In November 2024, Los Angeles experienced a slight dip in home prices, with the median price decreasing by 1.9% year-over-year to $1.0 million. This decline reflects broader market trends as affordability challenges and fluctuating demand impact the real estate landscape. Homes in Los Angeles took longer to sell, with an average of 51 days on the market compared to 43 days in November 2023, indicating a cooling period in buyer urgency. However, the total number of homes sold saw a notable increase, with 1,436 transactions this November, up from 1,261 during the same time last year, suggesting that despite pricing and market shifts, buyer interest remains robust. This mix of slower sales velocity and increased transactions paints a complex picture of a market in flux.

Los Angeles maintains a moderately competitive housing market, with homes typically selling within 53 days. While some properties attract multiple offers, the overall market leans toward balance. On average, homes sell for about 1% below their list price, reflecting a slight negotiation margin for buyers. However, "hot homes" — highly desirable properties in sought-after locations or with standout features — can buck the trend, often selling for about 3% above the list price and going pending within an accelerated timeframe of 28 days. This dynamic showcases the diversity within the market, where competitiveness varies significantly depending on the property type, location, and pricing strategy.

As of December 2024, Los Angeles, CA, is considered a balanced real estate market, indicating a relative equilibrium between the supply of homes available for sale and the demand from buyers. In such a market, neither buyers nor sellers have a significant upper hand, often leading to fairer pricing and more stable transaction dynamics. This balance reflects the city's diverse housing stock and the variety of buyer preferences, creating a marketplace where properties are competitively priced and inventory levels meet buyer demand without significant pressure in either direction.