New Median Home Price Record for Los Angeles County

LA Median Home Price

Los Angeles County continues to see real estate recovering in value. Several months ago, the area recovered all that was lost during the housing crisis. Today, LA County’s median home price is well-above pre-crash values.

New Record

What’s the new median home price in LA County? For June,  the latest data available, it is a whopping $615,000. Compared to last year, values have increased 8%. Not only that, values have never been higher, with LA County reaching an all-time median home price high.

This wasn’t the first record, however. June’s high is the fourth consecutive record in a row.

Seller’s Market

LA County, including the Westside, continues to be a seller’s market. However, the number of homes selling is dropping. This June, 13.5% fewer homes were sold in LA County, though homes sales on the Westside were much stronger.

The reason for fewer sales overall is due to:

  • Steep prices
  • Low inventory
  • Higher interest rates

Other Areas of California

Although LA County median home prices are high, they are not the highest. Orange County shows a median home price of $739,000.

The median home price for all of Southern California is $536,250. Recent reports suggest that all of California has similar prices.

If you are planning to buy or sell on the Westside, give me a call. I understand the market and know how to work with my clients so that they get the best deal possible.

© 2019 The Raskin Group. 2115 Main Street Santa Monica CA 90405 (310) 867-0173

 

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.

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