Los Angeles June '24 Real Estate Update Ascend RE

Sales Price

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.

Inventory

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%.

Days on Market

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.

Bottom Line

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.