Is 70047, LA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, 70047 was a Seller's Market.
Key Takeaway
70047 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 70047, LA
How much do homes in 70047, LA cost?
Median Sold Price
$299,999
$148/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 70047 have sold for 1.7% more than they did a year ago.
Summary: The median home sold price in 70047 was $299,999 in March 2024, up 1.7% from last year, and the median price per square foot was $148.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $147K | $155K | +5.4% |
| 3 Bedrooms | $275K | $292K | +6.2% |
| 4 Bedrooms | $369K | $365K | -1.1% |
| 5+ Bedrooms | $468.5K | $452.5K | -3.4% |
Summary: 70047 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 increased by 5.4%, 3 bedroom homes increased by 6.2%, 4 bedroom homes decreased by 1.1%, and 5+ bedroom homes decreased by 3.4%.
Housing Supply in 70047, LA
How many homes are available in 70047, LA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 29 | 43 | +48.3% |
Summary: The 70047 real estate market had 43 homes for sale in March 2024, a 48.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 4 | 7 | +75.0% |
| 3 Bedrooms | 9 | 14 | +55.6% |
| 4 Bedrooms | 14 | 16 | +14.3% |
| 5+ Bedrooms | 2 | 6 | +200.0% |
Summary: The 70047 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 75%, 3 bedroom homes increased by 55.6%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes increased by 200%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 3 | 6 | +100.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 70047, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.
Summary: A total of 6 homes were sold or pending in 70047 in March 2024, up by 100.0% month-over-month. Of the 6 sold homes, 33% were sold under asking, 50% were sold at asking, and 17% were sold over asking.
Days on Market for 70047, LA
How long does it take to sell a home in 70047, LA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 58 Days | 47 Days | -18.1% |
Summary: Homes in 70047 had an average of 47 days on market in Mar 2024, down by 18.1% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in 70047 has remained consistent over time.
Summary: During March 2024, 6 homes were sold in 70047; 33% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
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