Congrats, It’s a Buyer’s Market (Sort Of, Maybe, If You Squint)

Spring has sprung in L.A., and with it, the housing market is doing what it does best—flirting with optimism while slowly choking on its own contradictions.
 
It’s like watching a beautiful person trip in slow motion: gorgeous, tragic, and somehow… inevitable.

We’ve entered what's being called “A Buyer’s Spring.” And if that phrase sounds suspiciously like “limited-time scam offer,” don’t worry—you’re not alone.

In fact, if you’re buying a home in Los Angeles County this spring, you might actually have the upper hand.

For the first time in years, the market isn’t a brutal cage match where families brawl over 600 square feet and a broken garbage disposal.

So what’s changed?


Inventory is up. Way up.

We’re talking 12,119 homes on the market right now. That’s 42% more than earlier this year, and the highest since 2019. For once, the shelves aren’t empty at the Housing Costco. That’s because a few brave souls have finally stopped clutching their 3% mortgage rates like a toddler hoarding Legos and decided to sell.

But don’t get cocky.

Demand?

Meh. Up by 1%. Barely a pulse. There are about 3,854 pending sales—more than a corpse, less than a party. And when you pair skyrocketing listings with anemic buyer interest, what do you get?

A sluggish-ass market.

The Expected Market Time just ticked up to 94 days. That’s the slowest spring pace since they started tracking in 2012. Translation? Homes are sitting. Some for months. Like leftovers in your fridge. And yeah, a lot of sellers are still dreaming of 2021 prices, but with 29% of listings already reducing prices, that fantasy is cracking.

“But wait, what about luxury homes?”

Glad you asked, imaginary rich person!

Luxury—aka anything north of $2 million—is slowing down like a Ferrari with no gas and a hangover. The Expected Market Time for homes above $8 million is 845 days. That’s not a typo. That’s two years and three months. You could get married, divorced, and learn how to surf in that time.

The Real Vibe: Buyer’s Market, But With a Caution Sign

Let’s be clear. This isn’t some real estate utopia. Rates are still floating around 6.75%, affordability is a joke, and the only distressed sales you’re likely to find are the ones happening inside your soul while reading REDFIN.

But the power dynamic? It’s shifting.

Buyers, you finally have a shot to negotiate. To breathe. To not sell plasma for a down payment. And if mortgage rates drop below 6.5% and hold, we might see this stale energy get a little more… electric.

TL;DR:

• Inventory is up 42%. (Finally.)

• Demand is meh. (Still haunted by interest rates.)

• Homes are sitting. (Buyers, rejoice. Sellers, rethink your pricing.)

• Luxury market is a slow-motion ice age.

• Buyers: This is your moment. Just don’t expect fireworks and parade floats. This is Los Angeles—cynicism comes standard.

Now go out there and make some offers. Or don’t. Honestly, just reading this might be enough real estate drama for the day.

But if not, and you still have questions and/or wanna makea move—give me a shout!

derek.reilly@redfin.com / 310.902.2909