thegoodlife

A boutique real estate brokerage servicing LA’s Eastside & beyond

Los Angeles Market Update

We’ve seen a record low number of new listings hitting the market thus far in 2022, causing buyer demand to spike beyond 2021 levels despite rising interest rates. The amount of homes currently on the market in the Eastside Los Angeles area is down 63% from spring 2019, bringing NELA home values up 51% since the same period.

The median price for a home in LA’s eastside zips combined is currently $1,326,666. Eastside homes are spending between 10-15 days on the market before accepting an offer, having received multiple offers and closing a median of 20% over the asking price.

It’s been a wild ride for buyers and sellers this past year but we’re giving the spirit award to buyers for hanging in there through the intense bidding wars. Everyone keeps asking if we think the market will cool with these new much higher interest rates but we’ve yet to see a decrease in the number of available buyers for each home, only time will tell.

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Your Own Private English Garden

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