Culver City, CA Real Estate Market Data (2024)

FAQs

Is it a good time to buy a house in California in 2024? ›

As per Fannie Mae, mortgage rates may drop more in Q2 of 2024 due to economic changes, inflation, and central bank policy adjustments. Even though it's a seller's market, increased housing supply and reduced mortgage rates may result in lower prices for buyers.

As part of the Los Angeles metropolitan area, Culver City could be considered an expensive place to live for anyone unfamiliar with California costs. The cost of living in Culver City is 74% higher than the national average. However, Culver City is more affordable than other areas of the LA metro, such as Santa Monica.

But in Hollywood and a handful of other central Los Angeles neighborhoods, the opposite is happening. Home prices in Hollywood fell 3% in May compared with a year earlier and have now dropped on an annual basis every month since December 2022, according to data from Zillow.

If your credit score is strong, your employment is stable and you have enough savings to cover a down payment and closing costs, buying now might still be smart. If your personal finances are not ideal at the moment, or if home values in your area are on the decline, it might be better to wait.

There probably won't be a housing recession in 2024 based on current expectations, as limited inventory is likely to push prices up further. Once rates drop, more buyers should re-enter the market as well.

Between 2017 and 2021, California homeowners enjoyed an average 5.6% real gain a year — 8.3% annual appreciation minus 2.7% inflation rates.

Home prices and home sales (overall and in your desired market) New construction. Property inventory. Mortgage rates.

What is a good salary in Culver City? ›

Average Salary in Culver City, CA. $47,402 is the 25th percentile. Salaries below this are outliers. $84,669 is the 75th percentile.

Culver City has, since the 1920s, been a center of movie and TV production and today is best known as the location of MGM movie studios, National Public Radio West, Sony Pictures Entertainment, and the NFL Network.

The 2024 forecast for the Los Angeles housing market points to a sustained rise in home prices, an increasingly competitive landscape, and a resurgence in home sales. This trend suggests a challenging scenario for both potential buyers and renters.

Is Los Angeles, CA a buyer's or seller's market? Since last year, Los Angeles has remained a Seller's Market. Los Angeles is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Overall, Zillow expects home prices in January 2025 to be 4.5% higher than January 2024 in the Inland Empire counties of Riverside and San Bernardino. Across Los Angeles and Orange counties, prices are predicted to climb 2.6%.

Many prospective homebuyers chose to wait things out in 2023, in the hopes that 2024 would bring a more advantageous market. But so far, with mortgage interest rates still relatively high and housing inventory stubbornly low, it looks like 2024 will remain a challenging time to buy a house.

Mortgage rate predictions 2024

The MBA's forecast suggests that 30-year mortgage rates will fall into the 6.5% to 6.9% range throughout the rest of 2024, and NAR is predicting a similar trajectory. But Fannie Mae thinks rates could stay in the low 7% range this year.

Analysts project 11.5% earnings growth and 5.5% revenue growth for S&P 500 companies in 2024. Fortunately, analysts see positive earnings and revenue growth for all eleven market sectors this year.

Prices in some regions are currently lower than they have been since the start of the pandemic, so now could be a good time to enter the market. One significant factor in this decision is mortgage rates. The rates for a 30-year fixed mortgage reached a 20-year high toward the end of 2022.