The Huntington Palisades is a favorite landing spot for homeowners who favor opulence and luxury in a traditional neighborhood setting. You’re steps away from some of the best schools, the Palisades Park and Rec Center, and of course the incredible Palisades Village. With architecturally diverse homes set along meticulously landscaped streets, and one of L.A. County's most community-driven vibes, it’s among the most exclusive enclaves in Pacific Palisades.
That exclusivity isn't due to gilded gates or A-list club memberships. Instead, Huntington's selective transaction history is the rare L.A. phenomenon of homes infrequently finding their way to the market - because when someone buys a home here, they intend to stay.
Below, let’s take a closer look at this unique luxury marketplace, including current trends and price trajectories, and forecast what a seller can expect in 2024 should they decide to list one of Huntington Palisade's coveted high-end homes.
Market prices and trends
Huntington's real estate market is characterized by its diverse portfolio of properties. The collection of homes features everything from residences steeped in classic luxury to family-orientated contemporaries and a host of beautifully designed, architecturally significant homes.
Buyers don't mind paying a premium here, thanks to its location and tranquility, the architectural diversity, and the homeowners association's hyper-independence. Conversely, sellers benefit from a perpetually desirable market driven by the neighborhood's prestige, unparalleled location (did we mention the Palisades Village?), and the consistent demand for high-end homes. This pattern is reflected in several of Huntington's most recent key metrics:
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Sales: Of the roughly 500 homes in the Huntington sub-marketplace, only 14 homes were sold during 2023, with four occurring within the last 90 days. In 2022, 16 homes saw new ownership, with 35 homes sold in 2021.
A tighter market is not unique to Huntington, especially during economic uncertainty and higher interest rates. The absence of available homes, however, is telling. It is certainly not due to an unwilling buyer pool, but instead, sellers are holding tight to increasingly more valuable real estate secured with historically low mortgage rates. -
Days on the market: Two of the four single-family home sales spent less than 30 days on the market; another sold in less than 40 days.
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Median sales price: For 2023, the median sales price was $5.1 million. The average price is $5.61 million, buoyed by a $14.97 million sale in November. In early January, a home sold for $20 million.
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Current month inventory: If you're looking for a home in Pacific Palisades, it's a market with considerable balance and plenty of options for buyers. Sixty-five homes are currently listed, not including those pending or under contract. Only one of those 65 is available in Huntington.
Forecast for 2024
Heading into 2024, there are no secrets to the prestigious Huntington Palisades. The elegant enclave, hemmed in by Sunset Boulevard and the PCH to the north and south, and Chautauqua Boulevard and the George Wolfberg Park at Potrero Canyon to the east and west, is as close to a sure thing as anyone can get in the current, or any, marketplace. Demand far outweighs the minimal supply (as of mid-January 2024, only one listing is available in Huntington).
Regardless of market or economic conditions, would-be clientele of Huntington's bespoke won't be shy about pursuing the scarce opportunities when they become available.
Huntington's rarified segment of would-be buyers is also less concerned with the general trend of mortgage rates, minus the sub-4% rates that keep new listings from hitting the market with greater frequency. Current projections indicate mortgage rates will steadily decline to the 6.25% to 6.5% range by year-end.
Despite these fluctuations, the ultra-luxury market of Huntington Palisades remains relatively insulated. High-end properties maintain an unbreakable draw due to their value and limited availability.
Seller-focused insights
Sellers in the Huntington Palisades are uniquely positioned, often not constrained by the same financial pressures that affect other markets. The challenge for sellers in 2024 is deciding if they're ready to let go of the bespoke luxury of a Huntington home and, if so, ensuring they maximize the property's unparalleled standing and value to provide a highly successful sale.
The market in Huntington Palisades favors sellers to do just that, given the area's reputation and the scarcity of such high-caliber properties. And don't be surprised to see a number of homes sold off-market.
For sellers, timing and presentation in 2024 are critical. Emphasizing their properties' exclusivity, luxury, and distinctive features will attract the right clientele. Adjusting to their needs while leveraging the allure of Huntington Palisades' lifestyle will further enhance your listing and increase the odds for even more lucrative sales.
Start your Huntington Palisades journey today
If you want more insight into Huntington and the larger Pacific Palisades luxury market, contact the O'Connor Estates team today. Our team's extensive knowledge and expertise will ensure a successful and highly lucrative real estate transaction.
