South Bay Real Estate Market: A Look Back at 2024 and What’s Next
Now that we’ve settled into 2025, it’s the perfect time to reflect on how the South Bay real estate market performed towards the end of 2024 and what trends we might expect in the coming months. The market has continued to show resilience, with home values holding strong despite fluctuating interest rates and economic shifts. Areas like Redondo Beach, Torrance, and Manhattan Beach remained highly desirable, while Palos Verdes Estates maintained their status as a luxury enclave.
My trusted partners at Fidelity National Title have compiled a thorough report on the real estate market in Los Angeles County in December 2024. You are welcome to have a look at or download it below.
2024 South Bay Market Highlights:
Redondo Beach: The median home price in Redondo Beach remained competitive, with properties in 90277 averaging $1.79M, while 90278 sat at $1.67M.
Torrance: Homes in Torrance saw steady appreciation, with median prices hovering around $1.19M.
Manhattan Beach: This market continued to thrive, with single-family homes surpassing $3.9M on average.
Palos Verdes Peninsula:
Rancho Palos Verdes: Median home prices ended the year at $2.07M, showcasing ongoing demand.
Palos Verdes Estates: Luxury homes continued their upward trend, with median sales reaching $3.06M.
Rolling Hills Estates: Properties averaged around $3.18M, reinforcing the area’s premium status.
What’s Next for 2025?
For buyers, South Bay remains a competitive market, but opportunities still exist, especially for those ready to act strategically.
For sellers, home values remained solid through 2024, and well-priced properties continue to move quickly. Early 2025 could be a strong window to sell before the traditional spring surge in inventory. Sellers who had been waiting for interest rates to drop are now reassessing their plans, as it’s becoming clear that rates may stay elevated longer than expected. Inflation has remained more persistent than predicted, and despite the Fed starting rate cuts in September of last year, mortgage rates have actually climbed over 1%, now sitting around 7%.
Even with these higher rates, buyer demand remains strong, and well-priced homes continue to sell at a solid pace. I’m feeling optimistic about the year ahead and looking forward to seeing how the market unfolds.
Thinking About Buying or Selling? Let’s Talk!
Whether you're considering making a move now or planning for later in the year, having the right strategy is key. Let’s discuss your goals and create a plan to make 2025 your best real estate year yet!