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.
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.
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.