• calendar_month September 30, 2024

The Los Angeles housing market continues to evolve, presenting both opportunities and challenges for those looking to buy or sell a home in Los Angeles. As we navigate through 2024, understanding current trends is crucial for making informed real estate decisions.
Recent data from the California Association of Realtors shows that the median sold price for existing single-family homes in Los Angeles reached $1,013,623 in August 2024, marking a 5.2% increase from the previous year. This upward trend in home prices underscores the continued demand in the market.

For those looking to buy a home in Los Angeles, it's important to note that while prices are rising, there are still opportunities. The market saw 8,956 homes for sale in August 2024, a 7.2% increase from July, indicating a growing inventory. This could potentially give buyers more options and negotiating power.

Interestingly, 45.2% of homes sold below asking price in August, suggesting that buyers may have some leverage in negotiations. However, with 63% of homes selling within 30 days, acting quickly is crucial when you find the right property.
For those considering selling a home in Los Angeles, the current market conditions are generally favorable. The median price per square foot has reached $640, and homes are selling relatively quickly. However, pricing strategy is key, as the market is showing signs of becoming more balanced.

Whether buying or selling, working with top realtors in Los Angeles is more important than ever in this dynamic market. Experienced agents can provide valuable insights into local trends, help navigate negotiations, and ensure you're making informed decisions.
As we look ahead, experts predict continued but moderate price growth in the Los Angeles housing market. While the days of double-digit price increases may be behind us, the market remains strong and active.
For personalized advice on buying or selling in Los Angeles, consult with a local real estate professional who can provide tailored guidance based on your specific needs and the latest market data.