California’s Median Home Value Reaches New Heights

June 30, 2024—In May 2024, the median listing home price in Los Angeles reached $1.3 million, while the median sales price was $908,040. This figure highlights the continuing trend of high property values in one of the nation’s most competitive real estate markets. The median price per square foot was recorded at $718, reflecting the premium buyers are willing to pay for homes in this desirable area.

Los Angeles remains a balanced market, meaning the supply and demand for homes are relatively equal. Homes in the city spent an average of 40 days on the market in May, a slight decrease from the previous month, indicating a steady interest from buyers despite higher prices.

The year-over-year increase in median listing prices in Los Angeles underscores the city’s ongoing appeal and robust demand for housing. This trend is consistent with the broader market dynamics seen across major metropolitan areas in the United States.