Home Values in Los Angeles: Your 2024 Guide

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Curious to find out how much your home is worth in today’s Los Angeles market? Whether you’re looking to sell in the near future, aiming to ditch PMI, or just interested in current home values in the City of Angels, understanding this information can shape your future plans.

In this article, we’ll explore home price trends in L.A., offer tips on how to get an accurate home value estimate, and suggest simple strategies to increase your home’s value. We’ll also introduce helpful tools to ensure you get the best price when it comes time to sell your Los Angeles home.

Already Own a Home? What's It Worth Now?

Home values have rapidly increased in recent years. How much is your current home worth now? Get a ballpark estimate from HomeLight’s free Home Value Estimator.

Editor’s note: This post is for educational purposes and is not intended to be construed as financial advice. HomeLight always encourages you to consult your own advisor.

Current home values in Los Angeles

Since 2020, the median home value in Los Angeles County has risen 43.6%. At the start of the decade, the typical home sold for $619,300, as compared to $889,180 in June 2024, according to data from the California Association of Realtors.

“In May, annualized house price appreciation slowed for the fifth consecutive month, clearly showing a returning-to-normal trend toward slower price appreciation,” said Mark Fleming, chief economist at First American, in a recent release by Business Wire.

“The normalization of house price appreciation is the result of ‘higher-for-longer’ mortgage rates reducing affordability and slowing demand, but it’s also driven by the increase in the number of homes for sale.”

The table below illustrates just how high home prices have climbed in the Los Angeles region over the last five years:

Year	Median home price	Percent change year-over-year
2024 (June)	$889,180	+6.4
2023	$832,310	-3.3%
2022	$860,230	+8.1%
2021	$796,120	+28.5%
2020	$619,320	+3.3%

Source: California Association of Realtors

This trend isn’t limited to Los Angeles; it’s a nationwide phenomenon. A recent analysis by ResiClub of the Case-Shiller National Home Price Index shows that U.S. home prices have surged 47% since the beginning of 2020.

As a result, homeowners have accumulated significant equity in their properties. This equity can be used to purchase new homes, make renovations, pay off debts, or save for retirement. According to ICE’s Mortgage Monitor report, as of early 2024, the average mortgage-holding homeowner has $299,000 in equity.

In the next section, we’ll show you how to estimate the current value of your Los Angeles home.

How to get a home value estimate

Whether you need help determining how much to list your house for or want to assess your net proceeds, we list multiple tools available to help you calculate your Los Angeles home’s value and provide you with a range of estimates below.

Use an online home value estimator

One of the easiest ways to get an initial estimate for your home’s value is to use an online home value estimator, like this one from HomeLight. These tools analyze data from various sources, including county auditor records, tax assessor records, MLS listings, and user-submitted information. HomeLight’s free estimator goes the extra mile by incorporating these data points to ask seven simple questions about your home and further refine its estimate. This approach provides a preliminary value estimate in less than two minutes, offering a solid starting point for your home-selling journey.

Request a comparative market analysis

While online estimators are useful, requesting a comparative market analysis (CMA) from a local real estate agent can provide a more accurate picture of your home’s value. A CMA compares your property to recently sold similar homes in your area in more detail than an online estimator, considering factors like the number of bedrooms and bathrooms, square footage, location, amenities, and recent upgrades.

To get a CMA, contact a local real estate agent. They will inspect your home, evaluate its features, and compile a detailed report. The CMA typically includes charts, graphs, photos, and other data to give you a comprehensive view of your home’s worth. Many agents will provide a CMA for free as part of their service if you plan to list your home with them.

If you’re looking to sell your home, HomeLight can connect you to top real estate agents in Los Angeles through its agent-matching service. By analyzing millions of transactions, HomeLight matches you with several agents who have a proven track record of success in your area. Using a top agent can significantly boost your home’s value. In fact, HomeLight data has found that the top 5% of agents can sell homes for up to 10% more by providing expert advice and negotiating the best possible price.

Get a pre-listing appraisal

In some cases, sellers might want to obtain a pre-listing appraisal for a more accurate home valuation — for example, if you live in a rural area with few nearby comps (comparable homes), or if your home has unique features or is on a lot of land. A pre-listing appraisal involves a licensed professional coming to inspect your home and evaluate various factors to determine its market value.

The cost of a professional appraisal in Los Angeles typically ranges from $450 to $550, depending on the size and complexity of your property. The home’s condition, location, and unique features can each influence the price. A pre-listing appraisal can provide a more accurate valuation than a CMA, helping you set a realistic list price and avoid surprises during the sale process. It also adds credibility to your listing, giving potential buyers confidence in your asking price.

How to increase the value of your Los Angeles home

If you’re thinking about selling your Los Angeles home soon and want to maximize its value, there are a few specific upgrades that can make a significant difference.

Curb appeal: According to the National Association of Realtors, 92% of realtors in a recent study recommend improving curb appeal before listing your home. Simple projects like power washing, mowing the lawn, adding fresh mulch, repainting the front door, and installing outdoor lighting can make your home stand out to potential buyers.

Strategic updates: Focus on value-adding home improvements such as refinishing or replacing floors, painting walls in neutral colors, and updating fixtures like lighting, hardware, and faucets in key areas like kitchens and bathrooms. According to Zonda’s 2023 Cost vs. Value Report, replacing garage doors can recoup 103% of the costs, making it one of the best investments when focusing on marketing your home.

Necessary fixes: Be sure to address necessary repairs before listing your home on the market. Consult your agent before making any large or costly repairs, but generally, fixing issues with your roof, foundation, plumbing, electrical systems, and HVAC can help you avoid poor home inspection results.

Decluttering and depersonalizing: Decluttering and depersonalizing are important steps to help buyers envision themselves in your home. One HomeLight survey found that decluttering could increase your home’s sale price by $8,000 or more. Depersonalizing includes removing family photos, memorabilia, and religious symbols from sight when showing the home. Also, personal items and excess furniture should be removed to make rooms appear larger and more inviting.

Deep cleaning: A thorough deep cleaning of the home can significantly enhance your home’s appeal, in addition to increasing its market value. A HomeLight survey of top agents found that deep cleaning can, on average, boost a home’s value by up to $3,700. Shift your attention to cleaning carpets, grout, and windows to create a sparkling clean environment, and don’t forget to dust baseboards and vents too. This can help buyers overlook tiny flaws or outdated decor.

Home staging: Effective staging is critical to showcase your home’s best features and help buyers imagine living in the space. Professionally staged homes sell for up to 13% more than unstaged ones, according to HomeLight’s most recent survey of top agents. Of those agents, 67% agreed that staging helps to sell homes in today’s market, and another 31% reported that staging is “essential” for a sale.

Unlock Your Equity and Buy Before You Sell

Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. You can then make a strong offer on your next home with no home sale contingency.

How to buy before you sell in Los Angeles

If the reason you’re researching home values in Los Angeles is because you’ve come across your next dream home, HomeLight’s Buy Before You Sell (BBYS) program might be exactly what you need.

BBYS lets you access a portion of your existing home’s equity, enabling you to place a strong, non-contingent offer on a new property. If your home qualifies, you can unlock this equity within 24 hours with no upfront fees or commitments. This model allows you to purchase your new home first and sell your old one while it’s vacant, avoiding the inconvenience of multiple moves.

HomeLight charges a flat fee of 2.4% of your current home’s sale price. If your home doesn’t sell within 90 days of closing on your new property, HomeLight will buy the home and continue working to sell it. Any profits from the sale, after HomeLight’s costs are deducted, will be passed on to you.

Watch the video below to learn more about HomeLight’s Buy Before You Sell program:

How to find a top agent in Los Angeles

One key factor in maximizing your home’s sales price is to choose a real estate agent with a strong track record. HomeLight’s agent matching service is free to use and connects you with top candidates in your area in less than two minutes. The service is unbiased; agents don’t pay to be listed. The platform recommends agents based only on their specialties, past sales, and local presence.

When evaluating your matches, make sure to choose an agent with a high sale-to-list ratio. This ratio compares a home’s final sale price to its original listing price, expressed as a percentage. A high sale-to-list ratio indicates that the agent accurately prices their listings and frequently achieves top dollar for their clients.

It’s recommended to interview at least three real estate agents before committing to a listing agreement. Beyond asking about the agent’s sale-to-list ratio, consider asking questions like:

How long have you been in business?
How well do you know this neighborhood?
What types of homes and price ranges do you specialize in?
What’s your average number of days on market?
What is your commission rate?
What would your marketing plan look like for this property?
Could you provide me with a few client referrals?

Leveraging HomeLight’s agent match tool and some thorough interviewing, you will easily be able to find a local real estate pro who will get you the best results for your home sale.

Get a free preliminary home estimate today

Whether you’re planning to sell your Los Angeles home soon or just considering a home equity loan, understanding home values in your neighborhood can help you make informed decisions about your largest financial asset. Using HomeLight’s free home value estimator, you can get an initial ballpark estimate of your home’s worth in less than two minutes.

HomeLight can also connect you with top real estate agents in Los Angeles to help you achieve the highest possible price, or assist you in unlocking your equity to buy a new home before selling your current one. By staying on top of the latest market trends and leveraging these valuable tools, you’ll be well-equipped to maximize the value of your Los Angeles home.

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