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Barring a major disaster or major economic disruption, the median home price in Los Angeles County will likely exceed $1 million in 2025.
The median price of a single-family home in Los Angeles County is $956,210, up 7% from a year ago, according to data released this week by the California Association of Realtors.
The median home price across the state is $888,740, up about 6% from a year ago.
This comes even as mortgage rates continue to hover near generational highs, leaving many prospective buyers on the sidelines. But economists at the Association of Realtors, which represents sales-dependent real estate professionals, say prices in California generally only rise in one direction.
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“The best time to buy was a long time ago. The second best time to buy is still today,” argues Jordan Levin, chief economist at CAR.
In fact, the rise in home values in California, especially Southern California, has been significant over the past decade. As of October 2014, the average home price in Los Angeles County was $477,600. This means that the value of your home has essentially doubled.
Levine warns those waiting for mortgage rates to drop, as demand for housing far exceeds supply.
“If you see interest rates going down in the future and can take advantage of that to refinance, you’re really not missing out,” he says. “On the other hand, if you wait three or four years to buy and the price increases significantly, that difference will never be made up.”
median house price
DateEntire CaliforniaLos Angeles CountyOctober 2014$450,460$477,600October 2015$478,780$509,570October 2016$513,520$536,760October 2017$546,430$580,36010 Month2018$572,000$614,500October 2019$605,280$647,900October 2020$711,300$745,080October 2021$798,440$848,970202 October 2023 $839,990 $893,650 January 2024 $789,480 $833,000 February 2024 $806,490 $817,100 2024 3 Month$854,490$805,100April 2024$904,210$825,970May 2024$908,040$811,610June 2024$900,720$889,180July 2024$88 6,560$909,010August 2024$888,740$919,890September 2024$868,150$960,370October 2024$888,740$956,210California Association of Realtors (October 2024 data)
Elsewhere in Southern California, the median home price in October was $1.01 million in San Diego County, $1.35 million in Orange County, $634,000 in Riverside County, $940,000 in Ventura County, and $940,000 in San Bernardino County. was $499,000.
Tap here for all current and historical housing data.
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