A quick real estate market update comparing June 2021 to June 2022.

Today we want to give you a quick market update and compare June 2021 to June 2022 to explain what's going on in the Burbank, Glendale, and North Hollywood markets. Here’s how our market has changed over the past year:

• In June 2021, there were 242 sales, while there were 189 sales in June 2022. That’s a drop of over 28%.

• The average sales price last year was $978,000. This year, it rose by 9% to just over $1 million.

• The average price per square foot last year was $650. This year it rose by 12% to $732.

• At this time last year, interest rates were at 3.155%. By June 2022, they had risen by 2.633% and ended up at 5.788%. However, we're starting to see interest rates level off. This is great news for buyers shopping around during this peak home-buying season.

We're seeing more inventory on the market and more buyers, so it’s a great time to buy and sell. If you have any questions, don’t hesitate to reach out to us by phone or email. We look forward to hearing from you.