Long Beach, California, Is Still Affordable. The 2028 Olympics Could End That

Written by:

Steve Marcinuk

Date:

22 Jul 2026

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Among Southern California’s beach communities, Long Beach occupies an unusual position. While comparable coastal neighborhoods in Manhattan Beach, Newport Beach, or Laguna Beach price most buyers out at $3 million to $10 million for homes near the water, Long Beach still offers beach-adjacent properties in the $1.5 million to $2.5 million range, according to Rick Lee, team lead at Rick J Lee Realty Group, brokered by Real Broker. That affordability gap, combined with a concentration of job-creating industries and permanent infrastructure investment tied to the 2028 Olympics, is drawing attention from investors and relocating buyers alike.

Lee completed 55 transaction sides totaling $53 million in sales volume over the past year, ranking as the number-one agent in Long Beach by transaction sides, according to Real Trends and the Wall Street Journal. His read on the market points to a city with clear segments performing differently depending on property type, condition, and pricing discipline.

What’s Holding Prices Up

Long Beach’s economic base is broader than many outsiders realize. The Port of Long Beach, the aerospace cluster known locally as “Space Beach” – home to SpaceX, Vast, and other space companies – the Long Beach Airport, and two higher education institutions all generate employment that supports housing demand. Over 60% of Long Beach residents are renters, according to Lee, which creates a steady investment case for landlords.

Not every segment is benefiting equally. The condo market has softened noticeably, with room for negotiation, seller concessions, and rate buy-downs that were not available during the recent seller’s market. The luxury segment – particularly in Belmont Shore and Naples – is seeing longer days on market and a smaller buyer pool. North Long Beach has slowed as well.

“A home that’s in pristine condition, upgraded, priced right, sells fast,” Lee says. The inverse is also true: properties that are poorly presented or overpriced are sitting, and sellers who anchor to what a neighbor sold for two years ago are hurting themselves.

Presentation: the Dividing Line

The pattern Lee identifies most clearly across transactions in the past year is the gap between properties that are well-marketed and those that are not. In a market where buyer confidence is lower due to interest rates, the quality of listing presentation, preparation, pricing, and visibility determines whether a home attracts multiple offers or sits.

“If a house is not well prepared, if it’s not marketed right, and if it’s not priced right, it’s not going to sell,” he says. He points to a Huntington Beach listing where video marketing drew buyers from San Diego, the Inland Empire, and Los Angeles, a four-bedroom, two-bath home just over 1,500 square feet that sold at $1.35 million with multiple offers.

The pricing strategy Lee describes is deliberate: price at what the market currently supports, not where the seller hopes to end up, and let competition push the number higher. “If you go too high and you get zero offers, you’re going to have to reduce the price,” Lee says.

For sellers, overpricing carries a compounding cost. A home that sits without offers eventually requires a price reduction, arriving at a number that, had it been set correctly from the start, might have generated competing bids rather than a single lowball offer on a stale listing.

Where Investors Are Looking

Investment interest is concentrating around two catalysts: the aerospace employment cluster and the Olympics. Long Beach is hosting 11 Olympic events in 2028, and the infrastructure program – known as Elevate 28 – is producing permanent improvements rather than temporary installations. The city is rebuilding the Belmont pool, resurfacing streets, and upgrading parks with the intention of keeping those improvements long after the games conclude.

“They’re not temporary things,” Lee says. “It’s something that they’re trying to do to keep forever, not just for the Olympics.”

Signal Hill, an independent city surrounded by Long Beach, is seeing development activity tied to Olympic proximity. Lakewood, adjacent to the Space Beach employment cluster, offers single-family rental opportunities that Lee says perform well on a cap rate basis.

Multifamily and commercial properties with five or more units also perform well in Long Beach given the renter-heavy population. Lee sees investors focusing on areas near planned Olympic venues, looking to capitalize on short-term and midterm rentals during the games while benefiting from the permanent infrastructure left behind.

The Misconception About Affordability

Buyers from out of state often assume that any coastal California market is priced beyond reach. Lee describes a recent interaction with a buyer who had moved from Oregon to Arizona and was surprised to see properties in the $1.5 million to $2.5 million range near the beach. The same proximity in neighboring Orange County communities would cost two to five times as much.

That price gap, combined with a diverse buyer pool, retirees downsizing from out of state, Orange County natives priced out of their home market, and Long Beach locals moving up within the city, keeps demand broad. “Long Beach is a place where people are proud that they’re from Long Beach,” Lee says. “You get a lot of people that have grown up here that are looking to buy and move up into the community in different neighborhoods.”

Looking ahead, Lee sees the convergence of Space Beach employment growth, Olympic infrastructure investment, and ongoing development as the forces most likely to shape the Long Beach market over the next year. For buyers considering coastal California, the window in which Long Beach remains priced well below its neighboring beach communities may narrow as these catalysts take hold.

About the Expert: Rick Lee is team lead at Rick J Lee Realty Group, brokered by Real Broker, serving the Long Beach market.

This article is based on information provided by the expert source cited above. It is intended for general informational purposes only and does not constitute legal, financial, or real estate advice. Readers should conduct their own research and consult qualified professionals before making any real estate or financial decisions.