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

FAQs

Is now a good time to sell your home in California? ›

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.

Sale-to-list price ratio: 96.43% Los Angeles, CA is a buyer's market in July 2024, which means that the supply of homes is greater than the demand for homes.

The average Los Angeles, CA home value is $956,844, up 4.7% over the past year and goes to pending in around 19 days.

Experts suggest there may be some moderation in price growth, but it is unlikely that we will see broad declines in the California real estate market. Compared with previous cycles, 2024 shows similar trends around tight inventory and high demand.

The worst time to sell a house is typically during the winter months, particularly in December, January, and February. During this period, bad weather can deter potential buyers from attending open houses, and many people are preoccupied with holiday activities and planning.

Here's how each month of the year ranked for the best time to sell a house. The highest-earning months are, in ranking order, May, June, April and March. Just over 18 million purchase transactions took place during this period, according to ATTOM.

Los Angeles Housing Market Trends

In July 2024, Los Angeles home prices were up 6.5% compared to last year, selling for a median price of $1.1M. On average, homes in Los Angeles sell after 43 days on the market compared to 37 days last year. There were 1,695 homes sold in July this year, up from 1,472 last year.

Sale Prices

The median sold price of existing single-family homes in Los Angeles County as of January 2024 stands at $833,000, marking a -2.4% month-to-month price change but showing a 7.0% year-to-year increase.

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.

The median salary in Los Angeles, CA is $72,384, with 80% of salaries falling between $31,320 and $156,600.

What is the average income to buy a house in Los Angeles? ›

According to the website HowMuch.net, your household needs to make roughly $95,000 a year to be able to afford the median home in L.A., which they value at around $480,000. Using these metrics, you would need to earn around $237,500 (or more) to afford the current median home in LA.

Los Angeles ranks fifth in the U.S., behind San Jose, San Francisco, Seattle and San Diego. A lack of supply continues to drive high prices. New listings are up by just 2% compared to 2023, and buyers have paid over the asking amount in 49% of all home sales in L.A., Zillow says.

Predictions for 2024

foresees a comeback, with dwindling mortgage rates and more houses hitting the market. They predict a surge in home sales by 22.9% and a 6.2% rise in the median home price for 2024. Economic strength, subdued inflation, and uplifted consumer spirits could further buoy the market.

Is it a Good Time to Buy a Home in California? According to C.A.R.'s monthly Consumer Housing Sentiment Index, in April 2023, 59% of consumers said it was a good time to sell, up from 55% the previous. Only about 25% feel it is a good time to buy a home, unchanged from last year.

Affordability depends on both the costs of the housing, as well as the income and/or wages of households. Annual household income needed to qualify for a mortgage on a mid-tier California home in June 2024 was about $239,000—over 2 times the median California household income in 2022 ($95,500).

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Should I Sell My House in California Now or Wait?

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With the California housing market shifting and year-to-date home sales dropping in recent months, you might wonder, “Should I sell my house in California?” Is ...

In a recent note, Chief US Economist Michael Gapen and his team revealed that they expect home prices to rise by 4.5% this year and 5% in 2025. Gapen doesn't foresee the market cooling down until 2026 at the earliest. With this in mind, current homeowners can sell for even higher prices down the road.

Should I sell my house now, before there's a recession? Recessions mean belt tightening and potential layoffs, and if your area is hard-hit by job losses, the number of qualified buyers will be severely limited. If you're concerned, it might be best to sell before that (potentially) happens.

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.

California's median home price is forecast to climb 6.2 percent to $860,300 in 2024, following a projected 1.5 percent decrease to $810,000 in 2023 from 2022's $822,300. Housing affordability* is expected to remain flat at 17 percent next year from a projected 17 percent in 2023.