We are two weeks into 2025 and the new year is off to an unfortunate start.
Our hearts are with the victims of the wildfires in Greater Los Angeles. To those who have lost their homes or loved ones, we extend our deepest sympathies. This is an incredibly challenging time, and we hope for strength and resilience as the community begins to heal and rebuild.
Now that we have concluded 2024, I want to share a recap of the best and worst performing home submarkets in the South Bay. In this post, I’ll dive into the top five standout markets, as well as the five that struggled, providing a snapshot of how these neighborhoods performed last year.
The data is based on the rolling 12-month average of median prices from 2024 compared to the same rolling-12 of median prices in 2023.
I hope this insight into the South Bay’s housing landscape will give you valuable perspective as we head into 2025.
Let’s get to it.
Best Performing Submarkets of 2024
1. Hill Section UP 35.9%
2. Mira Costa UP 26%
3. La Cresta UP 24.5%
4. South of Torrance Boulevard UP 21.1%
5. Monte Malaga UP 20.3%
These South Bay submarkets showed exceptional growth.
The Hill Section of Manhattan Beach, which topped the charts with a 34.9% increase, saw a dramatic surge. Meanwhile, Mira Costa in East Manhattan Beach also made a strong comeback, growing by 26% after being a laggard the previous year.
Looking back to last year’s analysis of the 2023’s submarket performance, South of Torrance Blvd in Redondo Beach, Mira Costa, and the Manhattan Beach Hill section all were in the bottom five.
While Rancho Palos Verdes’ La Cresta and Palos Verdes Estates’ Monte Malaga rounded out the top five this past year.
The South Bay market experienced a much improved 2024 compared to 2023. What’s more, the 2024 top five submarkets highlighted above were up by a considerable margin compared to the previous year.
Worst Performing Submarkets of 2024
- Hermosa Beach Sand DOWN 5.8%
- Manhattan Village DOWN 12.5%
- Palos Verdes Drive South DOWN 12.7%
- West Palos Verdes DOWN 16.6%
- Mira Catalina DOWN 17%
Despite a better year overall, not every neighborhood in the South Bay saw the same level of success. Several areas faced a tougher year, with some well-known submarkets seeing notable declines.
The Hermosa Beach Sand Section, typically a high-demand area, experienced a decrease of 5.8%.
While Manhattan Village, which had been a standout performer in 2023, saw a significant reversal in 2024 with a drop of 12.5%. This highlights how quickly the market can change, especially as higher interest rates and affordability issues began to impact demand.
Palos Verdes Drive South and West Palos Verdes both slipped from strong positions last year, with declines of 12.7% and 16.6%, respectively. These areas, once thriving during the Covid pandemic housing surge, now seem to be struggling as the market resets back to normal (and added risk of landslides).
Finally, Mira Catalina saw the steepest drop of the year, plummeting by 17%.
These neighborhoods faced significant challenges in 2024. Looking ahead, it will be interesting to see whether they can regain momentum or if last year’s struggles will continue into 2025.
How Each Zip Code Performed in 2024
To wrap up the analysis, here’s a breakdown of how each zip code performed, offering a broader perspective on the market trends:
- 90266 – UP 8.0% (Manhattan Beach)
- 90274 – UP 5.2% (PVE, RH, RHE, and PVP)
- 90275 – UP 3.9% (Rancho Palos Verdes)
- 90254 – UP 2.3% (Hermosa Beach)
- 90277 – UP 15.5% (South Redondo, some Hollywood Riviera)
- 90278 – UP 2.6% (North Redondo)
It was a fairly normal year of growth in the majority of zip codes, which is always good to see—especially when compared to 2023, when all of these zip codes were down. In 2024, this pattern was broken, and positive growth returned across the board.
All Submarket Performance
Did you find the top five / bottom five interesting, but left a little disappointed not seeing how your specific submarket performed?
Do not fret, we have you covered. Below you can find the list of all the submarket’s performances along the coast from Manhattan Beach to the Palos Verdes Peninsula:
- 35.9% ….. Manhattan Beach Hill
- 26.0% ….. Manhattan Beach Mira Costa
- 24.5% ….. La Cresta
- 21.1% ….. S of Torrance Blvd
- 20.3% ….. Monte Malaga
- 17.0% ….. Malaga Cove
- 15.5% ….. Valmonte
- 14.3% ….. Country Club
- 12.2% ….. Hermosa Beach Valley
- 12.0% ….. N Redondo Beach/Golden Hills
- 11.6% ….. Rolling Hills
- 11.4% ….. Peninsula Center
- 11.1% ….. N of Torrance Blvd
- 10.1% ….. Hollywood Riviera
- 9.80% ….. N Redondo Beach/Villas North
- 9.60% ….. Palos Verdes Drive East
- 9.50% ….. Manhattan Beach Heights
- 7.50% ….. Silver Spur
- 7.10% ….. Manhattan Beach Tree
- 6.30% ….. Lunada Bay/Margate
- 5.50% ….. North Redondo Beach El Nido
- 5.30% ….. Los Verdes
- 5.00% ….. South Redondo Beach W of PCH
- 3.50% ….. North Redondo Beach/Villas S
- 1.60% ….. Palos Verdes Drive North
- 1.40% ….. Hermosa Beach East
- 0.70% ….. Crest
- 0.20% ….. Eastview/RPV
- -1.20% ….. Manhattan Beach Sand
- -5.80% ….. Hermosa Beach Sand
- -12.5% ….. Manhattan Village
- -12.7% ….. Palos Verdes Drive South
- -16.6% ….. West Palos Verdes
- -17.0% ….. Mira Catalina
Last year 28 out of 34 submarkets saw growth, with well over half seeing prices increase by more than 5%. Overall, the South Bay’s 2024 home market performance was strong.
If there are any other submarkets or information you wish to see when it comes to 2024 price results, feel free to DM me on Instagram, shoot over an email, or give us a call. We’ll do our best to get everyone the information they need.
Final Thoughts
As we look back on 2024, it’s clear that the South Bay housing market had a year of contrasting results.
Looking ahead to 2025, there’s still a lot of uncertainty. For those curious about what 2025 may show in store, check out my Fearless Predictions post (written BEFORE the Los Angeles wildfires which could have an impact on the for sale market later this year).
It is a somber start to the year, but here’s to a positive 2025 going forward.
Richard Haynes
DRE: 01779425
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The Richard Haynes Real Estate ShowA leader in South Bay real estate for the better part of a decade, Richard thrives as an advisor to his clients with over $248 million in sales as a broker or investment principal at his boutique agency, Haynes. Richard is known for his keen local market insights which have been featured in the L.A. Times, The Street, and Forbes, along with his weekly South Bay real estate blog. [read more]