We’re still seeing very few homes for sale on the eastside, keeping buyer demand strong and price growth high despite rising interest rates. The amount of homes currently on the market in the eastside Los Angeles area is down 44% from May 2019, bringing NELA home values up 51% since the same period.
The average price for a home in LA’s eastside zips combined is currently $1,443,259. Homes are spending a little less than 2 weeks on the market before accepting an offer, having received multiple offers and closing a median of 19% over the asking price.
Everyone is wondering if the market will cool with these significantly higher interest rates but we’ve yet to see a decrease in the number of available buyers for each home, keeping competition fierce.