Los Angeles home prices are on the verge of hitting a significant milestone.
Unless there is a significant disaster or severe economic issues, the average home price in Los Angeles County is expected to exceed $1,000,000 by 2025.
Recent data from the California Association of Realtors reveals that the median price for a detached single-family home in L.A. County is now $956,210, reflecting a seven percent increase compared to last year.
The current median home price across the state stands at $888,740, reflecting an increase of approximately six percent compared to last year.
This occurs even as mortgage rates remain at elevated levels, causing numerous potential buyers to hold back. Economists from the Realtor’s Association, representing real estate professionals dependent on sales, indicate that prices in California typically trend upward.
“The best time to buy was a long time ago. The second-best time to buy is still today,” insists CAR’s chief economist Jordan Levine.
The rise in home values in California, particularly in Southern California, has been notable over the last ten years. Back in October 2014, the typical home price in L.A. County was $477,600, indicating that home values have roughly doubled since then.
Levine warns that the housing demand is significantly higher than the available supply, advising against waiting for mortgage rates to decrease.
“If you can see rates go down in the future and take advantage of that and refinance, you really haven’t missed out,” he says. “Whereas if you wait three, four years to buy and prices go up a lot, you can never make up that differential.”
Average Housing Costs
| Date | California Statewide | Los Angeles County |
| October 2014 | $450,460 | $477,600 |
| October 2015 | $478,780 | $509,570 |
| October 2016 | $513,520 | $536,760 |
| October 2017 | $546,430 | $580,360 |
| October 2018 | $572,000 | $614,500 |
| October 2019 | $605,280 | $647,900 |
| October 2020 | $711,300 | $745,080 |
| October 2021 | $798,440 | $848,970 |
| October 2022 | $798,140 | $854,560 |
| October 2023 | $839,990 | $893,650 |
| January 2024 | $789,480 | $833,000 |
| February 2024 | $806,490 | $817,100 |
| March 2024 | $854,490 | $805,100 |
| April 2024 | $904,210 | $825,970 |
| May 2024 | $908,040 | $811,610 |
| June 2024 | $900,720 | $889,180 |
| July 2024 | $886,560 | $909,010 |
| August 2024 | $888,740 | $919,890 |
| September 2024 | $868,150 | $960,370 |
| October 2024 | $888,740 | $956,210 |
In Southern California, the median home prices for October were as follows: San Diego County at $1,010,000, Orange County at $1,350,000, Riverside County at $634,000, Ventura County at $940,000, and San Bernardino County at $499,000.