The median sale price of a home sold in the first quarter of 2024 in Los Angeles County rose by $134,000, while total sales decreased by 81.1%, according to BlockShopper.com.
From January through March of 2024, 290 homes were sold in the county, with sale prices around $964,000. This is a 16.1% increase over the $830,000 median sale price during the same period in 2023, when there were 1,537 homes sold.
Based on the latest available data from 2022, the median sales tax on homes in Los Angeles County was $5,297, which equates to 0.5% of the median home sale price for the first quarter of 2024.
The U.S. housing market has soared in recent years, with its total value nearing $50 trillion in 2024. This is almost five times greater than the market’s value in 2000.
“The value of America’s housing market will likely cross the $50 trillion threshold in the next 12 months as there are not enough homes being listed to push prices down,” said Redfin Economics Research Lead Chen Zhao.
The following histogram displays changes in median sales prices in Los Angeles County from January 2023 to March 2024.
