The numbers are in, and the property market in August demonstrated a downturn in the L.A. urban housing market, even as luxury real estate prices continue to rise.
2022: # of listings 42; Avg Days on Market 60; Median Price $575,000; Avg Price $820,119; Total Volume $34 million
2021: # of listings 56; Avg Days on Market 54; Median Price $585,000; Avg Price $719,541; Total Volume $40 million
This year shows the market has fewer sellers wanting to sell; homes taking longer to sell; most homes selling for less money, while the best, most expensive homes went up in price; and less money being transacted for homes in 2022, according to MLS statistics for DTLA and surround loft neighborhoods. Stagflation continues. The market is faltering for the middle class, but the rich are spending more than ever.
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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, CalDRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.