Is Echo Park, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Echo Park was a Seller's Market.
Key Takeaway
Echo Park is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Echo Park, CA
How much do homes in Echo Park, CA cost?
Median Sold Price
$1,180,000
$825/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Echo Park have sold for 12.6% less than they did a year ago.
Summary: The median home sold price in Echo Park was $1,180,000 in April 2024, down 12.6% from last year, and the median price per square foot was $825.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $727K | $662.5K | -8.9% |
| 2 Bedrooms | $1.1M | $1.0M | -6.8% |
| 3 Bedrooms | $1.4M | $1.2M | -13.7% |
| 4 Bedrooms | $1.6M | $1.5M | -6.2% |
| 5+ Bedrooms | $1.5M | $1.8M | +21.3% |
Summary: Echo Park housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 8.9%, 2 bedroom homes decreased by 6.8%, 3 bedroom homes decreased by 13.7%, 4 bedroom homes decreased by 6.2%, and 5+ bedroom homes increased by 21.3%.
Housing Supply in Echo Park, CA
How many homes are available in Echo Park, CA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 47 | 46 | -2.1% |
Summary: The Echo Park real estate market had 46 homes for sale in April 2024, a 2.1% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 2 | -60.0% |
| 2 Bedrooms | 9 | 11 | +22.2% |
| 3 Bedrooms | 10 | 8 | -20.0% |
| 4 Bedrooms | 13 | 15 | +15.4% |
| 5+ Bedrooms | 10 | 10 | 0.0% |
Summary: The Echo Park housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 60%, 2 bedroom homes increased by 22.2%, 3 bedroom homes decreased by 20%, 4 bedroom homes increased by 15.4%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 8 | 7 | -12.5% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Echo Park, you could pay more than the asking price. 85.7% of homes here sold above asking price last month.
Summary: A total of 7 homes were sold or pending in Echo Park in April 2024, down by 12.5% month-over-month. Of the 7 sold homes, 14% were sold under asking, 0% were sold at asking, and 86% were sold over asking.
Days on Market for Echo Park, CA
How long does it take to sell a home in Echo Park, CA?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 33 Days | 15 Days | -54.4% |
Summary: Homes in Echo Park had an average of 15 days on market in Apr 2024, down by 54.4% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Echo Park are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 7 homes were sold in Echo Park; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% 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.