Los Angeles May '24 Real Estate Update Ascend RE
Ascend RE May 17, 2024
Los Angeles
Ascend RE May 17, 2024
Los Angeles
The median home sold price in Los Angeles was $986,427 in April 2024, up 0.8% from last year, and the median price per square foot was $631. The home price of 1 bedroom homes decreased by 1%, 2 bedroom homes increased by 0.2%, 3 bedroom homes decreased by 0.1%, 4 bedroom homes decreased by 0.4%, and 5+ bedroom homes decreased by 12.2%.
The Los Angeles real estate market had 7,822 homes for sale in April 2024, a 14.9% increase compared to March 2024. The inventory of 1 bedroom homes increased by 16.8%, 2 bedroom homes increased by 14.4%, 3 bedroom homes increased by 9.2%, 4 bedroom homes increased by 16.5%, and 5+ bedroom homes increased by 21.3%. A total of 1,534 homes were sold or pending in Los Angeles in April 2024, up by 4.9% month-over-month. Of the 1,534 sold homes, 41% were sold under asking, 13% were sold at asking, and 46% were sold over asking.
Homes in Los Angeles had an average of 34 days on market in Apr 2024, down by 7.9% compared to last year. During April 2024, 1534 homes were sold in Los Angeles; 67% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
Overall the market is trending toward a positive direction for sellers and homeowners. If you were hesitant in 2022/2023 to make a move, then it was beneficial as the market has grown stronger this year. For condominium owners, more time is likely needed for your segment of the market to improve. Buyers of investment properties, condominiums, or homes that need some work may still be able to find good options. At the moment, buyers are coalescing around finished properties which is resulting in increasing values for turkey-key homes. For more market information and guidance, click here to book a consultation with our team.
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