Is North Hollywood’s Small Multifamily Market Softening?

If you’ve been watching duplexes, triplexes and fourplexes in North Hollywood lately, you may have noticed some properties sitting longer and taking price reductions before they sell.

I wanted to see if the numbers actually backed that up.

I pulled 64 closed North Hollywood 2–4 unit sales from CRMLS going back to January 2025. For the year-over-year comparison, I looked at the same January 1–September 4 period in each year.

Here’s what changed:

North Hollywood 2–4 Unit Sales | Jan. 1–Sept. 4

Closed sales: 32 → 17 (−47%)

Median sale price: $1.219M → $1.075M (−12%)

Median price per unit: $403,125 → $371,250 (−8%)

Median price per square foot: $454 → $396 (−13%)

Median days on market: 40 → 77 (+93%)

Sold below original asking price: 66% → 82%

2025 → 2026

So yes, I think it’s fair to call this a softer market.

But the part I find interesting is what’s happening underneath those numbers.

77 Days Gets My Attention

The decline in median price is interesting.

But the number that really gets my attention is 77 days on market.

That’s almost double last year. And 82% of the properties that sold this year closed below their original asking price.

The typical sale also closed at about 95.9% of its original asking price, compared with roughly 97.0% last year.

To me, that says sellers are having a harder time dictating the terms.

It doesn’t mean buyers can throw out any number they want. Good properties can still command good prices.

But there appears to be more room for a buyer to be patient and selective.

I Wanted to Make Sure the Mix Wasn’t Fooling Me

Small multifamily is not a huge market, so averages and medians can get distorted pretty quickly.

A new fourplex and a 1940s duplex might both show up under “residential income,” but they’re obviously very different properties.

So I separated out properties built before 2000.

The same pattern was still there.

Median price per square foot dropped from about $447 to $387, while median days on market went from 40 to 78 days.

That makes me more comfortable saying there’s actual softening here, rather than just a different mix of properties selling this year.

But Not Everything Is Getting Cheaper

Fourplexes are a good example.

The fourplexes that sold in 2026 were substantially newer, as a group, than the ones that sold during the comparable period last year.

And their median price per unit actually increased.

That’s why I wouldn’t tell someone, “North Hollywood multifamily is down 8%,” and leave it there.

A 1940s duplex with existing tenants, an older triplex with some work to do, and a newer fourplex with strong rents are technically all small multifamily.

They are not the same investment.

This Is Where It Gets Interesting to Me

A softer market doesn’t automatically mean something is a good deal.

But it can create the conditions for one.

I’m particularly interested in older 2–4 unit properties that have been sitting, properties with a vacant unit that could work for an owner-occupant, and properties where the existing buildings may not represent the full potential of the site.

If something has been sitting for 80 or 100 days, I want to know why.

Is it just overpriced?

Are the rents too low to support the asking price?

Is there deferred maintenance?

Are existing tenants limiting what a new owner can realistically do?

Or is there something about the property that buyers are overlooking?

That’s where I stop thinking about “the North Hollywood market” and start looking at the actual deal.

What I’m Watching

Based on the CRMLS data, I’m comfortable saying North Hollywood’s small multifamily market is softer than it was a year ago.

There are fewer transactions. Properties are taking considerably longer to sell. Price per unit and price per square foot are lower. And more sellers are ultimately accepting less than their original asking price.

What I’m not saying is that every duplex, triplex and fourplex in North Hollywood is suddenly cheap.

The differences between individual properties matter too much for that.

For me, the opportunity is finding the property where the market has created some negotiating room and the underlying real estate still makes sense.

That’s what I’ll be watching.

Analysis based on CRMLS residential-income closed-sale data for North Hollywood provided October 4, 2026. The dataset contains 64 closed 2–4 unit sales from January 2025 through September 4, 2026. Year-over-year comparisons use January 1 through September 4 for each year.