Chatsworth Real Estate Market Update: A Seller's Market Continues in October 2024

Home Prices in Chatsworth: Steady Growth

In October 2024, the median home price in Chatsworth reached **$1,084,925**, marking a notable **16.5% increase** compared to the previous year. This rise is indicative of a hot housing market where demand is outpacing supply, and homes are fetching higher prices. The **median price per square foot** stood at **$521**, further reflecting the strong demand for homes in this desirable neighborhood.

Price Trends by Bedroom Type

Breaking down prices by bedroom size, we see variations across different home types:

- **1-bedroom homes**: Up **9.1%** compared to last year.

- **2-bedroom homes**: Increased by **9.2%**.

- **3-bedroom homes**: Stayed the same, showing no significant price change.

- **4-bedroom homes**: Saw a solid increase of **12.4%**.

- **5+ bedroom homes**: Rose by **9%**.

This price fluctuation highlights the growing demand for larger homes, especially with more buyers seeking additional space for home offices or multi-generational living.

Inventory Levels: A Slight Uptick

In October 2024, the number of homes for sale in Chatsworth was **165**, a **5.1% increase** compared to September 2024. However, when looking at inventory by bedroom type, there are some interesting shifts:

- **1-bedroom homes**: Decreased by **50%**, showing a sharp drop in available units.

- **2-bedroom homes**: Fell by **20%**.

- **3-bedroom homes**: Decreased by **9.7%**.

- **4-bedroom homes**: Increased by **22.5%**, indicating more larger homes coming onto the market.

- **5+ bedroom homes**: Increased by **10.9%**, adding more large properties for buyers seeking more space.

This shows that while the overall number of homes for sale increased slightly, smaller homes are becoming scarcer, and larger homes are becoming more available.

Homes Sold and Pending: A Steady Pace

In October, **32 homes were sold or pending** in Chatsworth, which is the same as September 2024. Despite the relatively low number of transactions, the market remains competitive:

- **56%** of homes sold for less than asking price.

- **13%** sold for asking price.

- **31%** sold for more than asking price.

This suggests that many buyers are still competing over homes, leading to a significant percentage of properties selling above the listing price.

Time on Market: Slight Increase

Homes in Chatsworth had an average of **36 days on market** in October 2024, which is a **12.8% increase** compared to last year. While the market is still strong for sellers, properties are taking slightly longer to sell compared to 2023. This could be an indication that buyers are being more selective or that the higher price points are leading to longer decision-making times.

Sales Breakdown by Timeframe

In terms of how quickly homes are selling, the breakdown is as follows:

- **59%** of homes sold in **30 days or less**.

- **34%** sold between **30 to 90 days**.

- **6%** took more than **90 days** to sell.

This data underscores the ongoing demand for homes in Chatsworth, with the majority of homes still selling within a month.

What Does This Mean for Buyers and Sellers?

For **sellers**, it’s still a great time to list your home. The market is competitive, with many homes selling for more than the asking price, and inventory remains relatively low, especially for smaller homes. If you have a larger property, you may see even more demand, with 4+ bedroom homes becoming increasingly popular.

For **buyers**, patience and preparation are key. With home prices continuing to rise, it’s important to have your financing in place and be ready to act quickly when a home that meets your criteria hits the market. Despite some homes taking longer to sell, the competitive nature of the market means that homes can still move fast, especially those priced attractively.

Conclusion

Chatsworth’s real estate market remains a seller’s market, with rising prices and a steady number of homes selling quickly. While some trends indicate longer days on market, the overall strength of the market shows that homes continue to sell for higher prices, and buyers need to be ready for competition. Whether you're buying or selling, understanding these trends will help you make the best decisions in today’s fast-moving Chatsworth housing market.