2024 Housing Market: What You Need to Know

by Herb Rim

2024 Los Angeles and San Fernando Valley Housing Market: What You Need to Know

Looking to buy or sell in the LA or San Fernando Valley housing market in 2024? You've come to the right place! Here's a fresh recap of the most common predictions and what to expect:

Demand: Still hot! Job growth, population influx, and low inventory will keep buyers interested. Outmigration might cool things slightly, but not significantly.

Supply: Slowly rising, but not enough to catch up. Expect modest increases in new construction and conversions, but overall inventory will remain tight, favoring sellers.

Interest Rates: Brace yourself for moderate hikes throughout the year. Affordability will be impacted, but demand shouldn't significantly decrease.

Prices: Steady growth on the horizon, with predictions ranging from 5-12%. Double-digit increases are unlikely, but prices are not expected to drop either.

Affordability: A major challenge. Rising prices and interest rates will squeeze buyers, potentially intensifying competition for available homes. Be prepared!

Units Sold: Opinions differ here. Some predict a sales rebound (up to 20%), while others see a more moderate increase. Stay tuned for market updates.

San Fernando Valley: Expect slightly slower price appreciation compared to closer-in LA areas due to affordability concerns. Single-family home demand remains strong, especially in desirable neighborhoods. Don't forget, the rental market there is also competitive, with potential rent increases of 3-5%.

Remember: These are just predictions, and the actual market can be unpredictable. Local factors like specific neighborhoods and property types can significantly impact trends. To get the most accurate insights for your situation, feel free to contact us.

Updated 2/3/24