Palos Verdes real estate prices increased for the first half of 2024 with increases also in average sales price, price per square foot, and a decrease in the number of homes sold. 2024 first half average sales price for single family Palos Verdes homes increased 6.3% compared to the first half of 2023 – $2,706,809 compared to $2,546,343. Average price per square foot for Palos Verdes homes sold in the first half of 2024 was $933 compared to $891 for the same time period in 2023 – an increase of 4.7%. The number of Palos Verdes homes sold in the first half of 2024 was 3% lower than the first half of 2023 (256 compared to 364).
The mix of Palos Verdes homes sales for the first half of 2024 showed 1 sales under $1,000,000 which was .4% of sales (compared to 2 in the first half of 2023). In the first half of 2024, 106 Palos Verdes homes sold between $1,000,000 and $2,000,000 which was 41.4% of sales (compared to 112 homes – 43% – in first half of 2023). In first half of 2024, 130 Palos Verdes homes sold between $2,000,000 and $5,000,000 which was 50.8% of sales (compared to 134 homes – 51% – first half 2023). Finally, in the first half of 2024, 19 Palos Verdes homes sold for $5,000,000+ which was 7.4% of sales (compared to 14 homes – 5.3% – first half 2023).
The total valuation for all single family Palos Verdes homes sold the first six months of 2024 decreased from 2023 – $665,420,196 compared to $666,674,517 with 8 fewer homes sold in the first half of 2024. In the first half of 2024, the highest priced home sold for $10,800,000 in the Malaga Cove neighborhood of Palos Verdes Estates (first half of 2023, there was a $12,480,000 sale) and the lowest price home sold for $960,000 in Eastview/RPV neighborhood of Rancho Palos Verdes. Next week, I will discuss Palos Verdes homes sales for first half 2024 for the individual Palos Verdes neighborhoods. To read my article on Palos Verdes homes sales first half 2023, click here.
Photo of Ocean Estates Trail courtesy of Arvin Design
