Los Angeles County Real Estate Market Update - December 2024

December 2024 closed out the year with noteworthy activity in the Los Angeles County real estate market. Known for its vast landscape of distinctive neighborhoods and diverse property offerings, Los Angeles continues to capture the interest of buyers and investors looking for exceptional opportunities in Southern California’s competitive market.

New and Active Listings

The month brought 3,013 new listings to the market, adding to the total inventory of 10,355 active listings. While the number of new listings slowed compared to peak months, this is typical for the holiday season when sellers often pause to relist in the new year. However, with over 10,000 active listings, buyers still had access to a broad pool of homes, ranging from hillside estates to townhomes in vibrant urban settings. This healthy supply continues to support a balanced market environment in Los Angeles.

Pending and Closed Sales

Buyer demand remained strong, evidenced by 2,224 pending sales during December. Despite the seasonal slowdown, this figure reflects consistent buyer interest and transactions progressing toward closure. Additionally, Los Angeles recorded 3,805 closed sales during the month, demonstrating the market's capacity to convert opportunities into completed deals, even during a traditionally quieter season.

Closed Transaction Volume

The total closed transaction volume for December reached an impressive $9,565,313,542. This figure underscores the economic vitality of Los Angeles County’s housing market, which remains a top hub for high-value transactions. It also highlights the ongoing appeal of the area for those seeking prime residential or investment real estate opportunities.

Average Days on Market

The average days on market for properties in December stood at 38, a slight increase compared to faster-paced months earlier in the year. This extended timeline reflects reduced urgency during the year-end holiday period, giving buyers a bit more breathing room to evaluate options while providing sellers a window to adjust their strategies toward the start of the next market cycle.

Median Sales Price

The median sales price remained steady at $900,000, providing a solid benchmark for the Los Angeles market. This level suggests that while opportunities for growth in home values persist, the market has reached a point of relative price stability. For buyers, this means predictable pricing in a historically premium market, while sellers can feel confident in the overall resilience of their property values.

Market Insights and Implications

The December 2024 data paints a picture of steady activity and balance in the Los Angeles County real estate market. While the pace of sales slowed slightly due to seasonal trends, the robust closed transaction volume indicates that demand remains resilient. Buyers looking to enter the market in 2025 may find a bounty of options as the new year unfolds, while sellers can be encouraged that demand continues to match the area’s strong inventory.

For buyers, the increase in days on market provides an opportunity to negotiate favorable terms without the frenzy of earlier months. Meanwhile, sellers should focus on strategic pricing and highlighting the value of their homes as they compete with the considerable inventory currently available.

Overall, the Los Angeles County real estate market remains vibrant, closing the year on a high note. Both buyers and sellers should keep a keen eye on these trends as they plan their strategies for 2025, leaning on local expertise to maximize opportunities in this dynamic environment.