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- 14% of Homes Damaged or Destroyed in Palisades & Eaton Fires
14% of Homes Damaged or Destroyed in Palisades & Eaton Fires
Slice of Real Estate Team
January 21, 2025
Key Highlights:
6,354 homes damaged or destroyed in Palisades and Eaton fire zones.
86% of homes destroyed; 14% damaged, primarily single-family homes.
0.17% of LA County homes affected, but ripples worsen housing shortage.
Rental prices skyrocketing, with bidding wars for leases.
Redfin agents report deal cancellations and market uncertainty.
Source: Business Wire
Notable Quotes:
“Tons of past clients are reaching out on behalf of friends, seeing if I know of any available rentals. There’s competition for nearly every rental, and it’s not just on price; a lot of people are taking on long leases to secure a place to live.”
“The fires are impacting a lot of deals. I have a $1.7 million home in Altadena that was supposed to close next week, but the buyers pulled out. It's a real mess.”
Why This Matters:
The Palisades and Eaton fires have left thousands displaced, amplifying LA's already strained housing market. With more than 6,000 homes lost or damaged and rental competition intensifying, families face an uphill battle for housing stability. This disaster underscores the critical need for increased housing development to meet demand in one of the nation's most impacted regions.