Is Lakewood, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Lakewood has remained a Seller's Market.
Key Takeaway
Lakewood is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lakewood, CA
How much do homes in Lakewood, CA cost?
Median Sold Price
$839,000
$614/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lakewood have sold for 6.4% more than they did a year ago.
Summary: The median home sold price in Lakewood was $839,000 in May 2024, up 6.4% from last year, and the median price per square foot was $614.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $424.5K | $415K | -2.2% |
| 2 Bedrooms | $715K | $760K | +6.3% |
| 3 Bedrooms | $799.9K | $840K | +5.0% |
| 4 Bedrooms | $850K | $896K | +5.4% |
| 5+ Bedrooms | $1.0M | $1.0M | 0.0% |
Summary: Lakewood housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2.2%, 2 bedroom homes increased by 6.3%, 3 bedroom homes increased by 5%, 4 bedroom homes increased by 5.4%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Cerritos | $930K | $1.0M | +12.8% |
| Bellflower | $690K | $760K | +10.1% |
| Lakewood | $788.8K | $839K | +6.4% |
| Long Beach-Lakewood | $775K | $814.9K | +5.2% |
| Hawaiian Gardens | $535K | $557.5K | +4.2% |
Housing Supply in Lakewood, CA
How many homes are available in Lakewood, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 131 | 120 | -8.4% |
Summary: The Lakewood real estate market had 120 homes for sale in May 2024, a 8.4% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 17 | 24 | +41.2% |
| 3 Bedrooms | 84 | 73 | -13.1% |
| 4 Bedrooms | 19 | 13 | -31.6% |
| 5+ Bedrooms | 10 | 9 | -10.0% |
Summary: The Lakewood housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 41.2%, 3 bedroom homes decreased by 13.1%, 4 bedroom homes decreased by 31.6%, and 5+ bedroom homes decreased by 10%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 48 | 43 | -10.4% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
27 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lakewood, you could pay more than the asking price. 62.8% of homes here sold above asking price last month.
Summary: A total of 43 homes were sold or pending in Lakewood in May 2024, down by 10.4% month-over-month. Of the 43 sold homes, 12% were sold under asking, 26% were sold at asking, and 63% were sold over asking.
Days on Market for Lakewood, CA
How long does it take to sell a home in Lakewood, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 12 Days | 14 Days | +23.3% |
Summary: Homes in Lakewood had an average of 14 days on market in May 2024, up by 23.3% compared to last year.
Breakdown of Home Sale Times
38 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Lakewood are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 43 homes were sold in Lakewood; 88% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.