$10,000 Closing Credit*
$1,525,000
Natalie Alchadeff, Listing Office: Equity Union
Is Miracle Mile, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
At the same time last year, Miracle Mile was a Neutral Market.
Key Takeaway
Miracle Mile is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Miracle Mile, CA
How much do homes in Miracle Mile, CA cost?
Median Sold Price
$1,770,755
$730/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$220,755(+14.2%)
Key Takeaway
Homes in Miracle Mile have sold for 14.2% more than they did a year ago.
Summary: The median home sold price in Miracle Mile was $1,770,755 in November 2024, up 14.2% from last year, and the median price per square foot was $730.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $537K | N/A |
| 2 Bedrooms | $1.0M | $897.7K | -10.7% |
| 3 Bedrooms | $1.6M | $1.8M | +12.9% |
| 4 Bedrooms | $2.1M | $1.7M | -18.8% |
| 5+ Bedrooms | $1.9M | $2.2M | +19.1% |
Summary: Miracle Mile housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 10.7%, 3 bedroom homes increased by 12.9%, 4 bedroom homes decreased by 18.8%, and 5+ bedroom homes increased by 19.1%.
Median Sold Price Compared To Nearby Neighborhoods
| Miracle Mile | $1.5M | $1.7M | +14.2% |
| Mid-Wilshire | $1.4M | $1.6M | +10.9% |
Housing Supply in Miracle Mile, CA
How many homes are available in Miracle Mile, CA?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 50 | 47 | -6.0% |
Summary: The Miracle Mile real estate market had 47 homes for sale in November 2024, a 6.0% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 5 | 5 | 0.0% |
| 3 Bedrooms | 13 | 9 | -30.8% |
| 4 Bedrooms | 13 | 14 | +7.7% |
| 5+ Bedrooms | 18 | 18 | 0.0% |
Summary: The Miracle Mile housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 30.8%, 4 bedroom homes increased by 7.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 11 | 9 | -18.2% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Miracle Mile, you could pay more than the asking price. 55.6% of homes here sold above asking price last month.
Summary: A total of 9 homes were sold or pending in Miracle Mile in November 2024, down by 18.2% month-over-month. Of the 9 sold homes, 33% were sold under asking, 11% were sold at asking, and 56% were sold over asking.
Days on Market for Miracle Mile, CA
How long does it take to sell a home in Miracle Mile, CA?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 48 Days | 18 Days | -61.1% |
Summary: Homes in Miracle Mile had an average of 18 days on market in Nov 2024, down by 61.1% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Miracle Mile are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 9 homes were sold in Miracle Mile; 78% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 0% 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.