The housing market in LA Koreatown showed signs of growth in February, with more homes changing hands compared to last year. A total of 53 single-family homes, condos, and income properties were sold, a 15% increase from 46 sales in February 2024.
According to an analysis by The Korea Daily, conducted with data from Dream Realty CEO Kenneth Jung, lower mortgage rates and seasonal demand contributed to the uptick in transactions.
Single-Family Homes See Increased Sales
Sales of single-family homes rose last month, with 23 homes sold, up 28% from 18 sales a year ago and 15% higher than January’s 20 sales.
Homes also sold more quickly. The average time on market dropped to 29 days, a 52% decrease from last year’s 60 days.
Despite the increase in sales, prices remained steady. The median sale price for single-family homes was $1.7 million, down 3% from $1.755 million in February 2024. However, the price per square foot climbed 7%, from $826 to $884.
Competition among buyers also intensified. Homes sold at 103.69% of their asking price, up from 98.23% a year ago, meaning more properties were selling above list price.
Condos Slow, Investment Properties Surge
Condo sales slowed, with just 13 units sold, a 35% drop from last year’s 20 units. The median price remained unchanged at $660,000, but the price per square foot fell 10%, from $682 to $613.
In contrast, investment properties saw strong demand. A total of 17 income properties were sold, more than double last year’s 8 sales, marking a 113% increase. The median price for these properties fell 20%, from $1.95 million to $1.565 million. The price per square foot also declined 29%, from $523 to $371, indicating that lower prices may have attracted more buyers.
Real estate experts note that investment property trends can be volatile, as factors like available inventory and rental yields impact competition.
This analysis covers housing transactions in LA Koreatown zip codes 90004, 90005, 90006, 90010, 90019, 90020, and 90036. Sales data was collected from February 1 to February 28, 2025.
BY HOONSIK WOO [woo.hoonsik@koreadaily.com]
