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Los Angeles Median Home Prices Rapidly Approaching $1 Million

05/1/18  |   Laura Barton

While April home sales equal those in the prior year, strong demand continues for homes priced...

 

While April Home Sales Equal Those in the Prior Year, Strong Demand Continues for Homes Priced Between $2 Million and $3 Million

 
  • NELA and Foothill Communities see jump in higher-priced sales
  • Overall sales surged in Malibu and Beach Communities North and West LA, followed by Eastern Cities, Hollywood Hills and Greater Pasadena
  • Communities South of 210 continue to see weaker sales in 2018 as a result of slower demand from Chinese buyers. Mid-City also seeing weaker sales in 2018 so far 

Median Home Prices Up 14 Percent From Last April, Reaching $939,500 

 
  • Higher-end sales push median prices up considerably in Foothill Communities and Malibu areas 
  • Among more affordable communities, strong price growth in Mid LA/Baldwin Hills, East Valley, and South of 210 

For-sale Inventory 21 Percent Below Last April, With All Price Ranges Lower Than Last Year

 
  • Inventory priced below $1 million down 33 percent and once again up to 50 percent in some traditionally affordable areas, such as Eastside, NELA, and East Valley
  • A few neighborhoods have seen some growth of higher-priced inventories: South of 210, West Valley, Foothill Communities, Eastern Cities, West LA and Hollywood Hills

Rising Interest Rates Have Not Slowed Buyer Competition 

 
  • Homes sell at faster pace than last year, with a median of 31 days
  • Eastside homes sell in less than two weeks
  • 67 percent of NELA homes sell over the asking price
  • 47 percent of total homes in Los Angeles sell over the asking price



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