Is South LA, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, South LA has remained a Seller's Market.
Key Takeaway
South LA is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in South LA, CA
How much do homes in South LA, CA cost?
Median Sold Price
$684,671
$535/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in South LA have sold for 2.4% more than they did a year ago.
Summary: The median home sold price in South LA was $684,671 in May 2024, up 2.4% from last year, and the median price per square foot was $535.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $417.5K | $425K | +1.8% |
| 2 Bedrooms | $570.6K | $583.8K | +2.3% |
| 3 Bedrooms | $679.3K | $700K | +3.0% |
| 4 Bedrooms | $750K | $739.9K | -1.3% |
| 5+ Bedrooms | $889K | $990K | +11.4% |
Summary: South LA housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.8%, 2 bedroom homes increased by 2.3%, 3 bedroom homes increased by 3%, 4 bedroom homes decreased by 1.3%, and 5+ bedroom homes increased by 11.4%.
Median Sold Price Compared To Nearby Neighborhoods
| South LA | $668.6K | $684.6K | +2.4% |
| Harvard Park | $645K | $604.5K | -6.3% |
Housing Supply in South LA, CA
How many homes are available in South LA, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 950 | 1,035 | +8.9% |
Summary: The South LA real estate market had 1,035 homes for sale in May 2024, a 8.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 20 | 22 | +10.0% |
| 2 Bedrooms | 173 | 187 | +8.1% |
| 3 Bedrooms | 368 | 397 | +7.9% |
| 4 Bedrooms | 189 | 192 | +1.6% |
| 5+ Bedrooms | 200 | 237 | +18.5% |
Summary: The South LA housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 10%, 2 bedroom homes increased by 8.1%, 3 bedroom homes increased by 7.9%, 4 bedroom homes increased by 1.6%, and 5+ bedroom homes increased by 18.5%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 175 | 192 | +9.7% |
Asking Price vs. Sold Price
50 Homes Were Sold
Under Asking
34 Homes Were Sold
At Asking
108 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in South LA, you could pay more than the asking price. 56.3% of homes here sold above asking price last month.
Summary: A total of 192 homes were sold or pending in South LA in May 2024, up by 9.7% month-over-month. Of the 192 sold homes, 26% were sold under asking, 18% were sold at asking, and 56% were sold over asking.
Days on Market for South LA, CA
How long does it take to sell a home in South LA, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 40 Days | 39 Days | -2.7% |
Summary: Homes in South LA had an average of 39 days on market in May 2024, down by 2.7% compared to last year.
Breakdown of Home Sale Times
126 Homes Were Sold
Under 30 Days
46 Homes Were Sold
In 30 - 90 Days
20 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in South LA are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 192 homes were sold in South LA; 66% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.