December 2024 Real Estate Market Update: South Los Angeles County

As we close out 2024, the real estate market in South Los Angeles County presents unique opportunities and challenges for both buyers and sellers. This vibrant region, known for its diverse neighborhoods and proximity to coastal attractions, continues to be a hub of activity. Here’s what you need to know about the market trends this December and how to position yourself for success.

Market Overview

Home Prices

December typically sees a seasonal slowdown in real estate, but South LA County’s market remains competitive. Median home prices have slightly stabilized compared to the summer highs. While prices are no longer skyrocketing as they did during the pandemic boom, they're holding steady in high-demand areas like Long Beach, Torrance, and Carson.

Inventory

The inventory remains tight, with many homeowners holding onto their low-interest-rate mortgages instead of selling. However, new listings tend to increase slightly during the holiday season as motivated sellers aim to close deals before the year ends. Buyers are seeing more options but need to act quickly, as well-priced homes continue to attract multiple offers.

Mortgage Rates

Mortgage rates, while higher than they were in 2020-2022, have shown some stabilization in the second half of 2024. As of December, rates are hovering around the mid-7% range, which has made affordability a significant challenge for buyers. However, slight rate dips in recent weeks have motivated some buyers to re-enter the market.

Market Activity

While South LA County has slowed slightly due to the holiday season, coastal communities like San Pedro and Redondo Beach remain active with buyers looking to capitalize on year-end opportunities. Sellers in these areas should leverage this heightened interest.

Advice for Buyers

1. Be Ready to Act
   With limited inventory, homes that are well-priced and in desirable locations sell quickly. Work with a local real estate agent to get early access to listings and be prepared to make competitive offers.

2. Get Pre-Approved
   Higher mortgage rates mean affordability is tighter than in years past. Speak with a lender to understand your budget and secure a pre-approval letter to strengthen your position when making an offer.

3. Focus on Value
   This is a great time to prioritize neighborhoods with strong long-term growth potential, such as areas near planned developments or transportation hubs. Homes in up-and-coming neighborhoods like North Long Beach and Harbor Gateway offer value compared to pricier coastal areas.

4. Consider Negotiating Perks
   With the market slightly cooling, buyers have more leverage to negotiate. Ask sellers to cover closing costs, buy down your mortgage rate, or include repairs in the deal.

Advice for Sellers

1. Price It Right
   Overpricing your home in this market could result in longer days on the market and fewer offers. Work with an experienced real estate agent to price your home competitively based on current market data.

2. Stage to Impress
   With fewer buyers actively searching during the holiday season, presentation is key. Decorate tastefully for the holidays, declutter, and stage your home to make it feel warm and inviting.

3. Market Aggressively
   A strong online marketing presence is critical. Invest in high-quality photos, videos, and virtual tours to attract attention. Highlight features like energy efficiency, updated kitchens, or proximity to local attractions.

4. Be Flexible
   Buyers are being more cautious with their decisions, so accommodating showing requests, offering incentives, or being willing to negotiate on price can help seal the deal.

Looking Ahead to 2025

The South LA County market is expected to remain steady as we move into the new year, with a potential uptick in activity after the holidays. Buyers who purchase in December may find themselves ahead of the competition when the spring market heats up, while sellers who list now can benefit from motivated buyers looking to finalize transactions before interest rates fluctuate further.

Whether you’re buying or selling, navigating this complex market requires strategy and local expertise. Connect with a real estate professional who understands South LA County’s unique dynamics to help you achieve your goals.

Thinking about buying or selling in South Los Angeles County? Let’s talk! Contact me for personalized guidance.