While the LA county median home sits at $910K, the Beach Cities are playing a different game. Manhattan Beach has seen its median sale price climb to $3.7M, with Hermosa following at $2.4M.
The real standout? Cash is still king. About 25% of homes in the $1M–$5M range are closing in all-cash, and that jumps to a staggering 57% for ultra-luxury properties over $10M.
For the first half of this year, single family homes in Palos Verdes Estates had nearly 40% of sale all cash, followed by Manhattan Beach at 34%. Of the only 8 sales in Rolling Hills - 5 of them or 62.5% were cash. With higher interest rates, buyers are coming to the table with cash, especially in competitive offer situations. If you are a buyer working with a lender, you have to be prepared to compete with cash - it is a real variable!
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