Is Milan, LA 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, Milan was a Buyer's Market.
Key Takeaway
Milan 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 Milan, LA
How much do homes in Milan, LA cost?
Median Sold Price
$400,000
$243/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Milan have sold for 0.7% less than they did a year ago.
Summary: The median home sold price in Milan was $400,000 in April 2024, down 0.7% from last year, and the median price per square foot was $243.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $195K | N/A |
| 2 Bedrooms | $327.2K | $375K | +14.6% |
| 3 Bedrooms | $425K | $370K | -12.9% |
| 4 Bedrooms | $395.5K | $550K | +39.1% |
| 5+ Bedrooms | $355K | $604.5K | +70.3% |
Summary: Milan 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 14.6%, 3 bedroom homes decreased by 12.9%, 4 bedroom homes increased by 39.1%, and 5+ bedroom homes increased by 70.3%.
Median Sold Price Compared To Nearby Neighborhoods
| Touro | $560K | $763.3K | +36.3% |
| Milan | $403K | $400K | -0.7% |
| Central City | $319K | $302.5K | -5.2% |
| Uptown / Carrollton | $497.7K | $465.3K | -6.5% |
Housing Supply in Milan, LA
How many homes are available in Milan, LA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 54 | 54 | 0.0% |
Summary: The Milan real estate market had 54 homes for sale in April 2024, the same as March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 3 | 4 | +33.3% |
| 3 Bedrooms | 22 | 24 | +9.1% |
| 4 Bedrooms | 15 | 13 | -13.3% |
| 5+ Bedrooms | 13 | 12 | -7.7% |
Summary: The Milan housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 9.1%, 4 bedroom homes decreased by 13.3%, and 5+ bedroom homes decreased by 7.7%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 7 | 8 | +14.3% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Milan, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 8 homes were sold or pending in Milan in April 2024, up by 14.3% month-over-month. Of the 8 sold homes, 50% were sold under asking, 13% were sold at asking, and 38% were sold over asking.
Days on Market for Milan, LA
How long does it take to sell a home in Milan, LA?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 26 Days | 55 Days | +111.5% |
Summary: Homes in Milan had an average of 55 days on market in Apr 2024, up by 111.5% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Milan are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 8 homes were sold in Milan; 38% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
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