Let’s dive into the changes we’ve observed over the past 12 months.

Welcome to our monthly market update for the Burbank, Glendale, and North Hollywood areas. Today, we'll take a closer look at the real estate market, comparing September 2022 to September 2023. The numbers reveal some interesting trends, so let's dive in.

In September 2022, the market was robust. A total of 128 homes were sold, with an average price of $1,138,000. The average price per square foot was $726, and the mortgage rate at the end of the month stood at 6.72%.

Fast forward to September 2023, and we observe a few shifts in the market dynamics. The number of homes sold decreased significantly to 92, a 39% drop from the previous year. However, this dip in supply didn't deter buyers, as the average home price surged to $1,280,000, a remarkable 12% increase from 2022. Additionally, the average price per square foot also rose, reaching $752. The mortgage rate at the end of the month in 2023 increased to 7.45%, up by 0.73% from the previous year.

“The real estate market in Burbank, Glendale, and North Hollywood is experiencing changes in supply, demand, and pricing.”

These numbers tell us that the market is in a state of flux, and staying informed is crucial for anyone considering buying or selling a home in Burbank, Glendale, or North Hollywood. Despite a significant reduction in the number of homes sold, prices have continued to rise. The average price per square foot also increased, and mortgage rates are ticking upward. This shift indicates that the real estate landscape in these areas is evolving.

If you have any questions or need assistance with your real estate needs, don't hesitate to reach out to us. We are always here to help, as we are passionate about all things real estate.