Published June 4, 2024

Los Angeles May 2024 Market Update

Written by Ana Mendoza

Los Angeles May 2024 Market Update header image.

Hey there. Ana Mendoza here. I hope that you're having amazing June. We're super excited because we are officially in summer, and we are definitely feeling it with this market, with more homes coming on the market, which gives a lot of opportunity for those of you that are looking to purchase, because there's way more opportunity and way more options. That is something to keep in the back of your head if you are a first-time home buyer and are interested and just wanting to know what the process from A to Z looks like. What do I need to do to get myself set up? Right now is the time to just consider, take a look at it, set a plan in place. We are so happy to help you with that.

But I'm here, officially, to give you your year-over-year market update to kind of give you guys insight on what happened this May now that it came and went. The year-over-year market update are for homes that have sold from May 2023 through May 2024. Okay? Homes in the city of Los Angeles under a million dollars.

We had 44 more listings come on the market this year compared to last year. And with more equity in homes this year compared to last year. So, if you are hesitant or you just want to know what your home is worth, now is the time to ask. Now is the time to cash out. Now is the time to potentially use that money to your advantage and purchase an investment property or do something with it to just continue to build wealth through real estate. 41,000 more in equity compared to last year. And the average days on market or within the timeframe of it being in escrow is under 40 days.

So, a lot of things are happening in our industry. I will definitely keep you in the loop with that as things progress. No big changes at the moment. We are very excited that there's a lot of progress going on with our Studio City office. Hope that you're looking at my stories and just seeing the progress. Today, walls were going up and it's actually really neat to look at that progress. I'm excited for you guys to come visit me at our new location here on Ventura.

Yeah. That's your update for June. Happy June. Happy summer. Enjoy this June gloom. Hopefully, this week is a little bit less gloomy here in L.A. But wherever you are, have a fantastic day.