January blazes wreaked havoc on residential property across the city
The January wildfires that swept across Los Angeles left an estimated $51.7 billion in residential property affected, according to a recent analysis by Redfin.
The estimate is based on data released by the Los Angeles City Council and property valuations from Redfin as of December 2024.
City officials identified 11,125 parcels that required inspection by the Los Angeles Department of Building and Safety after the fires. Of those, nearly 11,000 had existing Redfin value estimates. Most of the properties were single-family homes, and many sustained complete destructions.
The Palisades Fire accounted for the largest share of the damage, based on information from the California Department of Forestry and Fire Protection. Considered California’s third most destructive wildfire on record, the event severely affected the Pacific Palisades area and extended into other residential zones.
The Redfin report did not account for properties damaged by the Eaton Fire in nearby Altadena, suggesting the total financial impact exceeds current estimates.
Property characteristics within the affected group revealed consistent trends. The typical home was valued at $3.7 million before the fires and measured 2,916 square feet in finished space. Nearly 100 homes exceeded $20 million in value. On average, these homes were constructed in 1957. Cumulatively, the properties represented roughly 36.7 million square feet of built space. Risk scores associated with these homes placed them at a level 5 on the First Street Fire Factor scale, labeled as “major” risk.
The First Street Fire Factor score is based on an assessment model that combines historical fire data with climate projections to assign relative fire risk. These scores are not assigned to specific years but rather represent projected and ongoing risk.
Greg Eubanks, a Redfin Premier agent in Los Angeles, said that many displaced residents are currently renting as they sort through insurance matters and long-term housing decisions.
“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,” he added.
Eubanks attributed the slower pace of sales to higher land prices and the lack of supporting infrastructure in affected neighborhoods.
