October 2024 Market Report
(click on arrows to navigate through flipbook)
Market Statistics and Analysis
The chart below shows the monthly average price of "for sale" and "sold" properties in Los Angeles County since August 2023. Last month, the Average Active & Sold Price slightly decreased, indicating that sellers are pricing their homes more conservatively to adapt to current buyer dynamics. Compared to this time last year, the Average Active Price has dropped by 7.9% due to sellers adjusting their pricing strategies, increased buyer caution, and high interest rates.
Interestingly though, both the Average Sold Price & Median Sold Price increased year-to-year, showcasing the market's overall resilience despite broader economic challenges. Although listing prices are lower overall, the consistent increase in sold prices suggests that high desired homes are still fetching strong offers. This means there are opportunities to negotiate, but a well-presented home in a sought-after neighborhood will still be valued competitively.
Key Takeaways:
• Despite some market hesitancy, there is still strong demand pushing prices up
• Listing prices are lower compared to this time last year, but buyers are still willing to meet higher price points for desirable, well-maintained homes
• Pricing and presenting your home strategically can result in a successful high value sale, especially as we move into a period with fewer new listings but motivated buyers
October 2024 Median Sold Price was Neutral*
Average Median Sold Price in October 2024: $900
| • | Up 1.7% compared to last month |
| • | Up 2.3% compared to last year |
October 2024 Average For Sale Price was Depreciating*
Average For Sale Price (in thousand) in October 2024: $2411
| • | Down 0.2% compared to last month |
| • | Down 7.9% compared to last year |
October 2024 Average Sold Price was Neutral*
Average Sold Price (in thousand) in October 2024: $1254
| • | Down 0.9% compared to last month |
| • | Up 1.7% compared to last year |
*Based on 6 month trend - Appreciating/Depreciating/Neutral
Data for your neighborhood:
