Norwalk property values grow 5.6%

Construction of the new Burger IM restaurant in Norwalk. Photo courtesy City of Norwalk

NORWALK – Norwalk property values increased 5.6% from the past year, according to figures released Monday by the L.A. County assessor’s office. 

The total value of Norwalk real estate reached $8.13 billion this year, up from $7.7 billion in 2018. 

The figure counts all 23.054 parcels in Norwalk, including 21,407 single-family residential homes, 491 residential income properties, and 1,156 commercial and/or industrial parcels. 

Property values in all of L.A. County reached a record $1.6 trillion; properties increased in value a $94.41 billion (or 6.25%), which is also a record. 

New records also include total tax savings for homeowners and charitable organizations. 

“The strong growth in the local real estate market for the ninth consecutive year will have a positive impact on services for L.A. County’s 10 million residents,” said Assessor Jeff Prang. “From education, healthcare, and mental health services, to public safety, transportation and alleviating the homeless crisis, our schools, cities and county programs will have approximately an additional $1 billion for vital local public services.” 

Among the greatest single additions to the roll are $1.95 billion for partially-complete construction of the Rams/Chargers stadium in Inglewood and $200 million for the Banc of California stadium in Los Angeles. 

The 6.25% overall growth reflects a county average, as there is substantial variation from one community to another. For instance, the total value of all assessments in Inglewood rose by 25.7% due in large part to the new NFL stadium, whereas communities without comparable construction or sales activity saw significantly lower growth rates. 

Following Inglewood, the cities with the greatest percentage growth in 2019 were Vernon (13.2%), West Hollywood (11.6%) and Santa Fe Springs (9.3%).