Here’s a general market update and comparison for January 2023 to 2024.

In real estate, staying up-to-date with market trends is vital for informed decision-making. It gives you an idea of possible sales, soaring prices,  and fluctuating interest rates. So today,  we will compare the market trends of January 2024 to January 2023 for the Burbank, Glendale, and Plywood areas.

In January 2023, the market saw significant activity, with 90 home sales. The average price point increased to a high of $1,164,000 million, accompanied by an average price per square foot of $678. At the same time, interest rates fluctuated between 6.5% and 8%, setting the tone for robust market dynamics.

“Although we experienced a 4% decrease in sales from 2023 to 2024, the home market surged by 12%.”

Fast forward to January 2024, when the market landscape experienced subtle shifts. Even though the number of sales increased to 94, the average home price, on the other hand, slightly dropped to $1,030,000 million. Notably, the average price per square foot saw an uptick, reaching $690. Meanwhile, interest rates settled at 6.15%.

This implies that although we experienced a 4% decrease in sales from 2023 to 2024, the home market surged by 12%.

Making intelligent decisions in the real estate market requires an understanding of the subtle movements in the market. Whether you're thinking about buying or selling real estate, being aware of market changes gives you the ability to move through deals with confidence. We also have some great new down payment assistance options with our lender, which we would be delighted to share with you. 

If you are thinking about buying or selling a house soon, are wondering about the value of your property, or are a potential buyer seeking to make a move, my team and I are here to help you at every step; we are only a phone call, text, or message away.