With a new NFL stadium heading to Inglewood in 2019, demand for real estate there is already heating up.
Inglewood Mayor James T. Butts said the average time properties sit on the market has dropped from 6 months to 30 days or less since January, when the NFL gave the greenlight for the Rams to relocate to Inglewood.
“When properties are put up for sale, by the time the realtors get back to the office, they have four or five offers waiting for them,” he said, speaking to the Business Journal after his State of the City address at the Forum. He added that the offers often come in at $15,000 to $25,000 above the asking price.
“If this was just an ordinary circumstance, you might say this is just another boom cycle in housing,” Butts said. “Now that you have all this development that’s likely to occur, in Inglewood, the upward trend is going to last longer than it usually does in a boom and bust cycle.”
Inglewood home values have shot up by more than 85 percent since 2012. The median home value is $525,000, according to Redfin, reflecting a 57 percent increase over last year.
Construction on the 80,000-seat stadium has begun. It sits on a 298-acre site that is slated to include a hotel, housing, offices, parks, and a theater.
Rams owner Stan Kroenke, speaking at the State of the City address, said he had been eyeing the property for two decades as a possible football venue.
“To me, there was no doubt this was clearly, easily, the best site,” said Kroenke, who has a home in Malibu and said he has recently spent more time in Inglewood.
“Everybody’s been so warm. It’ll be fun to get involved in your community,” he said.