Los Angeles, CA Real Estate & Homes for Sale | realtor.com® (2024)

FAQs

Are home prices dropping in Los Angeles? ›

But in Hollywood and a handful of other central Los Angeles neighborhoods, the opposite is happening. Home prices in Hollywood fell 3% in May compared with a year earlier and have now dropped on an annual basis every month since December 2022, according to data from Zillow.

Median Sold Price

Summary: The median home sold price in Los Angeles was $1,002,432 in June 2024, up 4.7% from last year, and the median price per square foot was $638.

Best Time to Sell Your House for a Higher Price

April, June, and July are the best months to sell your house in California. The median sale price of houses in June 2023, was $796,400, which is expected to grow more in 2024. However, cities like Arcadia and San Mateo follow an upward trend throughout the year.

Interest rates are above 7%, and even if home prices rise at a slower pace, they will set records. In Los Angeles County, the average home price in April was $890,516, an increase of 1.4% from March and surpassing the previous record, set in June 2022.

Rental prices were down 2.5% in Los Angeles County in February 2024 versus the same month a year before, according to data from Apartment List. Experts attribute the decline to a possible softening of demand amid population loss due to a recent exodus from parts of Southern California.

Agents practicing in areas like Los Angeles and Beverly Hills are more likely to earn higher sales. As a real estate agent in California, the dream of a lavish life is within reach.

In 2020, the average real estate commissions in Los Angeles averaged 5.66%, and Los Angeles real estate agents received 2.83% each. Most of the time, the commission charged by the Listing Agent in Los Angeles is from 2.5% to 3%.

In summary, buying a house in California in 2024 may be a good time for some buyers, depending on their personal and financial situation. The housing market is expected to rebound from a sluggish year in 2023, with more supply and demand, higher prices and affordability, and lower mortgage rates and inflation.

What is the average price of a condo in Los Angeles? ›

The median condo price in Los Angeles grew slightly by 0.8% year-to-year to $564,250. At the end of 2021, the median condo price in Los Angeles was $568,000.

Supply and Demand: LA is a popular city with limited space, leading to a high demand for housing. This demand often exceeds supply, causing housing prices to rise.

The influential Mortgage Bankers Association is forecasting that mortgage rates will hit 6.1% by the end of 2024. This creates a more favorable climate for real estate transactions. Prospective rate drops encourage more buyer activity in the market, getting buyers off the fence and actively planning a purchase.

March to June are the best months to buy a house in California. During these months, low competition and competitive prices can get you a good deal on your future home.

Overall, Zillow expects home prices in January 2025 to be 4.5% higher than January 2024 in the Inland Empire counties of Riverside and San Bernardino. Across Los Angeles and Orange counties, prices are predicted to climb 2.6%.

The Los Angeles housing crisis has reached epic proportions and continues to deteriorate. The city, according to a study by the federal housing agency Freddie Mac, is short 400,000 homes with an estimate of over 75,000 homeless in L.A. County and over 46,000 in LA, a rise of 10% last year.

According to the California Association of Realtors' April home sales and price report, the median sold price of an existing single-family home in California hit a record high of $904,210. Overall, the statewide median home price has risen about 11% since April 2023.

Renters say it's not enough. LOS ANGELES (KABC) -- The average rent has dropped in Los Angeles County and increased in Orange County compared to this time last year, according a new report.