Market Trends and Insights: May 2024 South Bay Real Estate

Market Trends and Insights: May 2024 South Bay Real Estate

  • 05/31/24

May 2024 Market Report

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Market Statistics and Analysis

The chart below shows the monthly average price of "for sale" and "sold" properties in Los Angeles County since February 2023. As you can see, the “for sale” price was neutral, and the average “sold” price is increasing. Since April of last year, Los Angeles County has remained a Seller's Market.
Most analysts see mortgage rates hovering at elevated levels of between 6.5% and low-7% through the rest of the year. With inflation picking up again, the Fed is holding off on rate cuts, which can reignite an escalation in prices. Take a moment to click on the name of your city under the chart below to look at the specific statistics in your area.
Key Takeaways:
  • Homes are selling at a higher price
  • Mortgage rates are staying high


April 2024 Median Sold Price was Appreciating*

Average Median Sold Price in April 2024: $900

Up 2.9% compared to last month
Up 8.4% compared to last year

April 2024 Average For Sale Price was Neutral*

Average For Sale Price (in thousand) in April 2024: $2753

Down 3.4% compared to last month
Down 5.6% compared to last year

April 2024 Average Sold Price was Appreciating*

Average Sold Price (in thousand) in April 2024: $1257

Up 0.7% compared to last month
Up 10.3% compared to last year

*Based on 6 month trend - Appreciating/Depreciating/Neutral

Work With Rachel

Rachel has a strong business ethic and unparalleled dedication to her clients. She is committed to providing extraordinary customer service! Rachel is a premier choice and client favorite for local home buyers and sellers. Rachel believes when choosing an agent to sell your property it is imperative that you select someone who is experienced in selling and buying properties in the area.

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