Los Angeles February '24 Real Estate Update Ascend RE
Ascend RE February 16, 2024
Los Angeles
Ascend RE February 16, 2024
Los Angeles
The median home sold price in Los Angeles was $974,879 in January 2024, down 1.9% from last year, and the median price per square foot was $622. Los Angeles housing prices by bedroom type for January 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2.8%, 2 bedroom homes decreased by 2.7%, 3 bedroom homes decreased by 4.2%, 4 bedroom homes decreased by 4.4%, and 5+ bedroom homes decreased by 9.9%.
The Los Angeles real estate market had 6,298 homes for sale in January 2024, a 16.3% increase compared to December 2023. The Los Angeles housing inventory by bedroom type for January 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 21.3%, 2 bedroom homes increased by 10.2%, 3 bedroom homes increased by 14.3%, 4 bedroom homes increased by 17.1%, and 5+ bedroom homes increased by 23.4%. A total of 1,062 homes were sold or pending in Los Angeles in January 2024, down by 14.5% month-over-month. Of the 1,062 sold homes, 51% were sold under asking, 14% were sold at asking, and 35% were sold over asking.
Homes in Los Angeles had an average of 37 days on market in Jan 2024, down by 16.2% compared to last year. During January 2024, 1062 homes were sold in Los Angeles; 56% of homes were sold within 30 days, 35% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 day.
The bottom line? One word: Competition. Sellers are seeing a hotter and more competitive market than we’ve seen in almost 2 years! If you have put off selling, but feel ready now, this is THE time to start the conversation. On the buyer’s side, Fall 2023 may have likely been the market’s lowest point. Prices for many assets are still great buys, but we are seeing a quick turnaround which we expect to continue. It’s crucial to work with an agent that can spot opportunities and act fast!
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