Real Estate Market Update for Rancho Palos Verdes, Rolling Hills Estates, Palos Verdes Estates, and Rolling Hills - October 2023

The real estate market in the Palos Verdes area of Los Angeles, which includes the cities of Rancho Palos Verdes, Rolling Hills Estates, Palos Verdes Estates, and Rolling Hills, is still relatively competitive, but it is starting to cool off slightly.

In September 2023, the median sale price of a home in the Palos Verdes area was $1.85M, down 0.5% from last year. Homes are also staying on the market for a bit longer, with an average of 35 days on market compared to 32 days last year.

There were 60 homes sold in the Palos Verdes area in September 2023, down from 75 last year. This suggests that buyer demand is starting to soften slightly. However, it is important to note that the Palos Verdes area is still a very desirable place to live, and there is still a lot of competition for homes.

Here is a summary of the key real estate metrics for the Palos Verdes area as of October 2023:

• Median sale price: $1.85M
• Average days on market: 35 days
• Market inventory: 158 homes

What does this mean for buyers and sellers?

For buyers, the cooling market means that they have more negotiating power and may be able to find better deals on homes. However, they should also be prepared to act quickly, as there is still competition for homes, especially those in desirable areas.

For sellers, the cooling market means that they may need to be more patient in order to sell their homes. However, they should also be confident that there is still a lot of demand for homes in the Palos Verdes area, and they should be able to get a good price for their homes if they are priced correctly.

Overall, the Palos Verdes real estate market is still a good place to be for both buyers and sellers. The market is starting to cool off slightly, but there is still a lot of demand for homes in the area.