The wildfire that ravaged Los Angeles in January caused $51.7 billion in damage to residential properties within the city, according to a new report from real estate brokerage Redfin.
The report focused on homes inside the city limits and does not include damage from the Eaton fire in Altadena. The majority of the properties analyzed by Redfin were effected by the Palisades fire, a 23,000-acre blaze that killed at least 12 people.
Redfin identified roughly 11,000 residential parcels that were inspected by the city’s Department of Building and Safety after the fires. Most were single-family homes, and many were destroyed. The average value of a home prior to the fires was $3.7 million.
The Palisades fire destroyed swaths of the Pacific Palisades, a wealthy neighborhood that attracted celebrities and high-value development. Among the properties analyzed by Redfin, nearly 100 had a prefire value of more than $20 million.
More than 30,000 residents were forced to evacuate when the Palisades fire ignited Jan. 7. Fleeing families found themselves stuck in gridlock as flamed licked the side of the road; some abandoned their cars in desperation.
The California Department of Forestry and Fire Protection estimated the Palisades fire to be the third-most destructive in state history. Combined, the Palisades and Eaton fires were the second deadliest in state history, killing at least 31 people and burning more than 37,000 acres.
An early estimate from weather forecasting service Accuweather put the total expected damage and economic loss from the fires between $250 billion and $275 billion. That includes the costs of damage, loss of life, healthcare, business disruptions and other economic effects within Los Angeles and beyond.
Redfin’s report did not include commercial properties or city facilities. According to a January report, the wildfires damaged or destroyed about $350 million in public infrastructure, including streetlights, recreation centers and a library that burned down.
In Feburary, the UCLA Anderson Forecast estimated that the Eaton and Palisades fires could have collectively caused property and capital losses between $95 billion and $164 billion, with insured losses estimated at $75 billion.
The cause of the Palisades fire remains under investigation. A leading theory is that a smaller brush fire burning in the same area a week earlier was not fully extinguished.
The utility giant Southern California Edison is facing scrutiny over its equipment’s possible role in sparking the Eaton fire.
