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devastating wildfire swept through Pacific Palisades, Malibu, and Los Angeles areas in January, causing an estimated $51.7 billion in damage to residential real estate. According to a new analysis by Redfin, the median price of homes destroyed was $3.7 million, with nearly 11,000 single-family residences affected.

    The majority of the damage came from the Palisades Fire, now ranked as California's third most destructive wildfire. Inspections conducted by the Los Angeles Department of Building and Safety found that many homes suffered catastrophic loss, despite not being completely destroyed.

    Key findings from Redfin's analysis include:

    * The median pre-fire home value was $3.7 million

    * Nearly 100 homes were worth over $20 million

    * The average size of affected homes was 2,916 square feet

    * Total damaged residential square footage topped 36.7 million

    * The typical home was built in 1957

    Most properties had a high fire risk score, classified as "major," according to the First Street Foundation's climate risk model. Local agent Greg Eubanks noted that the impact has been particularly acute in high-income enclaves like Pacific Palisades, where multimillion-dollar homes were reduced to ash.

    The city faces a long road to recovery, with many homeowners navigating insurance claims and deciding whether to rebuild, relocate, or sell. Redfin's analysis excludes damage from the separate Eaton Fire, suggesting that the true value of residential losses across Los Angeles County may be significantly higher than $51.7 billion.