Torrance Market Year End Report - 2024 vs 2023
Torrance market was a seller's market in 2024. Home sales were lower than in the previous years. The buyer demand was lower than in 2023 due to higher mortgage interest rates and very low inventory of homes available for sale. Home sellers who had in recent years locked in historically low interest rates on their loans have stayed put. This created an imbalance in our market that pushed home prices up.
Below you'll find property sales data in the year 2024 as it compares to the year 2023, broken down by property type. Torrance single family home sales were lower by percent while the average sales price for single family homes was up by 8 percent. The condo market recorded better sales and higher prices. Most probably, it was due to the affordability crisis especially hitting first time buyers.
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TORRANCE
Single Family Homes
| Torrance | Year 2024 | Year 2023 | Difference |
| No. of Sales | 615 | 629 | -2 % |
| Average Price | $1,253,231 | $1,115,693 | +8 % |
| Median Price | $1,205,000 | $1,125,000 | + 7% |
| Days on Market | 19 | 22 | - 3 days |
Condos and Townhomes
| Torrance | Year 2024 | Year 2023 | Difference |
| No. of Sales | 291 | 257 | +13 % |
| Average Price | $749,714 | $681,821 | +10% |
| Median Price | $739,000 | $675,000 | +9% |
| Days on Market | 27 | 27 | no change |
Torrance Market Report in Real Time