Is 71118, LA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, 71118 has remained a Seller's Market.
Key Takeaway
71118 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 71118, LA
How much do homes in 71118, LA cost?
Median Sold Price
$172,550
$106/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 71118 have sold for 5.1% more than they did a year ago.
Summary: The median home sold price in 71118 was $172,550 in April 2024, up 5.1% from last year, and the median price per square foot was $106.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $77.5K | N/A |
| 2 Bedrooms | $62.5K | $140K | +124.0% |
| 3 Bedrooms | $157.4K | $164.5K | +4.5% |
| 4 Bedrooms | $205K | $227K | +10.7% |
| 5+ Bedrooms | $267K | $300K | +12.4% |
Summary: 71118 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 124%, 3 bedroom homes increased by 4.5%, 4 bedroom homes increased by 10.7%, and 5+ bedroom homes increased by 12.4%.
Housing Supply in 71118, LA
How many homes are available in 71118, LA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 97 | 91 | -6.2% |
Summary: The 71118 real estate market had 91 homes for sale in April 2024, a 6.2% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0% |
| 2 Bedrooms | 5 | 5 | 0.0% |
| 3 Bedrooms | 71 | 65 | -8.5% |
| 4 Bedrooms | 17 | 18 | +5.9% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The 71118 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 8.5%, 4 bedroom homes increased by 5.9%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 26 | 20 | -23.1% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 71118, you may be able to get a good deal. 40% of homes here sold below asking price last month.
Summary: A total of 20 homes were sold or pending in 71118 in April 2024, down by 23.1% month-over-month. Of the 20 sold homes, 40% were sold under asking, 40% were sold at asking, and 20% were sold over asking.
Days on Market for 71118, LA
How long does it take to sell a home in 71118, LA?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 21 Days | 85 Days | +292.7% |
Summary: Homes in 71118 had an average of 85 days on market in Apr 2024, up by 292.7% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 71118 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 20 homes were sold in 71118; 35% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 35% of homes were sold over 90 days.
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