Is Los Angeles, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2022
Since last year, Los Angeles has remained a Seller's Market.
Key Takeaway
Los Angeles is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Los Angeles, CA
How much do homes in Los Angeles, CA cost?
Median Sold Price
$970,149
$618/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2022
-$19,530(-2.0%)
Key Takeaway
Homes in Los Angeles have sold for 2% less than they did a year ago.
Summary: The median home sold price in Los Angeles was $970,149 in November 2023, down 2% from last year, and the median price per square foot was $618.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $524.8K | $518K | -1.3% |
| 2 Bedrooms | $771.8K | $743.6K | -3.7% |
| 3 Bedrooms | $979.5K | $932.3K | -4.8% |
| 4 Bedrooms | $1.3M | $1.2M | -4.5% |
| 5+ Bedrooms | $2.3M | $2.0M | -10.5% |
Summary: Los Angeles housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes decreased by 1.3%, 2 bedroom homes decreased by 3.7%, 3 bedroom homes decreased by 4.8%, 4 bedroom homes decreased by 4.5%, and 5+ bedroom homes decreased by 10.5%.
Median Sold Price Compared To Nearby Cities
| CITY | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| Culver City | $1.1M | $1.2M | + 15.7% |
| West Hollywood | $1.1M | $1.2M | + 13.6% |
| Beverly Hills | $3.2M | $3.2M | -1.7% |
| Inglewood | $723.3K | $710K | -1.8% |
| Los Angeles | $989.6K | $970.1K | -2.0% |
Housing Supply in Los Angeles, CA
How many homes are available in Los Angeles, CA?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 6,788 | 7,006 | +3.2% |
Summary: The Los Angeles real estate market had 7,006 homes for sale in November 2023, a 3.2% increase compared to October 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 402 | 413 | + 2.7% |
| 2 Bedrooms | 1,527 | 1,533 | 0.4% |
| 3 Bedrooms | 2,045 | 2,067 | + 1.1% |
| 4 Bedrooms | 1,337 | 1,374 | + 2.8% |
| 5+ Bedrooms | 1,477 | 1,619 | + 9.6% |
Summary: The Los Angeles housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 2.7%, 2 bedroom homes increased by 0.4%, 3 bedroom homes increased by 1.1%, 4 bedroom homes increased by 2.8%, and 5+ bedroom homes increased by 9.6%.
Number of Homes Sold
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 1,362 | 1,182 | -13.2% |
Asking Price vs. Sold Price
553 Homes Were Sold
Under Asking
137 Homes Were Sold
At Asking
492 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Los Angeles, you may be able to get a good deal. 46.8% of homes here sold below asking price last month.
Summary: A total of 1,182 homes were sold or pending in Los Angeles in November 2023, down by 13.2% month-over-month. Of the 1,182 sold homes, 47% were sold under asking, 12% were sold at asking, and 42% were sold over asking.
Days on Market for Los Angeles, CA
How long does it take to sell a home in Los Angeles, CA?
Average Sale Time
| Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|
| 35 Days | 33 Days | -5.6% |
Summary: Homes in Los Angeles had an average of 33 days on market in Nov 2023, down by 5.6% compared to last year.
Breakdown of Home Sale Times
783 Homes Were Sold
Under 30 Days
293 Homes Were Sold
In 30 - 90 Days
106 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Los Angeles are selling fast, if you're buying plan to act quickly.
Summary: During November 2023, 1182 homes were sold in Los Angeles; 66% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
Report Updated 17 Days Ago
As an enthusiast with a deep understanding of real estate and housing market dynamics, let me dive into the comprehensive analysis of the current real estate conditions in Los Angeles, CA, based on the provided article.
1. Market Overview:
- The article suggests that Los Angeles has maintained a Seller's Market status since November 2022. This classification indicates that sellers have the upper hand, with higher prices and faster home sales.
2. Housing Prices:
- The median home sold price in Los Angeles as of November 2023 is $970,149, reflecting a 2% decrease compared to the previous year.
- The median price per square foot stands at $618.
3. Median Sold Price by Bedroom Count:
- One-bedroom homes experienced a 1.3% price decrease, while 2-bedroom homes decreased by 3.7%, 3-bedroom homes by 4.8%, 4-bedroom homes by 4.5%, and 5+ bedroom homes by 10.5% from November 2022 to November 2023.
4. Median Sold Price Compared to Nearby Cities:
- Los Angeles' housing market changes compared to nearby cities include a 2% decrease in median sold prices. Notable nearby cities like Culver City and West Hollywood have seen increases, whereas Beverly Hills remained stable and Inglewood experienced a slight decrease.
5. Housing Supply:
- As of November 2023, there were 7,006 homes for sale in Los Angeles, indicating a 3.2% increase from October 2023.
- The breakdown by bedroom count reveals varying increases in inventory for different housing types.
6. Number of Homes Sold:
- In November 2023, there was a 13.2% decrease in the number of homes sold compared to the previous month.
- Notably, 46.8% of homes were sold below asking price, providing potential opportunities for buyers.
7. Days on Market:
- The average time a home spends on the market in Los Angeles decreased by 5.6%, from 35 days in November 2022 to 33 days in November 2023.
- The breakdown indicates that a significant portion of homes (66%) were sold within 30 days, emphasizing the fast-paced nature of the market.
In summary, Los Angeles continues to be a Seller's Market, with a slight decrease in median home prices. Buyers might find opportunities with a substantial percentage of homes selling below asking price. The market is characterized by a growing inventory, and homes are selling relatively quickly, particularly within the first 30 days. This information is crucial for both buyers and sellers in navigating the dynamic real estate landscape of Los Angeles.
