Last year, the number of real estate transactions in LA Koreatown remained consistent with the previous year, despite factors like high mortgage rates in the upper 6% range and an economic downturn affecting market stagnation. Koreans directly purchased 21.9% of the total properties sold, underscoring the community's significant economic presence in the area.

An analysis of 2024 property transactions in LA Koreatown, conducted with assistance from Equity Realty (CEO Steven Bae), revealed that 810 single-family homes, condos, and income properties were sold, the same as in 2023. This figure represents a 37.6% decrease compared to 1,298 transactions in 2022.

Single-Family Homes (SFR)
A total of 37 single-family homes were purchased by Koreans in Koreatown last year, with a median sale price of $1.75 million. The average price per square foot for these homes was $725.52.

April and December each recorded six transactions, marking the most active months for single-family home sales. The most expensive home purchased by a Korean buyer was a 10,567-square-foot property with seven bedrooms and eight bathrooms on Fremont Place, sold for $8.5 million in July.

Condos
Koreans purchased 120 condos in Koreatown in 2024, with a median transaction price of $749,500. March and April saw the highest activity, with 14 transactions each. The average price per square foot for condos was $608.01.

The priciest condo purchased by a Korean buyer was a three-bedroom, four-bathroom, 2,330-square-foot unit on Wilshire Boulevard, sold for $1.62 million in July.

Income Properties
In 2024, Koreans purchased 21 income properties in Koreatown, with a median price of $1.3375 million. The average price per square foot for income properties was $405.74.

March was the most active month for income property transactions, with five sales. The most expensive income property purchased was a six-bedroom, four-bathroom, 3,960-square-foot property on South Mansfield, sold in January for $2.375 million.

Market Challenges and Insights
According to Steven Bae, CEO of Equity Realty, "The aftermath of wildfires in LA continues to impact real estate across the city, including Koreatown." He added, "Changes in real estate commission policies and an influx of wildfire evacuees seeking housing have caused a surge in home prices and rental rates, making market trends difficult to predict."

The analysis of Koreatown's real estate transactions covered properties in the 90004, 90005, 90006, 90010, 90019, 90020, and 90036 ZIP codes.



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