A quick update and comparison of our bustling real estate market.

The real estate market is an ever-changing landscape that can be influenced by various factors, such as interest rates, supply and demand, and the overall state of the economy. The Burbank, Glendale, and North Hollywood areas are no exception to these changes, and as such, it's essential to keep track of how the market is performing.

In February 2022, the real estate market in these areas was relatively stable. A total of 158 homes were purchased, with an average price of $952,000 and an average price per square foot of $688. As of February 28, 2022, the interest rate was 4.94%.

Fast forward to February 2023, and the market has experienced a significant shift. According to recent data, only 90 homes were sold, representing a drop of nearly 44% from the previous year. Despite the lower sales volume, the average price of these homes has increased to $1,066,000, which is up by 11%. The average price per square foot has also decreased slightly to $6.81, which is down by just 1%. As of February 20, 2023, the interest rate was 6.681%, which is a significant difference of 2.587% from the previous year.

“It's essential to keep track of how the market is performing.”

If you're a homeowner in these areas, you might be wondering what your home would sell for in today's market. We can provide you with a comparative market analysis that will give you an estimate of your home's value based on recent sales of similar properties in your area.

If you're wondering what your home would sell for in today's market, don't hesitate to reach out to us. We'd love to help. Contact us by phone or email. We look forward to hearing from you.