Home Values in Los Angeles: Your 2024 Guide
Curious to find out how much your home is worth in today’s Los Angeles market? Whether you’re looking to sell in the near future, aiming to ditch PMI, or just interested in current home values in the City of Angels, understanding this information can shape your future plans.
In this article, we’ll explore home price trends in L.A., offer tips on how to get an accurate home value estimate, and suggest simple strategies to increase your home’s value. We’ll also introduce helpful tools to ensure you get the best price when it comes time to sell your Los Angeles home.
Editor’s note: This post is for educational purposes and is not intended to be construed as financial advice. HomeLight always encourages you to consult your own advisor.
Current home values in Los Angeles
Since 2020, the median home value in Los Angeles County has risen 43.6%. At the start of the decade, the typical home sold for $619,300, as compared to $889,180 in June 2024, according to data from the California Association of Realtors.
“In May, annualized house price appreciation slowed for the fifth consecutive month, clearly showing a returning-to-normal trend toward slower price appreciation,” said Mark Fleming, chief economist at First American, in a recent release by Business Wire.
“The normalization of house price appreciation is the result of ‘higher-for-longer’ mortgage rates reducing affordability and slowing demand, but it’s also driven by the increase in the number of homes for sale.”
The table below illustrates just how high home prices have climbed in the Los Angeles region over the last five years:
Year
Median home price
Percent change year-over-year
2024 (June)
$889,180
+6.4
2023
$832,310
-3.3%
2022
$860,230
+8.1%
2021
$796,120
+28.5%
2020
$619,320
+3.3%
Source: California Association of Realtors
This trend isn’t limited to Los Angeles; it’s a nationwide phenomenon. A recent analysis by ResiClub of the Case-Shiller National Home Price Index shows that U.S. home prices have surged 47% since the beginning of 2020.
As a result, homeowners have accumulated significant equity in their properties. This equity can be used to purchase new homes, make renovations, pay off debts, or save for retirement. According to ICE’s Mortgage Monitor report, as of early 2024, the average mortgage-holding homeowner has $299,000 in equity.
In the next section, we’ll show you how to estimate the current value of your Los Angeles home.
