Los Angeles Housing Market Statistics
Questions About Selling a House in Los Angeles
What’s the housing market like in Los Angeles?
The housing market in Los Angeles isn’t the most competitive in the United States, but demand is brisk. More importantly, people take their real estate seriously in Los Angeles. Even when you’re dealing with a private seller, you can expect everything to be on point, from the staging of their house to the marketing of their home. The average house sold gets five offers, and the average price sold is just shy of a million dollars. This is undoubtedly an expensive city, even by the elevated standards of California. That means that if you’re not looking to sell your home as-is, you’re really going to need to exert due diligence in terms of presenting your home. The challenge right now is the limitations put in place by Covid-19. Los Angeles is currently in a position where sellers can’t even show properties to prospective buyers in person. Success in Los Angeles’ housing market—at least for now—is going to require a savvy understanding of how to navigate digital real estate spaces. Fortunately, the market seems stable even during this time of crisis. The past few years have seen steady growth in home prices, and that upward tic has continued through 2020—even with issues like Coronavirus to deal with. That’s not to say that the rental market is performing the same. But as rental prices plummet in overvalued cities like Los Angeles and New York, the LA housing market is seeing consistent and steady growth.
How old are the houses in Los Angeles?
The oldest homes in Los Angeles date back to the 1890s. The newest are still under construction. Most fall somewhere between these two extremes. Los Angeles’ neighborhoods tend to maintain their sense of continuity, so if you like a particular era of architecture, there’s a very good chance you’ll find some real estate matching your needs in or around LA.
How long does it take to sell a house in Los Angeles?
The average time it takes to sell a home in Los Angeles is 42 days—well above the national average of 30 days. But that number doesn’t necessarily tell the whole story. When you take into account issues like renovations and repairs, it can take a homeowner a long time to finally sell their property.
What is the best time to sell a house in Los Angeles?
June is the peak month for selling a home in Los Angeles, but any period in the summer will be a decent time for selling a home. The market for some of the winter is a little more muted but still positive. You should absolutely try to avoid closing in September or the period from the beginning of the year through roughly Easter.
What taxes do I pay when selling a house in Los Angeles?
You’re required to pay federal, state, and municipal taxes when selling a house in Los Angeles, though the majority of these are federal or state-level taxes. While your tax liabilities may vary somewhat, you can expect to pay about 27% on the value of your home when making a sale.
What’s the fastest way to sell a house in Los Angeles?
The Los Angeles real estate industry takes itself really seriously. That makes services that buy houses “as is” a particularly strong choice for making a sale in Los Angeles. Rather than having to juggle multiple offers and figure out the right way to position your home, a service like Sundae lets you forget the hassle and keep the money.