Palos Verdes home sales in 2024 was just about the same as 2023 – 1 more home sale, average sales price down 1% and average price per square foot up 1% compared to 2023. Average price for Palos Verdes homes sold in 2024 was $2,581,676 compared to $2,608,914 in 2023 – an decrease of 1%. 2024 average price per square foot for Palos Verdes homes was $923 compared to $914 in 2023 – an increase of 1%. There was 1 more single family Palos Verdes homes sold in 2024 – 512 single family Palos Verdes homes sold in 2024 compared to 511 homes in 2023 – an increase of 0.2%. In 2024 we saw Months of Inventory between 2.1 months and 4.7 months indicating a market that was balancing a bit from the seller’s market we have experienced for the last several years. A “normal” or balanced market is considered 3 to 6 months of inventory (less than 3 months is a seller’s market and more than 6 months is a buyer’s market) – Please open Statistics tab above or click here.
The mix of Palos Verdes homes sales for 2024 showed 3 sales under $1,000,000 compared to 5 homes in 2023. In 2024, 214 Palos Verdes homes sold between $1,000,000 and $2,000,000 (compared to 221 homes in 2023). In 2024, 264 Palos Verdes homes sold between $2,000,000 and $5,000,000 (compared to 248 homes in 2023). Finally, in 2024, 31 Palos Verdes homes sold for $5,000,000 or more (compared to 37 homes in 2023). The most expensive home sold in 2024 for $11,500,000 compared to $12,500,000 in 2023.
Next week, I will discuss 2024 sales by neighborhood for all of the Palos Verdes Peninsula.
To read my article on Palos Verdes homes sales in 2023 click here.
Photo of Palos Verdes coast courtesy of Arvin Design
