Is 70056, 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, 70056 was a Seller's Market.
Key Takeaway
70056 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 70056, LA
How much do homes in 70056, LA cost?
Median Sold Price
$225,000
$126/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 70056 have sold for 10% less than they did a year ago.
Summary: The median home sold price in 70056 was $225,000 in March 2024, down 10% from last year, and the median price per square foot was $126.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $71.2K | $80K | +12.3% |
| 2 Bedrooms | $114K | $116K | +1.8% |
| 3 Bedrooms | $229K | $200K | -12.7% |
| 4 Bedrooms | $282K | $258.5K | -8.3% |
| 5+ Bedrooms | $301.2K | $273K | -9.4% |
Summary: 70056 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.3%, 2 bedroom homes increased by 1.8%, 3 bedroom homes decreased by 12.7%, 4 bedroom homes decreased by 8.3%, and 5+ bedroom homes decreased by 9.4%.
Housing Supply in 70056, LA
How many homes are available in 70056, LA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 118 | 140 | +18.6% |
Summary: The 70056 real estate market had 140 homes for sale in March 2024, a 18.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 4 | +100.0% |
| 2 Bedrooms | 4 | 4 | 0.0% |
| 3 Bedrooms | 58 | 68 | +17.2% |
| 4 Bedrooms | 40 | 46 | +15.0% |
| 5+ Bedrooms | 14 | 18 | +28.6% |
Summary: The 70056 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 17.2%, 4 bedroom homes increased by 15%, and 5+ bedroom homes increased by 28.6%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 11 | 21 | +90.9% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 70056, you may be able to get a good deal. 57.1% of homes here sold below asking price last month.
Summary: A total of 21 homes were sold or pending in 70056 in March 2024, up by 90.9% month-over-month. Of the 21 sold homes, 57% were sold under asking, 14% were sold at asking, and 29% were sold over asking.
Days on Market for 70056, LA
How long does it take to sell a home in 70056, LA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 48 Days | 31 Days | -36.1% |
Summary: Homes in 70056 had an average of 31 days on market in Mar 2024, down by 36.1% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 70056 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 21 homes were sold in 70056; 67% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
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