The countdown to the 2028 Summer Olympics has officially begun, and Los Angeles is gearing up to host one of the most spectacular global sporting events. The City of Angels will soon become a bustling hub for over 10,500 Olympians, 6,000 Paralympians, and tens of thousands of visitors from around the world. With new sports like flag football, squash, and paraclimbing making their debut, the event promises not just athletic thrills but also substantial impacts on various aspects of life in LA. One area poised for significant change is the real estate market.
A Surge in Real Estate Demand
The excitement surrounding the Olympics is expected to drive a noticeable uptick in demand for real estate across Los Angeles County. According to Justin Godur, finance adviser and real estate expert, "We can expect to see increased interest as early as 2026, with certain neighborhoods—particularly those near the venues—becoming hot spots." As the city prepares for the influx of athletes and visitors, areas close to Olympic venues will likely see a surge in property interest.
Infrastructure Developments: A Boon for Real Estate
Los Angeles has committed to leveraging the Olympics to bolster its infrastructure without constructing permanent structures solely for the Games. The city’s recent boom in sports complexes has laid a solid foundation. For example, SoFi Stadium, which opened in 2020, will host swimming events with a temporary pool and accommodate double the usual number of fans for the sport. Next door, the newly opened Intuit Dome will be the venue for basketball events during the Games.
Inglewood, home to these stadiums, is already witnessing a real estate boom. This trend is expected to continue, with development likely to spread to nearby areas. Additionally, LA's plans to expand its rail systems and improve transportation infrastructure, spurred by nearly $900 million in federal funding, will enhance connectivity and accessibility across the city. The ambitious “Twenty-eight by ’28” plan aims to expedite critical projects, including new subway lines and traffic improvements. Such advancements are anticipated to increase property values and demand in areas connected by these new lines.
Rising Home Prices and Rental Markets
Los Angeles is known for its vibrant lifestyle, stunning landscapes, and diverse neighborhoods. As the Olympics approach, real estate agent Samantha O’Connor notes, “The energy the Olympics bring to a city coupled with the perfect weather and stunning landscape will get people excited about the real estate here.” This excitement is likely to drive up home prices, which currently average around $883,000—more than double the national average.
The influx of visitors and increased attention on LA could lead to a rise in property values and a surge in rental demand, particularly for short-term rentals. Godur predicts, “This could lead to a temporary spike in rental prices, especially in the years leading up to the event.” Property owners near event sites might find lucrative opportunities in short-term rentals during the Games.
Challenges and Opportunities
While the Olympics will undoubtedly bring global attention and potential financial benefits to Los Angeles, there are challenges to navigate. Godur warns that the increased property values could lead to gentrification, potentially pricing out long-time residents. Balancing development with community needs will be crucial for ensuring that the city’s growth is both beneficial and inclusive.
Looking Ahead
The 2028 Summer Olympics will mark Los Angeles’ third time hosting the Games, following previous events in 1932 and 1984. It will also be the first time the city hosts the Paralympics. As LA prepares for this grand event, the real estate market is set to experience significant transformations. Buyers, sellers, renters, and existing residents should stay informed about the evolving market trends and opportunities that the Olympics will bring.
Stay tuned for more insights on how the 2028 Summer Olympics will shape the Los Angeles real estate landscape and what it means for everyone involved.
