Is 71118, LA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 71118 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 71118 has remained a Seller's Market.

Key Takeaway

71118 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 71118, LA

How much do homes in 71118, LA cost?

Median Sold Price

$171,000

$106/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$3,333(-1.9%)

Key Takeaway

Homes in 71118 have sold for 1.9% less than they did a year ago.

Summary: The median home sold price in 71118 was $171,000 in October 2024, down 1.9% from last year, and the median price per square foot was $106.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 -$77.5K
N/A
2 $138.2K$140K
+1.3%
3 $163K$160K
-1.8%
4 $214K$244.2K
+14.1%
5+ $300K$294.2K
-1.9%

Summary: 71118 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 1.3%, 3 bedroom homes decreased by 1.8%, 4 bedroom homes increased by 14.1%, and 5+ bedroom homes decreased by 1.9%.

Median Sold Price Compared To Nearby Zip Codes

71108
+14.1%
71047
+4.1%
71109
+0.7%
71106
0%
71118
-1.9%

Housing Supply in 71118, LA

How many homes are available in 71118, LA?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
101105+4.0%

Summary: The 71118 real estate market had 105 homes for sale in October 2024, a 4.0% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 99
0.0%
3 7072
+2.9%
4 2022
+10.0%
5+ 22
0.0%

Summary: The 71118 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 2.9%, 4 bedroom homes increased by 10%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2022+10.0%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

9 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 71118, you may be able to get a good deal. 45.5% of homes here sold below asking price last month.

Summary: A total of 22 homes were sold or pending in 71118 in October 2024, up by 10.0% month-over-month. Of the 22 sold homes, 45% were sold under asking, 41% were sold at asking, and 14% were sold over asking.

Days on Market for 71118, LA

We’re sorry, we don't have information for this market at the moment

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 20 Days Ago

Newest Listings in 71118, LA

Nearby Markets to 71118, LA