As someone who has lived in Century City for several years, I can confidently say that it is indeed an expensive neighborhood. The housing market in Century City is known for its high prices and exclusive properties.
Let’s start by looking at the median listing home price in January 2023, which was $1.8 million. This price point alone indicates that Century City is a luxury market, as it is out of reach for many potential buyers. In fact, the median listing home price has seen a significant increase of 28.7% year-over-year, showing that the market is continuing to rise.
Another factor that contributes to the high cost of living in Century City is the median listing home price per square foot, which is $975. This means that even smaller properties come with a hefty price tag. The high price per square foot reflects the desirability and exclusivity of the neighborhood.
Additionally, it is worth noting that the median home sold price in Century City is $1.3 million. While this is slightly lower than the listing price, it still demonstrates the expensive nature of the housing market in the area. Buyers can expect to pay a significant amount to own a home in Century City.
The high cost of living in Century City extends beyond just housing. Everyday expenses, such as groceries, dining out, and entertainment, can also be quite expensive compared to other neighborhoods. This is due to the upscale nature of the area, with high-end restaurants, luxury shopping centers, and exclusive amenities.
Century City is undeniably an expensive neighborhood. The soaring housing prices, high cost per square foot, and exclusive nature of the area all contribute to its reputation as a luxury market. Living in Century City comes with a premium price tag, making it a desirable but costly place to call home.