calms down and brings home prices to more manageable levels. This same narrative applies with the Downey real estate market which is registering moderate upticks in median selling prices of homes. Unlike in 2021 where a June-to-July jump by as much as $85,000 occurred in selling prices, 2022’s June-to-July increase was only by a difference of $10,000 with July’s selling price point set at $805,000, based on latest market figures from Realtor.com. Still, year-on-year figures show a reasonable $30,000 hike from 2021’s $775,000.Downey market trends per property type
Data from ZeroDown.com reflects the latest median home price in Downey, CA is around $850,000, with the most expensive residence having a price tag of $2.69 million. It also shows four dominant types of residential properties in Downey, CA: single-family homes, condos, townhomes, and multi-family homes. Figures from the past 12 weeks reveal that among these property types, single-family homes take the lion’s share of buyer attention at 72%, with condos at a far second registering 13.9%, while the remaining 14.1% belongs to townhomes and multi-family residences. Single-family homes, on average, usually have higher price points than condos. This is so even in Downey as selling prices for this particular property type were higher by around $325,000 than condos which registered a listing price of more than $524,000 in ZeroDown.com’s latest market report. However, both property types spent less than 30 days in the market, with single-family homes staying a single day longer than condos.Downey, CA property insights
The middle of the year is usually a time when the real estate market of Southern California continues to throb with activity and homes are flying off the market in no time at all. And with that, home values also continue their steady upward movement. This year, however, the SoCal market bucked the trend and registered a 1.3% decline in its median home price from May to June.
As part of SoCal, Downey, CA is no stranger to this occurrence. As mentioned earlier, it is also going through a market correction.
Taking all these into consideration, what is its implication on home buyers of Downey, CA real estate?
- With higher mortgage rates pressing harder on people’s finances, the market will be seeing fewer buyers. What will remain are the more serious buyers who can absorb the higher mortgage rate adjustments and present more substantial offers.
- Sellers may find their homes staying longer in the market than before and, thus, will have to adjust their rates to attract the smaller buyer base. That said, buyers may be able to bid without having to jack up their offer price.
- Sellers will be more amenable to accepting offers with contingencies.
- Fewer home buyers also mean lesser chances of bidding wars happening.
- While not exactly adding to the housing inventory, the extended stay of homes in the market can lead to more options for buyers interested in Downey, CA real estate.
Popular neighborhoods in Downey, CA
Downey neighborhoods and homes are among the most appealing to both investors and those looking for a new place to settle in the state of California due to their strategic location which is near schools, golf courses, shopping malls, urban parks, and nature parks. Thus, it comes as no big surprise that Downey has earned a walkability score of 90 – a walker’s paradise, according to WalkScore.com. It also has enough bike infrastructure for a score of 54. For your moving plans to Southern California, here is a short list of Downey’s best neighborhoods to give you a better idea of where you can buy your next home for you and your family:The Island
Families and retirees who want to live in high-value homes can check out The Island which has a unique and beautiful environment. Most of the families who live here are affluent, making this area among the 15% highest income neighborhoods in the United States. Statistics from NeighborhoodScout.com reveal that the median home price in this Downey, CA neighborhood sits at a little above $800,000.Northeast Downey
In search of a postcard-perfect suburban neighborhood in SoCal? Then you’ll love Northeast Downey and its selection of lovely homes. What will immediately catch your attention is the predominant mid-century architectural designs of the homes here and the spacious yards that give growing families a lot of room for their children to play in a safe and secure environment. Privacy is king here, so expect some peace and quiet away from the usual crowds of other dense urban neighborhoods.Cherokee Estates
Old-timers in Cherokee Estates would recall with fond memory the orange groves that became wonderful venues for many games of hide-and-seek among generations of this beautiful community’s residents. This is evidence of how established this neighborhood is in Downey, having been lived in since the 1940s. Cherokee Estates continues to preserve its identity, as seen in homes here that are predominantly single-level in styles ranging from mid-century to Spanish colonial.Yankee Circle
To the west of Downey lies a relatively small neighborhood with remarkable single-level homes, many of which have been around since the post-WW2 period. The neighborhood itself is considered a living relic of a time gone by, but with more recent trimmings and nearby urban conveniences. If you are in search of a community with lots of charm and character, then Yankee Circle is for you!Private Brookmill Road
What is not to love about this superbly quiet stretch of road in Downey? First, it’s a private street so very few vehicles could pass here to disturb your early morning yoga, afternoon siesta, or evening nightcap. Second, privacy is never an issue as properties here are on large sections of land with more than ample exterior space. And third, homes here are only minutes away from schools, as well as commercial, retail, and dining areas.Importance of working with a real estate professional
There are many advantages to working with a real estate professional when buying a home. These experts can help in alleviating the overwhelming feeling one usually gets while navigating the entire home-buying process by providing valuable insights and guidance. They can also help you find the right home at the right price, and they can negotiate on your behalf to get the best possible deal.
If you’re thinking of buying a home in Downey, Los Angeles, California, working with a real estate professional is a great way to make the process more manageable and stress-free. Let me, Michael Berdelis<, help you with that! My team and I are here to attend to your real estate requirements and concerns 24 hours a day. Our uncompromising attitude toward serving our clients comes with the guarantee of polished professionalism and hyperlocal knowledge of the Downey, CA market. Should you need insights into the latest median home price in Downey, CA, or the best home recommendations to fit your budget and lifestyle, our team will be here to provide you with what you need and more.
Let’s discuss your real estate plans! Call me at 562.818.6111 or send me an email here to start your home-buying journey in Downey, CA.