Is 71111, LA 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, 71111 has remained a Seller's Market.
Key Takeaway
71111 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 71111, LA
How much do homes in 71111, LA cost?
Median Sold Price
$272,936
$149/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 71111 have sold for 0.8% less than they did a year ago.
Summary: The median home sold price in 71111 was $272,936 in March 2024, down 0.8% from last year, and the median price per square foot was $149.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $99K | $110K | +11.1% |
| 2 Bedrooms | $111.5K | $128.5K | +15.2% |
| 3 Bedrooms | $244.7K | $245K | 0.1% |
| 4 Bedrooms | $350K | $350K | 0.0% |
| 5+ Bedrooms | $477K | $537K | +12.6% |
Summary: 71111 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.1%, 2 bedroom homes increased by 15.2%, 3 bedroom homes increased by 0.1%, 4 bedroom homes did not change, and 5+ bedroom homes increased by 12.6%.
Housing Supply in 71111, LA
How many homes are available in 71111, LA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 199 | 210 | +5.5% |
Summary: The 71111 real estate market had 210 homes for sale in March 2024, a 5.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 3 | -25.0% |
| 2 Bedrooms | 6 | 8 | +33.3% |
| 3 Bedrooms | 93 | 86 | -7.5% |
| 4 Bedrooms | 79 | 91 | +15.2% |
| 5+ Bedrooms | 17 | 22 | +29.4% |
Summary: The 71111 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes increased by 33.3%, 3 bedroom homes decreased by 7.5%, 4 bedroom homes increased by 15.2%, and 5+ bedroom homes increased by 29.4%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 38 | 52 | +36.8% |
Asking Price vs. Sold Price
25 Homes Were Sold
Under Asking
19 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 71111, you may be able to get a good deal. 48.1% of homes here sold below asking price last month.
Summary: A total of 52 homes were sold or pending in 71111 in March 2024, up by 36.8% month-over-month. Of the 52 sold homes, 48% were sold under asking, 37% were sold at asking, and 15% were sold over asking.
Days on Market for 71111, LA
How long does it take to sell a home in 71111, LA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 49 Days | 52 Days | +7.7% |
Summary: Homes in 71111 had an average of 52 days on market in Mar 2024, up by 7.7% compared to last year.
Breakdown of Home Sale Times
27 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
12 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 71111 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 52 homes were sold in 71111; 52% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 23% of homes were sold over 90 days.
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