Southern California Housing Market Update 

The Southern California Housing Market: What You Need to Know
As we approach the final months of 2024, Southern California’s housing market is showing some interesting trends. Whether you’re thinking of buying or selling, it’s important to keep an eye on these updates. Here’s a look at the latest data across the region, including trends in Los Angeles, San Diego, Riverside, and more.

Los Angeles County: Holding Steady

In Los Angeles County, the market for single-family detached homes has been relatively stable. The median home price currently sits at $1,400,000, a slight month-to-month (MTM) change of 0.7% and a year-over-year (YTY) increase of 6.9%. Home sales have decreased by 7.3% YTY, signaling that while prices remain high, fewer homes are being sold compared to last year.
Unsold inventory has increased by 8.0% MTM, giving buyers a bit more to choose from. On average, homes are selling in 22 days, an increase of 16.0% MTM.

San Diego County: A Competitive Market

San Diego is seeing some significant growth, with a 3.3% increase in median home prices month-over-month. The average price of a single-family detached home is $919,890. Despite a slight drop in home sales, down 3.2% MTM, inventory has grown, with 3.1 months of unsold homes available—giving buyers more options. The time it takes to sell a home has dropped to just 21 days.

Riverside County: A More Affordable Option

For buyers looking for a more affordable market, Riverside County offers a median price of $515,000. Prices have remained flat month-to-month but increased 4.0% YTY. The inventory of unsold homes has grown by 7.5%, and homes are staying on the market for 29 days, up 16% from last month.

San Bernardino County: A Mixed Market

San Bernardino County saw a 6.9% increase YTY in median prices, now at $630,000. Inventory is higher compared to last year, with 3.5 months of unsold homes. However, home sales are down 8.4% MTM, and it now takes an average of 29 days to sell a home here.

Conclusion

Southern California’s real estate market remains competitive, but trends vary by county. Whether you’re looking in LA, San Diego, Riverside, or beyond, understanding these trends will help you make informed decisions in your home search. Stay tuned for more updates!