Sunny Malibu showed signs of cooling since its record years, 2022 and 2023. In 2024, sales prices dropped to $32M, down from $42M in 2023 and $46M in 2022. Despite this decline, the market remains robust;average sales prices sit well above Malibu’s 10-year average of $26M. It outperformed the broader Southern California region, where the average sales price is $18M.
Highlights
Average sales prices dip to $32M, but remain above the 10-year average
DOM rises to nearly 2 years, with faster sales still taking about 1 year
Faster sellers achieve 87% of the listing price, outperforming slower sales by 11%
Land of exclusive properties
One property in 2024 sold for a staggering $75M, highlighting Malibu’s long-standing appeal among high-net-worth buyers. This property skewed the average Days On Market (DOM) to increase by 50% since 2023. In reality, the average time on the market for properties in Malibu is closer to 1 year, in line with the regional average.
In 2024, we also saw that sellers who acted strategically reaped the rewards. Properties sold within 180 days achieved 87% of their listing price, compared to 76% for slower sales. This highlights the importance of pricing competitively to avoid long periods on the market without selling.
See if your property qualifies for auction.
Expand your pool of luxury buyers
Get a tailored marketing campaign
Speed up property sales