Here are the most current housing updates for the City of Studio City, Los Angeles, CA:

1. Studio City, CA 91602

• Active homes for sale: 10
• Median listing price: $3,397,500
• Price per square foot: $879
• Total # of homes sold in May 2023: 3
• Average time on the market: 8
• Median sold price: $1,299,000
• Absorption Rate: 30%

2. Studio City, CA 91604

• Active homes for sale: 25
• Median listing price: $2,420,000
• Price per square foot: $966
• Total # of homes sold in May 2023: 25
• Average time on the market: 45
• Median sold price: $2,095,000
• Absorption Rate: 100%

3. Studio City, CA 91607

• Active homes for sale: 10
• Median listing price: $3,397,500
• Price per square foot: $879
• Total # of homes sold in May 2023: 3
• Average time on the market: 8
• Median sold price: $1,299,000
• Absorption Rate: 30%

Buyer’s Market Definition: A buyer’s market is a market where supply exceeds demand – the available properties for sale are greater than the number of buyers looking to purchase properties. Therefore, for a house purchaser, a buyer’s market is an ideal time to make a purchase – homes can be bought at a lower cost, as compared to a seller’s market. In a buyer’s market, the absorption rate is lower due to the large number of available properties. Ideally you want this 5 to be under 20%.

Seller’s Market Definition: A seller’s market, the opposite of a buyer’s market, is a market where demand exceeds supply – the available properties for sale are less than the number of buyers looking to purchase properties. Therefore, for a house seller, a seller’s market is an ideal time to make a sale – homes can be sold at a high price, as compared to a buyer’s market. Therefore, in a seller’s market, the absorption rate is higher due to the large demand. Ideally you want this % to be over 20%.

In Conclusion:

Based on the absorption rate of all 3 zip codes in the city of Studio City, CA, this is very much a sellers' market.