The Los Angeles housing market has been one of the hottest markets in the nation for years, and with good reason. Home prices have consistently kept pace with, and in some cases, outpaced the national average. With the current state of the economy, however, it’s important to understand what the market has in store for the near future. In this article, we’ll take a look at the prices, trends, and forecast for the Los Angeles housing market.
When it comes to prices, the Los Angeles housing market has seen a steady increase over the past five years. Prices for existing homes have risen by around 9.2% in the last year alone, and the median home price in Los Angeles is now $719,000. That’s a significant jump from the $600,000 median price in 2015. As for new construction, the median price hovers around $850,000, a nearly 30% increase from five years ago.
Looking at trends, it’s clear that the Los Angeles housing market is hot. The number of homes for sale has been steadily declining, and the number of days a home spends on the market before being sold has dropped dramatically. This is indicative of a seller’s market, since there is a high level of demand and not enough homes to meet it.
As for the future, the Los Angeles housing market is projected to remain strong. Home prices are expected to continue to rise in the near future, but the increase will likely be more gradual than in previous years. This is good news for buyers, as it means prices won’t be rising too quickly. Additionally, there are a number of new developments in the works that should provide more housing options in the coming years.
In conclusion, the Los Angeles housing market is one of the hottest markets in the nation. Prices have been steadily increasing, and the number of homes for sale is low, indicating a seller’s market. In the near future, prices are expected to remain strong but may not increase as quickly as in the past. All in all, the Los Angeles housing market looks to remain a desirable location for both buyers and sellers.