Is Southwest, CA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Southwest is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Southwest has remained a Seller's Market.

Key Takeaway

Southwest is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Southwest, CA

How much do homes in Southwest, CA cost?

Median Sold Price

$744,533

$520/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$44,533(+6.4%)

Key Takeaway

Homes in Southwest have sold for 6.4% more than they did a year ago.

Summary: The median home sold price in Southwest was $744,533 in May 2024, up 6.4% from last year, and the median price per square foot was $520.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $450K$465K
+3.3%
2 $539K$598.5K
+11.0%
3 $725K$795K
+9.7%
4 $780K$912.5K
+17.0%
5+ $1.0M$1.6M
+69.0%

Summary: Southwest housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.3%, 2 bedroom homes increased by 11%, 3 bedroom homes increased by 9.7%, 4 bedroom homes increased by 17%, and 5+ bedroom homes increased by 69%.

Median Sold Price Compared To Nearby Neighborhoods

Hollywood By The Sea
+21.7%
Southwest
+6.4%
Hueneme Bay
+4.9%

Housing Supply in Southwest, CA

How many homes are available in Southwest, CA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
155180+16.1%

Summary: The Southwest real estate market had 180 homes for sale in May 2024, a 16.1% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 77
0.0%
2 4948
-2.0%
3 5369
+30.2%
4 3845
+18.4%
5+ 811
+37.5%

Summary: The Southwest housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 2%, 3 bedroom homes increased by 30.2%, 4 bedroom homes increased by 18.4%, and 5+ bedroom homes increased by 37.5%.

Number of Homes Sold

Apr 2024May 2024CHANGE
3833-13.2%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

13 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Southwest, you may be able to get a good deal. 48.5% of homes here sold below asking price last month.

Summary: A total of 33 homes were sold or pending in Southwest in May 2024, down by 13.2% month-over-month. Of the 33 sold homes, 48% were sold under asking, 12% were sold at asking, and 39% were sold over asking.

Days on Market for Southwest, CA

How long does it take to sell a home in Southwest, CA?

Average Sale Time

May 2023May 2024CHANGE
29 Days28 Days-3.7%

Summary: Homes in Southwest had an average of 28 days on market in May 2024, down by 3.7% compared to last year.

Breakdown of Home Sale Times

23 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Southwest are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 33 homes were sold in Southwest; 70% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

Newest Listings in Southwest, CA

Nearby Markets to Southwest, CA