Is Los Angeles, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Los Angeles has remained a Seller's Market.
Key Takeaway
Los Angeles is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Los Angeles, CA
How much do homes in Los Angeles, CA cost?
Median Sold Price
$975,970
$628/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Los Angeles have sold for 1.3% less than they did a year ago.
Summary: The median home sold price in Los Angeles was $975,970 in March 2024, down 1.3% from last year, and the median price per square foot was $628.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $525K | $525K | 0.0% |
| 2 Bedrooms | $762.3K | $749.9K | -1.6% |
| 3 Bedrooms | $962.1K | $943.9K | -1.9% |
| 4 Bedrooms | $1.2M | $1.2M | -2.8% |
| 5+ Bedrooms | $2.3M | $1.9M | -16.2% |
Summary: Los Angeles housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 1.6%, 3 bedroom homes decreased by 1.9%, 4 bedroom homes decreased by 2.8%, and 5+ bedroom homes decreased by 16.2%.
Median Sold Price Compared To Nearby Cities
| Culver City | $1.1M | $1.2M | +6.4% |
| West Hollywood | $1.1M | $1.1M | +3.8% |
| Los Angeles | $988.7K | $975.9K | -1.3% |
| Inglewood | $738.3K | $705.9K | -4.4% |
| Beverly Hills | $3.5M | $3.0M | -16.1% |
Housing Supply in Los Angeles, CA
How many homes are available in Los Angeles, CA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 6,477 | 7,177 | +10.8% |
Summary: The Los Angeles real estate market had 7,177 homes for sale in March 2024, a 10.8% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 402 | 458 | +13.9% |
| 2 Bedrooms | 1,396 | 1,472 | +5.4% |
| 3 Bedrooms | 2,006 | 2,140 | +6.7% |
| 4 Bedrooms | 1,297 | 1,449 | +11.7% |
| 5+ Bedrooms | 1,376 | 1,658 | +20.5% |
Summary: The Los Angeles housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 13.9%, 2 bedroom homes increased by 5.4%, 3 bedroom homes increased by 6.7%, 4 bedroom homes increased by 11.7%, and 5+ bedroom homes increased by 20.5%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 1,234 | 1,403 | +13.7% |
Asking Price vs. Sold Price
579 Homes Were Sold
Under Asking
196 Homes Were Sold
At Asking
628 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Los Angeles, you could pay more than the asking price. 44.8% of homes here sold above asking price last month.
Summary: A total of 1,403 homes were sold or pending in Los Angeles in March 2024, up by 13.7% month-over-month. Of the 1,403 sold homes, 41% were sold under asking, 14% were sold at asking, and 45% were sold over asking.
Days on Market for Los Angeles, CA
How long does it take to sell a home in Los Angeles, CA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 40 Days | 34 Days | -16.0% |
Summary: Homes in Los Angeles had an average of 34 days on market in Mar 2024, down by 16% compared to last year.
Breakdown of Home Sale Times
936 Homes Were Sold
Under 30 Days
315 Homes Were Sold
In 30 - 90 Days
152 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Los Angeles are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 1403 homes were sold in Los Angeles; 67% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 11% 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.