The Southern California housing market is booming, but it's cooling. Home prices rose nearly 13% in September, the smallest jump since January. Real estate technology companies like Zillow, OpenDoor, and others are offering a quick and hassle-free way to buy or sell a home. But with home prices on the rise, can technology keep up? Tarzana, a neighborhood north of Ventura Boulevard, is a popular destination for celebrities, athletes, and Angelenos looking for more space.
Condos and homes here are relatively affordable, but properties and mansions in the foothills of the Santa Monica Mountains can cost several million dollars. The auction of the Bel-Air mansion known as The One has been suspended after the limited liability company that owns it filed for bankruptcy protection. Kagel Canyon is a rugged rural area that was once a mining town in the late 19th century. The architecture here still conveys that same ambiance, and most of the houses look like cabins in Big Bear.
Clean energy activists and utility giants are currently fighting over the future of rooftop solar energy. On average, homes in Los Angeles County sell after 38 days on the market, compared to 27 days last year. This makes Los Angeles County a seller's market, meaning that prices tend to be higher and homes sell faster. The trend of the median number of days in the market in Los Angeles County has been stable since last month and slightly upward compared to last year.
Los Angeles County is home to dozens of grocery stores and hundreds of cafes and restaurants. You can also find listings for open days, reduced prices, foreclosures, new housing communities, and new home construction. As of October 2020, there are 19,597 homes for sale in Los Angeles County. Of these, 1,980 were put up for sale in the last week.
So what is the median home price in Los Angeles County? According to Zillow's Home Value Index (ZHVI), the median home value in Los Angeles County is $717,400 as of October 2020. This is an increase of 8.2% from last year.