The 2024 Los Angeles real estate market reflects the fact that the brakes have finally been applied to rising prices. Higher interest rates,  tax policies like Measure ULA have created challenges for some neighborhoods, particularly in the high-end market. The fact that people really can’t afford to trade in their 2 % interest rates for ones that are close to 7% has created a stagnant market that is, in reality, down in quantity by 30%. Add to that the fact that many “entertainment industry’ people aren’t working in what was an industry town. The only people really moving in LA are the ones who absolutely have to.

For buyers, increased inventory in certain areas may provide more options. Sellers are only just starting to be realistic about the shifts in pricing and demand, especially in neighborhoods experiencing price declines. Investors should look for opportunities in improving markets like Beverly Hills and Hollywood Hills West, if they can find them. Many deals are now happening off market and at high prices in places like the flats.

If you are wondering when is a good time to buy, I would say now. There are tons of ‘opportunities’ which is listing realtor language for fixers and many sellers have been patiently waiting to find that perfect buyer with no luck. But what it really means for buyers is if the home has been on the market for a while, submit a much lower offer than you might normally do because no seller wants to be on the market throughout the holidays and a sometimes slow beginning months of the year. If you are one of those people give me a call.