A quick market update for the Burbank, Glendale, and North Hollywood areas.

Did you know that interest rates are up over 109% compared to last year? That alarming change is among many in our market, so today I’m providing a quick update for the Burbank, Glendale, and North Hollywood areas. I’ll show how things have changed from September 2021 to September 2022. 

We had 193 closed sales last September, which is 9% more than this September when we had 176. Meanwhile, last September’s average sale price was $995,000. This year, it raised 5% to over $1 million. 

Furthermore, the average price per square foot was $643 last September and $687 this year—a 6% increase. The big news is the interest rates: Last September, they were 3.204%, and this year they’re at 6.720%—that’s an increase of 3.516%.

What we've been doing recently to help buyers get a lower interest rate is asking sellers for up to 2%, which is called an interest rate buydown. That makes things much more affordable for buyers in today's market.

If you have any questions about how we can help you with an interest rate buydown, please give us a call or send an email. It would be our sincere pleasure to help.