The California real estate market is facing unprecedented challenges due to ongoing wildfires, exacerbating an already struggling market. Homes in California are currently remaining on the market for an average of 46 days, as prices and sales continue to struggle due to high interest rates and a lack of affordable inventory. While some analysts predict a short-term increase in home prices in Los Angeles due to supply shortages, overall sales remain low, with factors like a steep median home price of over $861,000 severely impacting buyer activity.
Homes are staying on the market an average 46 days in California in 2024, the same as in 2023, according to Realtor.com®.
In the short term, home prices in Los Angeles may climb as limited housing supply is met with increased demand, says Realtor.com® senior economic research analyst Hannah Jones.
Sales are still pretty weak, says CAR's senior research analyst Guillermo Flores.
High interest rates and high home prices are a perfect storm of market-depressing factors.
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