The median home sale price in Los Angeles County in October 2022 was $890,000, which represents a 2% decline from the previous month but is almost exactly the same median sale price as one year ago. Sadly, the number of properties that have sold has declined almost 40% from last year, and inventory remains low as the number of homes for sale continues to decline.
Despite the low inventory, the average days on market has ticked up slightly from last month (to 37 days on market), another sign that with market uncertainty and rising interest rates, the market is cooling. Buyers are waiting to see if prices will come down, while sellers are waiting to see if buyers will act now to take advantage of the fact that interest rates are only going to increase further.
As is often the case, not all areas in Los Angeles are experiencing declining prices. Hancock Park, Malibu, Pacific Palisades and Mar Vista all saw higher prices in October compared to the previous month and the previous year. Beverly Hills and BHPO both saw higher prices in October compared to September but lower prices when compared to October 2021. Surprisingly, perennial hotspots like Brentwood and Santa Monica, which have typically seen prices continue to increase even in this shifting market, had lower median prices this October than in the previous month and the previous year; however, this could be partially affected by the drastically reduced number of sales in these areas.
Click here to read the full October 2022 Micro Market Report to see how prices in your neighborhood are changing.
