Culver City, dubbed the “Heart of Screenland,” is becoming known for its growing influence on the housing market. Whether due to its location, booming downtown area or acclaimed school district, Culver City’s appeal has introduced a flock of new and wealthy clientele to the Westside.

Rates are rising all over the city of Los Angeles, but Culver City’s homes are selling faster and for a higher price. Median sale price of a home in Culver City this year alone is $685,000, according to Redfin. Los Angeles’ median sale price for the year is $495,000. The year-over-year median sale price in Culver City has grown by about 29.2 percent compared to Los Angeles’ 19.3 percent price growth. Culver City homes are able to sell above asking price more often this year compared to last year, while Los Angeles homes are selling less often above asking price.

Redfin’s data also show that buying speed has declined in Los Angeles overall, while Culver City has experienced a boost. Homes in Culver City spent an average of 13 days on the market this year versus 24 days in Los Angeles.

Yasmin Thadani, a Culver City real estate agent, said she has noticed a change in the housing market especially when it comes to rental homes. 

“Since the market crashed, a ton of people now can’t quality for a home,” Thadani said. “It definitely pushed the price up for rentals.”

Martin H. Krieger, professor of planning at the Sol Price School of Public Policy at the University of Southern California, sees a larger theme at play – the growing appeal of the Westside.

“This is a West LA, Santa Monica, Beverly Hills, Westwood [and] Marina del Rey phenomenon,” Krieger said. “The real question is whether Culver City has, until 20 years ago, been underpriced?”

Culver City’s undeniable neighborhood prestige, which affects home prices, is a result of many factors that draw residents to the area. Any one of these elements, or a combination of several, could be the reason why rates are on the rise.

“The triple threat of a good school system, a small locally governed city and a wonderful downtown with theaters, restaurants and shops have propelled Culver City into one of the most desirable places to live on the West Side,” real estate agent Mike King wrote in an article for the Culver City Observer.

The “good school system” is in reference to the excelling schools in the Culver City Unified School District. All seven schools have been recognized as California Distinguished Schools, with its high school being named a National Blue Ribbon School and its middle school being hailed a national “School to Watch.”

READ MORE: Potential Culver City Bond Measure Funds Schools From Property Tax

King and Thadani agree that living in Culver City is relatively affordable, considering its close proximity to the beach. 

“I sold a Culver City home recently to some buyers who were looking at purchasing a home in the Santa Monica area,” King said. “After realizing how little their $1.3 million would get them in our neighboring beach town, they didn’t hesitate to decide to move to Culver City once they understood how much more home they could buy, and still get all the features.”

Gary Dean Painter, a professor and director of graduate programs in public policy at the Sol Price School, also views the increase in transit accessibility around Culver City as a strong factor to move in the area. 

He validates Thadani’s point about the market crash flipping the scheme of who can afford a new home and who has been forced out. Though the recession delayed the entrance of the Millennial generation, he believes they are now a strong presence.

“Rents have been going up because the large Millennial generation is now entering the housing market in large numbers, and a number of households that were homeowners before the crisis are now renters with poor credit,” Painter said.

The Millennial generation gave rise to a number of young families, but Thadani fears even they have been priced out of the area before they could hope to join it.

As some sort of comfort, seniors who have owned homes for years are able to benefit from fixed mortgages and are not at risk of being forced out.

“There are less well-off elderly, but many in [Culver City] may well not be economically stretched,” Krieger said. “If they own homes, house values may well be their major asset.”

Experts disagree about whether the rise in rates is an early indication of gentrification.

“I do think there is some of that happening,” Thadani said. “Culver City has changed a lot. There’s population pressure on the West Side. All these communities – including Culver City – are starting to change, if they can.” 

Experts say the only real solution to relieve Culver City’s rising costs is to decrease demand in the area. 

Krieger suggests making other regions more desirable. “But the ocean is not in many areas,” he pointed out.

Painter predicts demand will continue to be on the rise all over Los Angeles and, consequently, so will prices.

“A challenge for Los Angeles is whether sufficient rental stock can be built to accommodate the increase in demand,” Painter said. “I suspect that there will be pressure to convert various industrial space in downtown and other places into lofts, studios, etc.”

Reach Senior Entertainment Editor Kathy Zerbib here. Follow her on Twitter here.