Is Long Beach-Lakewood, CA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Long Beach-Lakewood is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, Long Beach-Lakewood has remained a Seller's Market.

Key Takeaway

Long Beach-Lakewood is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Long Beach-Lakewood, CA

How much do homes in Long Beach-Lakewood, CA cost?

Median Sold Price

$800,122

$604/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$14,897(+1.9%)

Key Takeaway

Homes in Long Beach-Lakewood have sold for 1.9% more than they did a year ago.

Summary: The median home sold price in Long Beach-Lakewood was $800,122 in February 2024, up 1.9% from last year, and the median price per square foot was $604.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $430K$437.5K
+1.7%
2 $629.6K$650K
+3.2%
3 $856.5K$869.9K
+1.6%
4 $1.0M$1.0M
-0.6%
5+ $1.2M$1.2M
-3.9%

Summary: Long Beach-Lakewood housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.7%, 2 bedroom homes increased by 3.2%, 3 bedroom homes increased by 1.6%, 4 bedroom homes decreased by 0.6%, and 5+ bedroom homes decreased by 3.9%.

Median Sold Price Compared To Nearby Cities

Bellflower
+3.5%
Long Beach
+2.5%
Lakewood
+2.2%
Long Beach-Lakewood
+1.9%
Signal Hill
-16.3%

Housing Supply in Long Beach-Lakewood, CA

How many homes are available in Long Beach-Lakewood, CA?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
691683-1.2%

Summary: The Long Beach-Lakewood real estate market had 683 homes for sale in February 2024, a 1.2% decrease compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 10699
-6.6%
2 196204
+4.1%
3 266251
-5.6%
4 8074
-7.5%
5+ 4355
+27.9%

Summary: The Long Beach-Lakewood housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 6.6%, 2 bedroom homes increased by 4.1%, 3 bedroom homes decreased by 5.6%, 4 bedroom homes decreased by 7.5%, and 5+ bedroom homes increased by 27.9%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
190181-4.7%

Asking Price vs. Sold Price

65 Homes Were Sold
Under Asking

30 Homes Were Sold
At Asking

86 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Long Beach-Lakewood, you could pay more than the asking price. 47.5% of homes here sold above asking price last month.

Summary: A total of 181 homes were sold or pending in Long Beach-Lakewood in February 2024, down by 4.7% month-over-month. Of the 181 sold homes, 36% were sold under asking, 17% were sold at asking, and 48% were sold over asking.

Days on Market for Long Beach-Lakewood, CA

How long does it take to sell a home in Long Beach-Lakewood, CA?

Average Sale Time

Feb 2023Feb 2024CHANGE
39 Days29 Days-24.6%

Summary: Homes in Long Beach-Lakewood had an average of 29 days on market in Feb 2024, down by 24.6% compared to last year.

Breakdown of Home Sale Times

123 Homes Were Sold
Under 30 Days

46 Homes Were Sold
In 30 - 90 Days

12 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Long Beach-Lakewood are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 181 homes were sold in Long Beach-Lakewood; 68% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 3 Days Ago

Newest Listings in Long Beach-Lakewood, CA

Nearby Markets to Long Beach-Lakewood, CA

What housing markets are near Long Beach-Lakewood, CA?