According to Zillow’s Housing Market report, Los Angeles County home sales prices averaged over $960,000 in August 2023. This is down slightly from the average price of over $970,000 in August 2022. Los Angeles area homes average over $600 per square foot in price.
But what does this mean for you, whether you’re interested in selling your home, buying a home, or both?
In a seller’s market, housing prices tend to be higher and homes will sell faster.
In a “buyer’s market,” home prices are typically a little lower, and homes stay on the market longer.
As of August/September 2023, Los Angeles is officially a “seller’s market,” and that’s been true for a long time.
Looking To Buy A Home In A Seller’s Market
When home prices were rising fast in Los Angeles during 2020 and 2021, some homes were selling for well above list price, and also selling for cash offers, shutting out people with mortgage financing. That’s no longer the case.
However, when you’re looking to buy a home for the best value, especially with higher mortgage interest rates, it’s important to choose the right home and the right neighborhood. If you’re a buyer in a seller’s market, as LA is right now, working with knowledgable professionals can help to steer you in the right direction.
Looking to Sell A Home In A Slowing Seller’s Market
LA’s real estate market could slow down as prices remain high along with interest rates. Even though home values and sales prices in Los Angeles are among the highest in the nation, it’s still important to work with experienced real estate pros who can help you to maximize the equity and value in your property.
Some real estate experts say that one way to keep your home value high is to “win the beauty contest.” Homes with curb appeal that show well will always command a better price than those which need work or which have poorly-maintained yards. The knowledgable and caring staff at California Platinum Realty/California Platinum Loans can help you prepare your home for sale, list it, and sell it for the maximum value that you can obtain.
Kelly, Helena. “How To Sell a Home In A Declining Market: Realtors Share Best Tips,” Daily Mail,
Rocket Homes. “Los Angeles Housing Market Report: August 2023,” url: https://www.rockethomes.com/real-estate-trends/ca/los-angeles
Santarelli, Marco. “Los Angeles Housing Market: Prices, Trends, Forecast 2023,” Norada Real Estate Investments, 29 August 2023, url: https://www.noradarealestate.com/blog/los-angeles-real-estate-market/