The Palisades Fire caused extensive damage, estimated to be the third most destructive wildfire in California. The total value of destroyed homes likely exceeds $51.7 billion. The typical impacted home was valued at $3.7 million and had a significant square footage. Homeowners displaced by the fires are primarily renting while deliberating future housing decisions. In the Palisades area, lots are not selling quickly due to high prices and inadequate infrastructure, including a lack of grocery stores, complicating the real estate market's recovery. Fire risk scores reflect major ongoing concerns for affected homes.
Redfin's analysis noted that the typical impacted home was built in 1957, measured 2,916 square feet, and preceded the fires with a value of $3.7 million.
The total estimated value of homes destroyed in the January fires likely far exceeds $51.7 billion, particularly with the exclusion of the Eaton Fire's impact.
The LA housing market is moving slowly post-fires, as many displaced homeowners are renting during the insurance claim process and uncertainty about future purchases.
Homes in the Palisades have a higher price point compared to lots in Altadena and are selling slower due to lack of rebuilt infrastructure, including grocery stores.
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