Is 71111, LA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$268,465
$149/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in 71111 have sold for 3.8% less than they did a year ago.
Summary: The median home sold price in 71111 was $268,465 in May 2024, down 3.8% from last year, and the median price per square foot was $149.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $101K | $115K | +13.9% |
| 2 Bedrooms | $96K | $139.5K | +45.3% |
| 3 Bedrooms | $247.3K | $244.4K | -1.2% |
| 4 Bedrooms | $350K | $351K | 0.3% |
| 5+ Bedrooms | $475K | $537K | +13.1% |
Summary: 71111 housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.9%, 2 bedroom homes increased by 45.3%, 3 bedroom homes decreased by 1.2%, 4 bedroom homes increased by 0.3%, and 5+ bedroom homes increased by 13.1%.
Housing Supply in 71111, LA
How many homes are available in 71111, LA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 236 | 236 | 0.0% |
Summary: The 71111 real estate market had 236 homes for sale in May 2024, the same as April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 13 | 14 | +7.7% |
| 3 Bedrooms | 89 | 83 | -6.7% |
| 4 Bedrooms | 108 | 112 | +3.7% |
| 5+ Bedrooms | 24 | 25 | +4.2% |
Summary: The 71111 housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 7.7%, 3 bedroom homes decreased by 6.7%, 4 bedroom homes increased by 3.7%, and 5+ bedroom homes increased by 4.2%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 53 | 53 | 0.0% |
Asking Price vs. Sold Price
29 Homes Were Sold
Under Asking
19 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 71111, you may be able to get a good deal. 54.7% of homes here sold below asking price last month.
Summary: A total of 53 homes were sold or pending in 71111 in May 2024, the same as the previous month. Of the 53 sold homes, 55% were sold under asking, 36% were sold at asking, and 9% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 38 Days | 49 Days | +28.2% |
Summary: Homes in 71111 had an average of 49 days on market in May 2024, up by 28.2% compared to last year.
Breakdown of Home Sale Times
30 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
9 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 May 2024, 53 homes were sold in 71111; 57% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
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