Los Angeles Housing Prices Up by 10% compared to Last Year: Report Shows

Los Angeles, CA: The housing prices in Los Angeles has increased by nearly 10% as ompared to the previous year as per a report.

The price hike is not limited to just Los Angeles, but the effects are evident in San Jose, San Diego and other cities across Southern California.

According to Zillow, the price of a residence increased by 9.3% in March 2024 compared to the same month the previous year.

Approximately $959,400 is the mean cost of a single-family detached residence in the Greater Los Angeles region.

According to a report compiled by the real estate website, four of the five metropolitan areas in the United States with the greatest month-to-month price increases are located in California.

March of this year witnessed a 2% increase in the mean cost of a residential property. San Francisco, San Jose, Seattle, and Los Angeles comprise the top four American cities.

An ongoing scarcity of supplies remains the primary catalyst for elevated prices. New listings are up only 2% since 2023, and in 49% of all home sales in Los Angeles, buyers have paid more than the asking price, according to Zillow.

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As a consequence, a significant number of the listings were soon acquisitions. The average number of days that residences remain on the market is thirteen, which is six less than March 2023.

At the national level, the three metropolitan areas where housing prices have declined the most in comparison to the previous year are as follows: New Orleans, where prices have decreased by 7.6%; two areas in Texas, Austin, and San Antonio, where prices have decreased by 4.1% and 1.9%, respectively.

In the Los Angeles metropolitan area, the rental market is marginally stronger than it was at this time last year. The mean monthly rental expense in Los Angeles has risen by 2.5% to $2,925 as of March 2023.

Zillow informs that renters in the Los Angeles metropolitan area incur monthly expenses slightly below $1,000, compared to the national average of $1,983.

Reference: KTLA and Zillow