"LA" is many markets, and a wildfire hits specific areas, so the effect is geographically concentrated. Fires mostly touch brush-adjacent and hillside neighborhoods. Flatter areas that went untouched can look unchanged. For detail on the impacted areas, ZIP-level data from a provider like Altos beats any region-wide headline. On prices, the durable dynamic is displacement demand. When homes burn, those owners still owe their mortgage and still need somewhere to live, so they buy or rent something comparable nearby. That pushes demand into neighboring markets of similar value to what was lost. When the areas hit are high-end, the pressure shows up in the luxury purchase and rental segment rather than entry-level housing. If lower-cost or hillside areas closer to entry-level buyers had been the ones affected, the consequences for first-time buyers would be much larger. One caution against assuming everyone displaced is wealthy: some are long-time owners living on fixed income with little else, so a luxury ZIP code does not mean every affected family has deep reserves. On listings, do not assume a flood of new inventory just because people are talking about selling. What actually shows up varies a lot by neighborhood, so check the real numbers for the specific ZIPs rather than reacting to the narrative.