Los Angeles’s Luxury Home Prices See A Rise
Luxury home prices in Los Angeles are coming off a blazing quarter, but are still trailing where they were a year ago, according to a report released by Douglas Elliman. The median price of a luxury single-family home in L.A., defined as the top 10% of the market, rose to $13.85 million in the first quarter of the year, a 17.4% increase over the prior quarter. Despite the spike in prices, the median was still down 10.5% compared to the same time in 2023. And buyers are also finding more options on the market, as listings for luxury single-family homes increased year over year for the fifth time in six quarters. Similar trends were also seen in the luxury condo market, with median prices up quarterly by 12.5% percent to $3.1 million, but down 15.9% compared to a year ago. In Beverly Hills, the median sale price of a single-family home rose to just over $7.87 million, up 15.8% from last year and 12.5% last quarter. In the overall market, the average sales prices of homes in Southern California rose throughout three popular regions—the Greater Los Angeles area, Orange County and San Diego County— with San Diego County leading the way. Luxury single-family homes were also on the rise since last quarter in all three regions, with the Greater Los Angeles area making the largest move. In the Greater Los Angeles area, including the westside and downtown, the overall average sales price was just over $3 million, down 18.4% from last year, but up 1% from last quarter. The average sales size slid, which skewed price trends lower. The overall average sales price in San Diego County was $1.14 million, up 10.9% from last year and 4% from last quarter. Prices pushed toward new highs as sales rose for the first time in nearly three years.
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