Is South Bay, 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, South Bay has remained a Seller's Market.
Key Takeaway
South Bay is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in South Bay, CA
How much do homes in South Bay, CA cost?
Median Sold Price
$1,250,549
$752/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in South Bay have sold for 4.2% more than they did a year ago.
Summary: The median home sold price in South Bay was $1,250,549 in May 2024, up 4.2% from last year, and the median price per square foot was $752.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $530K | $550K | +3.8% |
| 2 Bedrooms | $769K | $799.4K | +3.9% |
| 3 Bedrooms | $1.1M | $1.1M | +4.3% |
| 4 Bedrooms | $1.6M | $1.7M | +3.2% |
| 5+ Bedrooms | $2.7M | $2.7M | -0.7% |
Summary: South Bay housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.8%, 2 bedroom homes increased by 3.9%, 3 bedroom homes increased by 4.3%, 4 bedroom homes increased by 3.2%, and 5+ bedroom homes decreased by 0.7%.
Median Sold Price Compared To Nearby Neighborhoods
| S. Redondo Beach S. of Torrance Blvd. | $1.1M | $1.3M | +14.3% |
| S. Redondo Beach W. of Pacific Coast Highway | $1.3M | $1.5M | +11.2% |
| West Torrance | $1.2M | $1.3M | +4.3% |
| South Bay | $1.1M | $1.2M | +4.2% |
| S. Redondo Beach N. of Torrance Blvd. | $1.5M | $1.4M | -9.1% |
Housing Supply in South Bay, CA
How many homes are available in South Bay, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1,384 | 1,407 | +1.7% |
Summary: The South Bay real estate market had 1,407 homes for sale in May 2024, a 1.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 54 | 51 | -5.6% |
| 2 Bedrooms | 233 | 230 | -1.3% |
| 3 Bedrooms | 495 | 497 | 0.4% |
| 4 Bedrooms | 363 | 364 | 0.3% |
| 5+ Bedrooms | 239 | 265 | +10.9% |
Summary: The South Bay housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 5.6%, 2 bedroom homes decreased by 1.3%, 3 bedroom homes increased by 0.4%, 4 bedroom homes increased by 0.3%, and 5+ bedroom homes increased by 10.9%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 360 | 374 | +3.9% |
Asking Price vs. Sold Price
146 Homes Were Sold
Under Asking
49 Homes Were Sold
At Asking
179 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in South Bay, you could pay more than the asking price. 47.9% of homes here sold above asking price last month.
Summary: A total of 374 homes were sold or pending in South Bay in May 2024, up by 3.9% month-over-month. Of the 374 sold homes, 39% were sold under asking, 13% were sold at asking, and 48% were sold over asking.
Days on Market for South Bay, CA
How long does it take to sell a home in South Bay, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 31 Days | 26 Days | -13.6% |
Summary: Homes in South Bay had an average of 26 days on market in May 2024, down by 13.6% compared to last year.
Breakdown of Home Sale Times
282 Homes Were Sold
Under 30 Days
68 Homes Were Sold
In 30 - 90 Days
24 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in South Bay are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 374 homes were sold in South Bay; 75% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 6% 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.