Redfin: More Than $50B in Los Angeles Homes Impacted by January Fires

(Image courtesy of Roberto Nickson/pexels.com)

Redfin, Seattle, reported that $51.7 billion in homes in Los Angeles–amounting to about 11,000 residential properties–were impacted by January’s Palisades fire.

The majority of those properties were single-family homes, totaling 36.7 million square feet.

Redfin analyzed data provided by the Los Angeles Council regarding the Palisades fire, now believed to be the third most destructive wildfire in California history. The firm compared impacted residential parcels to its own data on home values in the area.

The data doesn’t include the impact of the Eaton fire, which severely affected the near Los Angeles suburb of Altadena.

The typical impacted home in Los Angeles had a value of $3.7 million and was built in 1957. The typical home was about 2,916 square feet.

“The L.A. housing market is moving slowly after the fires,” said local Redfin Premier Real Estate Agent Greg Eubanks. “A lot of people who lost their homes are renting while they work through the insurance claim process, and haven’t figured out whether, when or where they’ll buy again. Some people whose homes burned in the Palisades have put their vacant lots up for sale, but those aren’t selling as quickly as the lots in Altadena because the price point in the Palisades is so much higher, which is a barrier for investors. It’s also a bit of a tough sell because infrastructure hasn’t been rebuilt yet–there are still no grocery stores.”