Is Central LA, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Central LA was a Seller's Market.
Key Takeaway
Central LA is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Central LA, CA
How much do homes in Central LA, CA cost?
Median Sold Price
$1,348,639
$773/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Central LA have sold for 0.9% less than they did a year ago.
Summary: The median home sold price in Central LA was $1,348,639 in May 2024, down 0.9% from last year, and the median price per square foot was $773.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $582.5K | $585.5K | 0.5% |
| 2 Bedrooms | $990.2K | $1.0M | +1.0% |
| 3 Bedrooms | $1.6M | $1.5M | -3.7% |
| 4 Bedrooms | $2.1M | $2.1M | 0% |
| 5+ Bedrooms | $2.4M | $2.3M | -1.7% |
Summary: Central LA housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.5%, 2 bedroom homes increased by 1%, 3 bedroom homes decreased by 3.7%, 4 bedroom homes did not change, and 5+ bedroom homes decreased by 1.7%.
Median Sold Price Compared To Nearby Neighborhoods
| Outpost Estates | $2.8M | $2.8M | 0.2% |
| Central LA | $1.3M | $1.3M | -0.9% |
Housing Supply in Central LA, CA
How many homes are available in Central LA, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1,769 | 2,100 | +18.7% |
Summary: The Central LA real estate market had 2,100 homes for sale in May 2024, a 18.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 288 | 321 | +11.5% |
| 2 Bedrooms | 414 | 496 | +19.8% |
| 3 Bedrooms | 363 | 436 | +20.1% |
| 4 Bedrooms | 276 | 331 | +19.9% |
| 5+ Bedrooms | 428 | 516 | +20.6% |
Summary: The Central LA housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 11.5%, 2 bedroom homes increased by 19.8%, 3 bedroom homes increased by 20.1%, 4 bedroom homes increased by 19.9%, and 5+ bedroom homes increased by 20.6%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 282 | 265 | -6.0% |
Asking Price vs. Sold Price
141 Homes Were Sold
Under Asking
35 Homes Were Sold
At Asking
89 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Central LA, you may be able to get a good deal. 53.2% of homes here sold below asking price last month.
Summary: A total of 265 homes were sold or pending in Central LA in May 2024, down by 6.0% month-over-month. Of the 265 sold homes, 53% were sold under asking, 13% were sold at asking, and 34% were sold over asking.
Days on Market for Central LA, CA
How long does it take to sell a home in Central LA, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 50 Days | 47 Days | -6.1% |
Summary: Homes in Central LA had an average of 47 days on market in May 2024, down by 6.1% compared to last year.
Breakdown of Home Sale Times
147 Homes Were Sold
Under 30 Days
81 Homes Were Sold
In 30 - 90 Days
37 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Central LA are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 265 homes were sold in Central LA; 55% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.