Is Miracle Mile, 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, Miracle Mile was a Seller's Market.
Key Takeaway
Miracle Mile 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 Miracle Mile, CA
How much do homes in Miracle Mile, CA cost?
Median Sold Price
$1,650,000
$729/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
The sold price of homes in Miracle Mile has remained the same since last year.
Summary: The median home sold price in Miracle Mile was $1,650,000 in April 2024, up 0.5% from last year, and the median price per square foot was $729.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $537K | N/A |
| 2 Bedrooms | $809K | $1.0M | +25.0% |
| 3 Bedrooms | $1.6M | $1.6M | +3.0% |
| 4 Bedrooms | $2.2M | $1.9M | -11.7% |
| 5+ Bedrooms | $2.0M | $1.9M | -5.7% |
Summary: Miracle Mile housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 25%, 3 bedroom homes increased by 3%, 4 bedroom homes decreased by 11.7%, and 5+ bedroom homes decreased by 5.7%.
Median Sold Price Compared To Nearby Neighborhoods
| Miracle Mile | $1.6M | $1.6M | 0.5% |
| Mid-Wilshire | $1.5M | $1.5M | -3.1% |
Housing Supply in Miracle Mile, CA
How many homes are available in Miracle Mile, CA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 37 | 47 | +27.0% |
Summary: The Miracle Mile real estate market had 47 homes for sale in April 2024, a 27.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 5 | 8 | +60.0% |
| 3 Bedrooms | 12 | 15 | +25.0% |
| 4 Bedrooms | 7 | 9 | +28.6% |
| 5+ Bedrooms | 12 | 15 | +25.0% |
Summary: The Miracle Mile housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 60%, 3 bedroom homes increased by 25%, 4 bedroom homes increased by 28.6%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 7 | 7 | 0.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Miracle Mile, you may be able to get a good deal. 57.1% of homes here sold below asking price last month.
Summary: A total of 7 homes were sold or pending in Miracle Mile in April 2024, the same as the previous month. Of the 7 sold homes, 57% were sold under asking, 29% were sold at asking, and 14% were sold over asking.
Days on Market for Miracle Mile, CA
How long does it take to sell a home in Miracle Mile, CA?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 41 Days | 21 Days | -48.3% |
Summary: Homes in Miracle Mile had an average of 21 days on market in Apr 2024, down by 48.3% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Miracle Mile are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 7 homes were sold in Miracle Mile; 86% of homes were sold within 30 days, 14% 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.