It is looking like the real estate market is heading back to normalcy in 2022. As we approach the Spring homebuying season, buyers may still experience a battle when it comes to finding inventory and bidding wars, however, it should be a little less intense than 2021. The median price for homes in Los Angeles County decreased to $892,000 from $905,000 last month but a general increase year-over-year of 13.6% compared to January of 2021. Los Angeles continues to be one of the hottest real estate markets and this is a great time to buy and lock in record-low mortgage rates or sell for the most money in the shortest amount of time. Some experts like the National Association of Realtors believe that while prices won’t go down they will increase at roughly half the rate. For sellers, one of the main things to look out for is getting maintenance and renovation repairs scheduled in advance, as the supply chain issues have caused a spike in the cost of materials and delays in shipping.
Whether you’re buying or selling this year, the market is still moving fast in almost every city across LA County.
Click here to read the full January 2022 Micro Report for Los Angeles, with statistics from neighborhoods and counties across Southern California.