What's Happening in the Los Angeles Housing Market?

By Tammy Jerome

Tammy Jerome is an award-winning broker and host of “Selling Los Angeles” on the acclaimed American Dream TV show, with over two decades of experience and more than 1,500 successful transactions.

Have you caught yourself wondering if home prices are finally dropping, or if we’re still stuck in a seller’s market? With so much chatter about the market “shifting,” it can be tough to get a clear read. Let’s take a look at what the numbers and local market situation are showing right now.

Zillow vs. Redfin market data. Zillow reports a slight dip, just over 0.3% down year over year. But Redfin’s numbers say something different: median sale prices are actually up around 5% from last year.

Days on market and sale-to-list price. Homes are now sitting on the market for about 60 days, compared to only 23 days at this time last year. Nearly 59% of homes are selling below the asking price. But there’s another side to it: about 35% are still selling above asking, especially if the home is updated and shows well. This is good news for home sellers

All of these point to a big shift: we’re in a balanced market now. Gone are the days of runaway bidding wars and lightning-fast sales we saw in 2021 and 2022. But it’s definitely not a crash.

What does this mean for you? If you’re a buyer, you’ve got more room to negotiate. Now you can afford to breathe a little, but don’t wait too long. Desirable homes still move quickly, and many are going for near or above asking price.

If you’re a seller, pricing right is everything. Homes that are staged well and priced smartly are still getting strong offers, sometimes in the first few days and sometimes with multiple offers. But if you are overpriced or overlook the presentation, expect to wait it out or drop your price.

Prices aren’t falling off a cliff; they’re stabilizing. And in a stabilizing market, your strategy matters whether you’re buying, selling, or investing. Don’t guess, get the facts, and work with someone who knows the market inside and out.

If you’re curious what your home is really worth, interested in off-market opportunities or just want a real plan for your next move, give me a call or send a message at (818) 903-5854 or tammyjerome@gmail.com. Let’s talk through your options and come up with a plan that actually works in today’s market.