Is Los Angeles, CA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Los Angeles is a seller's market

Buyer's
Market

Difference Since February 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

$976,303

$625/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

-$16,660(-1.7%)

Key Takeaway

Homes in Los Angeles have sold for 1.7% less than they did a year ago.

Summary: The median home sold price in Los Angeles was $976,303 in February 2024, down 1.7% from last year, and the median price per square foot was $625.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $529.9K$519.2K
-2.0%
2 $767.7K$749.7K
-2.3%
3 $972.6K$940.1K
-3.3%
4 $1.3M$1.2M
-2.6%
5+ $2.3M$2.0M
-9.5%

Summary: Los Angeles housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2%, 2 bedroom homes decreased by 2.3%, 3 bedroom homes decreased by 3.3%, 4 bedroom homes decreased by 2.6%, and 5+ bedroom homes decreased by 9.5%.

Median Sold Price Compared To Nearby Cities

Culver City
+11.4%
West Hollywood
+9.7%
Los Angeles
-1.7%
Inglewood
-3.4%
Beverly Hills
-5.6%

Housing Supply in Los Angeles, CA

How many homes are available in Los Angeles, CA?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
6,0536,649+9.8%

Summary: The Los Angeles real estate market had 6,649 homes for sale in February 2024, a 9.8% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 379408
+7.7%
2 1,3121,414
+7.8%
3 1,8201,985
+9.1%
4 1,2241,353
+10.5%
5+ 1,3181,489
+13.0%

Summary: The Los Angeles housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 7.7%, 2 bedroom homes increased by 7.8%, 3 bedroom homes increased by 9.1%, 4 bedroom homes increased by 10.5%, and 5+ bedroom homes increased by 13%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
1,0921,190+9.0%

Asking Price vs. Sold Price

510 Homes Were Sold
Under Asking

190 Homes Were Sold
At Asking

490 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Los Angeles, you may be able to get a good deal. 42.9% of homes here sold below asking price last month.

Summary: A total of 1,190 homes were sold or pending in Los Angeles in February 2024, up by 9.0% month-over-month. Of the 1,190 sold homes, 43% were sold under asking, 16% were sold at asking, and 41% 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

Feb 2023Feb 2024CHANGE
43 Days39 Days-10.1%

Summary: Homes in Los Angeles had an average of 39 days on market in Feb 2024, down by 10.1% compared to last year.

Breakdown of Home Sale Times

738 Homes Were Sold
Under 30 Days

291 Homes Were Sold
In 30 - 90 Days

161 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Los Angeles are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 1190 homes were sold in Los Angeles; 62% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 14% 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 28 Days Ago

Newest Listings in Los Angeles, CA

Nearby Markets to Los Angeles, CA

What housing markets are near Los Angeles, CA?