Los Angeles January '24 Real Estate Update Ascend RE
Ascend RE January 17, 2024
Los Angeles
Ascend RE January 17, 2024
Los Angeles
The median home sold price in Los Angeles was $972,221 in December 2023, down 1.8% from last year, and the median price per square foot was $621. The home price of 1 bedroom homes decreased by 1.4%, 2 bedroom homes decreased by 3%, 3 bedroom homes decreased by 4.3%, 4 bedroom homes decreased by 4.6%, and 5+ bedroom homes decreased by 9.6%.
The Los Angeles real estate market had 5,739 homes for sale in December 2023, a 7.7% decrease compared to November 2023. The Los Angeles housing inventory by bedroom type for December 2023 compared to the previous month: The inventory of 1 bedroom homes decreased by 1.9%, 2 bedroom homes decreased by 11.2%, 3 bedroom homes decreased by 11.9%, 4 bedroom homes decreased by 5.8%, and 5+ bedroom homes decreased by 1.4%. A total of 1,210 homes were sold or pending in Los Angeles in December 2023, down by 3.3% month-over-month. Of the 1,209 sold homes, 47% were sold under asking, 14% were sold at asking, and 39% were sold over asking.
Homes in Los Angeles had an average of 35 days on market in Dec 2023, down by 13.8% compared to last year. Homes in Los Angeles had an average of 35 days on market in Dec 2023, down by 13.8% compared to last year.
December of 2023 saw relatively normal market trends with some uncharacteristically low outliers. These include a significant drop in average home prices and a large decrease in inventory throughout the year. Many seller’s felt understandably anxious about the state of the market toward the end of 2023. We are assuming many homeowners will see recent decreasing interest rates as a positive sign to re-introduce their homes into the market this year or finally list their home if they’ve been on the fence. We can also predict a healthy jump in inventory and prices for 2024. Spring may pose a better time to sell for a higher value and buyers should take advantage of recently dropped interest rates for a lower monthly mortgage payment. As always, we are here to help you make your real estate goals happen, simply click here to get started with a consult.
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