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

FAQs

Are home prices dropping in Los Angeles? ›

But in Hollywood and a handful of other central Los Angeles neighborhoods, the opposite is happening. Home prices in Hollywood fell 3% in May compared with a year earlier and have now dropped on an annual basis every month since December 2022, according to data from Zillow.

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. Analysis of sales activity reveals a -17.1% month-to-month decline in the number of homes sold.

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.

Is Los Angeles, CA a buyer's or seller's market? Since last year, Los Angeles has remained a Seller's Market. Los Angeles is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

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.

Agents practicing in areas like Los Angeles and Beverly Hills are more likely to earn higher sales. As a real estate agent in California, the dream of a lavish life is within reach.

What percent commission do most real estate agents charge? The typical commission under the current model has been somewhere between 5 and 6 percent of a home's purchase price, which is then split evenly between the agent representing the buyer and the agent representing the seller.

Many prospective homebuyers chose to wait things out in 2023, in the hopes that 2024 would bring a more advantageous market. But so far, with mortgage interest rates still relatively high and housing inventory stubbornly low, it looks like 2024 will remain a challenging time to buy a house.

What is the average price of a condo in Los Angeles? ›

The median condo price in Los Angeles grew slightly by 0.8% year-to-year to $564,250. At the end of 2021, the median condo price in Los Angeles was $568,000.

The cost of housing is high for many reasons, including the cost of labor and materials and myriad environmental regulations and mandates, many of them important. But chief among the reasons are supply restrictions. As with any other commodity, if you restrict the supply of housing, you can charge more for it.

On average, it takes 30 to 90 days to sell a home. However, timelines vary depending on your local market dynamics, home type and more. Home buyers can ask their real estate agent for insights on how quickly homes are moving or refer to websites for region-specific information.

In California, capital gains from the sale of a house are taxed by both the state and federal governments. The state tax rate varies from 1% to 13.3% based on your tax bracket. The federal tax rate depends on whether the gains are short-term (taxed as ordinary income) or long-term (based on the tax bracket).

Overall, Zillow expects home prices in January 2025 to be 4.5% higher than January 2024 in the Inland Empire counties of Riverside and San Bernardino. Across Los Angeles and Orange counties, prices are predicted to climb 2.6%.

The Los Angeles housing crisis has reached epic proportions and continues to deteriorate. The city, according to a study by the federal housing agency Freddie Mac, is short 400,000 homes with an estimate of over 75,000 homeless in L.A. County and over 46,000 in LA, a rise of 10% last year.

Housing costs in California have long been higher than the national average. In recent years, these costs have grown substantially—in some cases, growing at historically rapid rates.

Renters say it's not enough. LOS ANGELES (KABC) -- The average rent has dropped in Los Angeles County and increased in Orange County compared to this time last year, according a new report.