Los Angeles Real Estate Peaks in September 2023: Annual Report Highlights Citywide Property Value Fluctuations

Los Angeles, California, the famed city of sunshine and stars, also hosts a vibrant real estate market. The city and nearby areas have seen a robust fluctuation in property trends, especially during 2023, characterized by increases and decreases in the average property values and sold prices per square foot.

Taking a glance at broad strokes, citywide property values saw some ups and downs throughout the year, peaking in September at approximately $1,200,000.

Even the prices per square foot echoed a similar pattern, with the apex again in September at about $706. Additionally, the real estate market reached a pinnacle of activity in the same month, evidenced by a high of 1,915 properties listed.

Trends in the Heart of Los Angeles

Los Angeles’s city proper, despite occasional dips, flaunted a largely upward trend throughout 2023, with property values ranging from around $1,054,000 in February to approximately $1,200,000 in September. Simultaneously, sold prices per square foot also showcased a similar trend-shift between about $668 in March to $706 in September.

Specifically, the real estate pulse was beating the hardest in September, featuring the highest average sold price per square foot, the highest average property value, and the highest number of properties listed at about $706, $1,200,000, and 1,915 properties, respectively. A comparatively quieter moment in the market came in February, characterized by the lowest average property value at around $1,054,000 and the fewest listed properties at approximately 1,542.

Real Estate Pulse in Nearby Cities

Turning to nearby cities, distinct patterns were observed in the property trends. For instance, in Huntington Park, the average sold price per square foot bounced from a peak of around $487 in September to about $479 by December. Meanwhile, Maywood noticed a crest in the average property value and the lowest average sold price per square foot in September and December respectively, at nearly $920,000 and $530.

Bell Gardens clocked its highest average sold price per square foot at around $512 by December. Contrarily, Monterey Park observed a pinnacle in average property value and sold prices per square foot in September and July respectively, at approximately $899,000 and $597. Over time, Inglewood’s median property values and prices per square foot rose steadily, peaking in December at roughly $756,000 and $527.

Noteworthy Observations

On the whole, an upward trend in property values and sold prices per square foot over time has been observed across the dataset, notwithstanding periods of slight decline. Unsurprisingly, Los Angeles itself consistently showcased higher values and prices when pitted against adjacent cities, signifying the premium associated with properties located within the city’s boundaries. Moreover, the robust property transaction figures in Los Angeles underscored the city’s active real estate market.

As these trends give a tangible shape to Los Angeles’s real estate dynamics, they also highlight that property values, prices per square foot, and the number of properties listed are contingent upon multiple factors including – but not confined to – economic scenarios, housing demand, and local evolution.