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2024 Los Angeles Real Estate Market Report

Scott Goshorn

Real estate runs deep in my blood.I grew up watching my mother hustle as a real estate agent in my home state of Ohio and her love of the business tra...

Real estate runs deep in my blood.I grew up watching my mother hustle as a real estate agent in my home state of Ohio and her love of the business tra...

Feb 15 7 minutes read

2024 Kicked off so strong the analyst had to upgrade their predictions!

California's real estate market is staging a mighty comeback! In January, existing home sales surged to their highest level in half a year, thanks to a sharp pullback in mortgage rates, according to C.A.R. Easing the housing shortage, inventory is on the rise, and new listings are popping up like wildflowers in spring. When you experience such an abrupt change in the market, going from 2.5% to 8.5% last year, causing a massive slowdown, and now that rates have normalized and lowered, you will have all the buyers and sellers who were on the sidelines last year, plus the normal activity that this year will bring, making it a very busy year in the market!

Scott's PRO TIP:  If you are planning on buying, now is the time.  Why wait until there is competition in 1.5 months when you can negotiate one on one and get a good deal today. You won't start paying your mortgage for about 2 months after you close.  You can negotiate a free refinance with the lender and then bump your rate down.  If you wait until all the competition comes in you will be paying 10% more for the home you could have bought today. So your rate became moot.  Buying now will give you the best of both worlds!

“We are seeing increases in inventory and, importantly, gains in new listings for sale, indicating sellers are more ready to move. Time on the market fell, signaling that buyers are ready to make offers on these new options.” - Danielle Hale, Chief Economist of Realtor.com

Now, let's talk rates. The top chief economist predicts a dip into the 5% range for a 30-year fixed mortgage by mid-year. We kicked off February with rates lounging in the low to mid-6%, but after the CPI data came in higher than expected, they spiked upward like a lofty pitch shot. Don't sweat it too much though; they're expected to land softly on the green.

“While we’ll likely experience some ups and downs in home sales in the coming months as rates continue to fluctuate, the lending environment is expected to be more favorable in 2024, so the market should see more pent-up demand translate into sales.” - said C.A.R. President Melanie Barker

Now, the million-dollar question: will prices take a nosedive in 2024? Not likely. Back in January 2023, 37% of folks were screaming "yes," but fast forward to December, and that number's dropped to a mere 24%. Analysts are also tweaking their Home Pricing Forecasts faster than a pit crew at the Indy 500, with Goldman Sachs, Zillow, Fannie Mae, and Freddie Mac all hopping aboard the optimism train.

Goldman Sachs from 1.9% to 5%

Zillow from 1.1% to 4.1%

Fannie Mae from 2.8% to 3.2%

Freddie Mac from 2.6% to 2.8%

If you’ve been sitting on the sidelines waiting for the perfect time to get in the game, I’d suit up, because the lending environment is making huge shifts in 2024. Meaning that pent-up demand is about to explode into a flurry of sales. That's right, California's housing market is back in the game, baby!

“The increase in new active listings for the first time in 19 months was great news for the California housing market,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine.



And now for the latest data on Los Angeles County real estate trends:

Single family homes  |  Los Angeles County | January 2024

New Listings: 3,611 (Up 4.61% year over year)

Homes Sold: 2,058 (Up 3.73% year over year)

Median List Price: $890,000 (Up  4.71% year over year)

Median Sales Price: $897,250 (Up 5.93% year over year)

Median Days on Market: 24 (Down 27.27% year over year)

Average List Price: $1,328,762 (Up  6.3% year over year)

Average Sales Price: $1,305,210 (Up 7.22% year over year)

Average Days on Market: 37 (Down 17.78% year over year)

List/Sell Price Ratio: 100.1% (Up 1.59% year over year)


Condo homes  | Los Angeles County | January 2024

New Listings: 1478 (Up 15.11% year over year)

Homes Sold: 743 (Up 16.46% year over year)

Median List Price: $660,000 (Up 1.69% year over year)

Median Sales Price: $659,000 (Up 3.59% year over year)

Median Days on Market: 28 (Down 17.65% year over year)

Average List Price:  $853,752 (Down 6.74% year over year)

Average Sales Price: $841,970 (Down 6.36% year over year)

Average Days on Market: 43 (Down 8.51% year over year)

List/Sell Price Ratio: 99.5 (Up .89% year over year)

Single Family Homes I January 2024  I Los Angeles County

Condo-Townhomes  I January 2024 I Los Angeles County

Single Family Homes I Months Supply of Inventory I Properties for sale divided by number of properties sold

Single Family Homes I New Properties I Number of new properties listed for sale during the month 

Single Family Homes I Average Sales/List Price I Average list price compared to average sold price of properties sold each month

Single Family Homes I Properties for Sale I Number of properties currently listed for sale by price range

Single Family Homes I Average Sales Price and Average Days on Market


The statistics presented in the Market Report are compiled based on figures and data generated by IDC Global and Datafloat for the benefit of Rodeo Realty. Due to possible reporting inconsistencies, Days on Market (DOM), average prices and rates of appreciation should be used to analyze trends only. All information should be independently reviewed and verified for accuracy. Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Data maintained by the MLSs may not reflect all real estate activity in the market. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

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