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Here is a quick overview of what’s happening in our real estate market.

It’s time for our October real estate market update for Burbank, Glendale, and North Hollywood, where we'll compare the real estate landscape from October 2022 to October 2023, highlighting key statistics that potential buyers and sellers should be aware of.

In October 2022, the real estate market in these areas saw a total of 131 homes sold, with an average sales price of $1,104,000. The average price per square foot stood at $689, and the interest rate at the end of the month was 7.059%.

Fast forward to October 2023, and we see positive trends in the market. The number of homes sold increased by 6%, reaching a total of 140. The average sales price also saw a 2% uptick, earning $1,120,000. Additionally, the average price per square foot experienced a 3% increase, now at $715.

“Whether you're looking to make a move or simply want to explore your options, staying informed is key.”

While there are positive signs in sales and average prices, it's crucial to note a shift in interest rates. By October 31st, 2023, the interest rate increased to 7.77%, marking a 0.718-point rise from the previous year.

If you're considering buying or selling, now is a fantastic time to connect with us. The real estate market is dynamic and always changing, and these numbers can serve as a valuable guide for your decisions. If you have any questions about the data or want to discuss your real estate goals, don't hesitate to reach out by phone or email.