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Los Angeles real estate market overview
- Average Monthly Rent: $2,781
- Home Price/Value Percentage Change: -0.20%
- Median Home Value: $891,820
- Best Time To Sell a Home: June
- Affordability Index: Low
- Days To Sell a House: 66
- Job Market: Fair
- Public School Ranking: 40
Location and weather
Los Angeles is on a coastal plain situated between the mountains and the Pacific Ocean in southern California. Los Angeles county has more than 90 other incorporated cities, including Beverly Hills, Pasadena, and Long Beach. Two of the Channel Islands, Santa Catalina and San Clemente are also in Los Angeles county.
With the Pacific Ocean to the west and the Mountains to the east, the views are spectacular, and the climate is near perfect in temperature. From early July to the end of September the average high temperature is above 81% with the lows in the mid 60's. The cool season from late November through March has an average high temperature below 70 degrees and lows in the high 40's.
Population, job market and cost of living
As the second most populated city and metropolitan area after New York City in the US, Los Angeles has a population of 3,769,485, with a declining rate of -1.04% annually.
The job market in Los Angeles has decreased by -12.21% over last year. The ten-year predicted job growth is 34.64%. Besides Los Angeles' rich movie and entertainment industry, there are other major employers including Continental, CBRE Group, The Action Group, CSC Contemporary Service and AECOM.
The cost of living is high primarily due to the Los Angeles real estate market with pricey housing due to demand and such a desirable location. With its almost perfect climate, tourism and diverse businesses, steady job growth and beautiful location, Los Angeles will continue to attract those that seek the LA lifestyle on the west coast.
Los Angeles real estate market details
- Hollywood Hills West
- Brentwood
- Westwood
- Beverly Crest
- Trousdale Estates
The average monthly rent in Los Angeles is $2,781 for an average apartment size of 788 sq. feet.
There has been a -0.2% decrease in median home value over the last year. As of 2023, the median home value is $891,820.
On average, homes in Los Angeles sell after 66 days on the market.
The best time to sell a home for the highest valued sale is during June. For the quickest sale, homeowners should sell in May.
The affordability index in Los Angeles is 176. This number indicates low affordability in this city.
The top ranked public schools are California Academy of Mathematics and Science, Eunice Sato Academy of Math & Science, Science Academy Stem Magnet, Dr. Richard A. Vladovic Harbor Teacher Preparation Academy and La Mirada High School. This information is based on data measuring academic performance and equity.