Los Angeles June '24 Real Estate Update Ascend RE
Ascend RE June 21, 2024
Los Angeles
Ascend RE June 21, 2024
Los Angeles
The median home sold price in Los Angeles was $995,939 in May 2024, up 2.9% from last year, and the median price per square foot was $635. Los Angeles housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1%, 2 bedroom homes increased by 2%, 3 bedroom homes increased by 1.3%, 4 bedroom homes increased by 1.5%, and 5+ bedroom homes decreased by 5.2%. : A total of 1,589 homes were sold or pending in Los Angeles in May 2024, up by 1.3% month-over-month. Of the 1,589 sold homes, 39% were sold under asking, 12% were sold at asking, and 48% were sold over asking.
The Los Angeles real estate market had 8,602 homes for sale in May 2024, a 15.4% increase compared to April 2024.The Los Angeles housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 11.1%, 2 bedroom homes increased by 16.4%, 3 bedroom homes increased by 12.5%, 4 bedroom homes increased by 14.6%, and 5+ bedroom homes increased by 20.5%.
Homes in Los Angeles had an average of 33 days on market in May 2024, down by 7% compared to last year. During May 2024, 1589 homes were sold in Los Angeles; 70% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
Renewed buyer interest and an acceptance of our “new normal” with regard to interest rates has re-invigorated the market and helped sellers list their homes at higher values. We can expect a slowdown in the Summer months with renewed interest in the fall. If you have questions about the market, need a handyman recommendation, or want to receive a free home value report, click here.
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