Los Angeles’s Luxury Home Prices Surged to Start the Year
Despite a quarterly increase, the $13.85 million median price for a single-family home was down 10.5% compared to a year ago
The report of the Quarter .1 reveals that luxury home prices in Los Angeles experienced a scorching quarter, yet they're still lagging behind last year's figures. In the first quarter of this year, the median price of a luxury single-family home in L.A., representing the top 10% of the market, surged to $13.85 million, marking a substantial 17.4% uptick from the previous quarter.
However, despite this impressive surge, the median price remains 10.5% lower compared to the same period in 2023. This nuanced trend underscores the dynamic nature of the luxury housing market in Los Angeles, where prices continue to fluctuate amidst changing economic conditions and buyer preferences.
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