Is Long Beach-Lakewood, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Long Beach-Lakewood has remained a Seller's Market.
Key Takeaway
Long Beach-Lakewood is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Long Beach-Lakewood, CA
How much do homes in Long Beach-Lakewood, CA cost?
Median Sold Price
$814,948
$615/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Long Beach-Lakewood have sold for 5.2% more than they did a year ago.
Summary: The median home sold price in Long Beach-Lakewood was $814,948 in May 2024, up 5.2% from last year, and the median price per square foot was $615.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $430K | $435K | +1.2% |
| 2 Bedrooms | $626.5K | $660.7K | +5.5% |
| 3 Bedrooms | $840K | $878.1K | +4.5% |
| 4 Bedrooms | $980.6K | $1.0M | +7.2% |
| 5+ Bedrooms | $1.3M | $1.2M | -4.2% |
Summary: Long Beach-Lakewood housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.2%, 2 bedroom homes increased by 5.5%, 3 bedroom homes increased by 4.5%, 4 bedroom homes increased by 7.2%, and 5+ bedroom homes decreased by 4.2%.
Median Sold Price Compared To Nearby Cities
| Bellflower | $690K | $760K | +10.1% |
| Lakewood | $788.8K | $839K | +6.4% |
| Long Beach-Lakewood | $775K | $814.9K | +5.2% |
| Long Beach | $771.5K | $801.6K | +3.9% |
| Signal Hill | $630K | $600.6K | -4.7% |
Housing Supply in Long Beach-Lakewood, CA
How many homes are available in Long Beach-Lakewood, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 901 | 932 | +3.4% |
Summary: The Long Beach-Lakewood real estate market had 932 homes for sale in May 2024, a 3.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 102 | 112 | +9.8% |
| 2 Bedrooms | 288 | 295 | +2.4% |
| 3 Bedrooms | 346 | 338 | -2.3% |
| 4 Bedrooms | 112 | 120 | +7.1% |
| 5+ Bedrooms | 53 | 67 | +26.4% |
Summary: The Long Beach-Lakewood housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 9.8%, 2 bedroom homes increased by 2.4%, 3 bedroom homes decreased by 2.3%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes increased by 26.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 244 | 243 | -0.4% |
Asking Price vs. Sold Price
61 Homes Were Sold
Under Asking
58 Homes Were Sold
At Asking
124 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Long Beach-Lakewood, you could pay more than the asking price. 51% of homes here sold above asking price last month.
Summary: A total of 243 homes were sold or pending in Long Beach-Lakewood in May 2024, down by 0.4% month-over-month. Of the 243 sold homes, 25% were sold under asking, 24% were sold at asking, and 51% were sold over asking.
Days on Market for Long Beach-Lakewood, CA
How long does it take to sell a home in Long Beach-Lakewood, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 28 Days | 26 Days | -6.8% |
Summary: Homes in Long Beach-Lakewood had an average of 26 days on market in May 2024, down by 6.8% compared to last year.
Breakdown of Home Sale Times
186 Homes Were Sold
Under 30 Days
38 Homes Were Sold
In 30 - 90 Days
19 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Long Beach-Lakewood are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 243 homes were sold in Long Beach-Lakewood; 77% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.