Is Torrance, 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, Torrance has remained a Seller's Market.
Key Takeaway
Torrance is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Torrance, CA
How much do homes in Torrance, CA cost?
Median Sold Price
$1,013,400
$684/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Torrance have sold for 3.5% less than they did a year ago.
Summary: The median home sold price in Torrance was $1,013,400 in May 2024, down 3.5% from last year, and the median price per square foot was $684.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $476.4K | $426K | -10.6% |
| 2 Bedrooms | $760K | $719K | -5.4% |
| 3 Bedrooms | $1.0M | $1.0M | -3.3% |
| 4 Bedrooms | $1.2M | $1.3M | +5.6% |
| 5+ Bedrooms | $1.6M | $1.6M | +2.5% |
Summary: Torrance housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 10.6%, 2 bedroom homes decreased by 5.4%, 3 bedroom homes decreased by 3.3%, 4 bedroom homes increased by 5.6%, and 5+ bedroom homes increased by 2.5%.
Median Sold Price Compared To Nearby Cities
| Lomita | $835K | $855K | +2.4% |
| Redondo Beach | $1.4M | $1.4M | +2.1% |
| South Bay Cities | $1.7M | $1.7M | 0% |
| Torrance | $1.0M | $1.0M | -3.5% |
| Rolling Hills Estates | $1.7M | $1.6M | -7.8% |
Housing Supply in Torrance, CA
How many homes are available in Torrance, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 284 | 273 | -3.9% |
Summary: The Torrance real estate market had 273 homes for sale in May 2024, a 3.9% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 19 | 12 | -36.8% |
| 2 Bedrooms | 48 | 49 | +2.1% |
| 3 Bedrooms | 121 | 122 | +0.8% |
| 4 Bedrooms | 74 | 63 | -14.9% |
| 5+ Bedrooms | 22 | 27 | +22.7% |
Summary: The Torrance housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 36.8%, 2 bedroom homes increased by 2.1%, 3 bedroom homes increased by 0.8%, 4 bedroom homes decreased by 14.9%, and 5+ bedroom homes increased by 22.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 106 | 96 | -9.4% |
Asking Price vs. Sold Price
21 Homes Were Sold
Under Asking
14 Homes Were Sold
At Asking
61 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Torrance, you could pay more than the asking price. 63.5% of homes here sold above asking price last month.
Summary: A total of 96 homes were sold or pending in Torrance in May 2024, down by 9.4% month-over-month. Of the 96 sold homes, 22% were sold under asking, 15% were sold at asking, and 64% were sold over asking.
Days on Market for Torrance, CA
How long does it take to sell a home in Torrance, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 15 Days | 18 Days | +20.0% |
Summary: Homes in Torrance had an average of 18 days on market in May 2024, up by 20% compared to last year.
Breakdown of Home Sale Times
82 Homes Were Sold
Under 30 Days
12 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Torrance are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 96 homes were sold in Torrance; 85% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 2% 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.