In my January 17, 2025, article, I discussed the overall sales numbers for single family Palos Verdes homes sold in 2024 with a decrease in the average sales price (1%) and an increase in average price per square foot (1%). The number of homes sold increased slightly (0.2%). Inventory of Palos Verdes homes for sale was low again last year. Below is information on specific Palos Verdes neighborhoods. The chart above can be enlarged by clicking on it or go to the “Statistics” tab above.
The City of Rolling Hills posted the largest gain in average sales price – $5,290,117 for 2024 compared to $4,988,478 in 2023; La Cresta was second with an average sales price of $3,205,360 in 2024 compared to $3,038,333 in 2023. Valmonte, Lunada Bay/Margate, and Silver Spur neighborhoods showed significant gains in average sales price for 2024. West Palos Verdes posted the largest decrease in average sales price – $2,436,523 for 2024 compared to $3,449,167 in 2023.
Most Palos Verdes neighborhoods posted modest increases in average square foot price in 2024 except Malaga Cove, Palos Verdes Drive East, Mira Catalina, Palos Verdes Drive South, West Palos Verdes, La Cresta, and Crest posted decreases. Los Verdes posted the largest gain in average square foot price for Palos Verdes homes sold – a 9.7% increase – $979 in 2024 from $892 in 2023. Palos Verdes Drive East and Country Club had the smallest increase in square foot price (1%) to $731 and $835 respectively. Malaga Cove posted the largest decrease (7.7%) in 2024 square foot price $1165 from $1,261 in 2023. Homes in the City of Rolling Hills sold for the highest price per square foot – $1,199.
Eastview/RPV posted the largest number of Palos Verdes homes sold in 2024 – 54 Palos Verdes houses (53 homes in 2023). Lunada Bay/Margate had the largest decrease in number of homes sold in 2024 – 45 homes sold compared to 59 homes sold in 2023. In 2024, there was a lack of inventory and higher interest rates as owners held on to their homes and did not put them on the market.
The total valuation of single family Palos Verdes homes sold in 2023 was $1,301,684,168. The highest priced single family Palos Verdes home sold for $11,500,000 in the Monte Malaga neighborhood and the lowest priced Palos Verdes homes sold for $800,000 in the Palos Verdes Drive South neighborhood. 2024 information on the sales price mix for Palos Verdes homes sold can be obtained by clicking here or going to my prior post, “Palos Verdes 2024 Home Sales Similar To 2023”
Above chart courtesy of Estate Properties
