Steady Climb for Los Angeles Real Estate Values in April 2024

The Los Angeles real estate market showcases steady growth in property valuation and sales, with notable fluctuations based on location and seasonality. Surrounding cities reflect this trend, albeit with their unique variations.

authorWritten by Manuel MartinezMay 20, 2024

A Glimpse into the Los Angeles Real Estate Market

The Los Angeles real estate market, which consistently attracts attention for its high-value properties and significant market activity, displays some noteworthy trends as of April 2024. The average property value has experienced an upward trajectory over the months. Starting at an average value of $1,159,000 in May 2023, it has climbed to $1,200,000 by April 2024. This represents a slight but steady increase in property valuation within a year. In tandem with this, the per-square-foot average value has seen a minimal increase from $714 in May 2023 to $716 in April 2024.

Market overview April vs May 2023

May 2023 April 2024 Change
Median Listing Price $1.2M $1M -12.17%
Median Sold Price $948.9K $1M 6.62%
Homes For Sale 1,660 1,927 16.08%
Homes Sold 11,445 11,347 -0.86%

The highest average sold per square foot value is recorded at $709 in April 2024, compared to the lowest at $682 in May 2023. This variability suggests that while property values are on the rise, the sale prices are subject to negotiation and market demand at the point of sale, leading to some inconsistency in monthly averages.

Photo by Cedric Letsch on Unsplash

The market is also characterized by fluctuations in the property and home sales. In December 2023, we notice the lowest number of homes on sale at 1,927, likely due to a potential seasonal dip in listings. Sale volumes followed a slight decline from June 2023 before showing a resurgence by April 2024, with a total of 11,347 properties sold—a sign of recovery in buyer activity after a period of downturn.

Comparative Market Analysis: Los Angeles and Surrounding Cities

Exploring the regional landscape, the real estate markets in nearby cities to Los Angeles show significant disparities:

  • Huntington Park, for example, has an average property value of $650,000, contrasted by Los Angeles’ $1,200,000. Not only do the property values differ but so do the per-square-foot values, with Huntington Park at $415 compared to Los Angeles’ $716. This presents a trend where core city areas exhibit higher property valuations compared to their suburban counterparts.

Yet, a general appreciation in market value is evident across the region. From May 2023 to April 2024, all cities observed, including Los Angeles, Huntington Park, Maywood, Bell Gardens, Monterey Park, and Inglewood, experience an increase in average values and per square foot sale prices. This is indicative of an overarching pattern of growth within the region’s property market.

  • To give further context, Maywood’s and Bell Gardens’ average values in April 2024 stand at $938,000 and $939,000, respectively—still notably less than Los Angeles but higher than more suburban locations like Huntington Park. The per-square-foot values in these areas are $424 and $418, underscoring a broad market upswing, albeit with local variations.
  • Properties sold also reflect a vibrant market, with numbers indicating an active buying and selling environment in Monterey Park (458 properties sold) and Inglewood (622 properties sold), though significantly lower in volume compared to Los Angeles’ bustling 11,347 properties sold. This detailed landscape offers insights showing Los Angeles as a leading indicator and a strong influencer on the surrounding areas’ market performance.

Through this comprehensive overview of the real estate market statistics, we can discern that the Los Angeles region is not just a single market but a collection of interrelated housing markets all experiencing general growth but with their local nuances. By acknowledging these trends, potential buyers, sellers, and investors can make more informed decisions within the Greater Los Angeles area.

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