While California single-family real estate continues to increase as a whole, property values in Los Angeles County also reflect strong increases. The county’s property values increased 6.13 percent in 2015, the largest increase since 2010.
The median price of a single-family home also increased—a jump of 7.9 percent to $480,000. The average price was close to double that at $780,000.
Note: To determine the average price, we take the price of all the sales, add them up and then divide by the number of units. For example, if one wants the average price for five houses on a street priced at $400,000, $500,000, $600,000, $800,000 and $900,000—the total would be $3,200,000 divided by five for an average price of $640,000.
To determine the median price, we find the one in the middle. In the example above, there are two houses with prices below and two with prices above $600,000. The median price, then, is $600,000.