Sharing the important changes happening in our local real estate market.

Welcome back to another market review! Today, we’re comparing July 2022 to July 2023 for the Burbank, Glendale, and North Hollywood markets. 

In July 2022, a total of 153 homes found new owners in these neighborhoods. The average home price was $1,104,000, with an average of 1,608 square feet per home. The price per square foot came in at an average of $608, and the mortgage rate at the end of the month was recorded at 5.302%. 

Now for July 2023, a total of 141 homes were sold, the average price of these homes climbed to $1,123,000, with an average of 1,592 square feet per home. The average price per square foot did go up a little bit to $718, and the rate at the end of the month increased to 6.81%. 

“It's important to stay informed and work with professionals who can guide you through these fluctuations.”

There are a few important things that these numbers tell us. There was an 18% increase in the number of homes sold, indicating that there was a shift in the market dynamics. Notably, despite the decrease in homes sold, the average price did go up about 1%. This suggests that even with some market fluctuations, the value of properties in these neighborhoods is holding strong. The most striking figure, though, is the mortgage rate—it surged by a substantial 23%, which speaks to the evolving economic landscape and its impact on the real estate sector. 

Remember that real estate is dynamic, so it's important to stay informed and work with professionals who can guide you through these fluctuations. Then you can know that you’re making the right decisions for yourself, your family, and your real estate goals. If you have any questions, we can help you explore your real estate opportunities. Feel free to call or email us anytime!