The real estate market in Los Angeles saw a big increase over the last year. The cost of a home went up by 9.3% in March 2024 compared to the same time last year, according to Zillow.

The average price of a single detached home in the Greater Los Angeles area is roughly $959,400.

A report compiled by the real estate website finds that out of the five metro areas in the nation with the highest month-to-month price increase, four are in California.

The average price of a home went up by 2% from February to March of this year. Los Angeles ranks fifth in the U.S., behind San Jose, San Francisco, Seattle and San Diego.

A lack of supply continues to drive high prices. New listings are up by just 2% compared to 2023, and buyers have paid over the asking amount in 49% of all home sales in L.A., Zillow says.

This resulted in many of the listings being snatched up quickly. Some homes are typically on the market for 13 days, which is six fewer days than in March of 2023.

Nationally, the three metro areas where prices have decreased the most compared to last year are New Orleans, which saw a 7.6% decrease, and two areas in Texas, with Austin seeing a 4.1% dip, and San Antonio, where home prices fell by 1.9%.

The rental market in the L.A. metro area is slightly up compared to the same time last year. The average monthly cost for rent in L.A. is $2,925, a 2.5% increase to March of 2023.

Renters in the L.A. metro area pay a little less than $1,000 more than the national average, which is at $1,983 a month, according to Zillow.

The full Zillow housing market report can be found here.