Prices Soar, Los Angeles Among Top Cities with Rising Costs
The housing market in Los Angeles has experienced a substantial upswing over the past year, with home prices climbing by an impressive 9.3% in March 2024 compared to the same period in 2023, according to a report by Zillow. This surge places Los Angeles among the five major metropolitan areas in the nation with the highest month-to-month price increases, with four of these areas located in California.
The average cost of a single-family home in the Greater Los Angeles area now stands at approximately 9,400. Despite a slight increase in new listings by 2% compared to 2023, the persistent supply shortage has fueled these rising prices. Zillow’s findings indicate that buyers have been willing to offer over the asking price in nearly half (49%) of all home sales in Los Angeles.
Swift Sales: Homes Disappear from Market in Days
The high demand and low supply have resulted in homes being snatched up at a rapid pace. The average time a home remains on the market has decreased significantly, dropping from 19 days in March 2023 to just 13 days in March 2024. This six-day reduction reflects the intense competition among buyers in the Los Angeles real estate market.
San Diego Surpasses L.A. for Monthly Increase
While Los Angeles ranks fifth in the U.S. for month-to-month price increases, it falls behind San Jose, San Francisco, Seattle, and San Diego. San Diego has experienced the most significant jump in home prices in March 2024, with a 2.7% increase compared to the 2% increase in Los Angeles.
The LA News Center will continue to monitor the real estate market in Los Angeles, providing updates on price trends, inventory levels, and market conditions. Stay tuned for insights into the ever-evolving housing market in the City of Angels.
Data sourced from: ktla.com
