Chatsworth Real Estate Market Update: August 2024

The Chatsworth real estate market is witnessing significant changes as of August 2024. With a robust median home price and varying trends across different bedroom types, both buyers and sellers should pay close attention to these developments.

Price Trends

In August 2024, the **median home sold price** in Chatsworth reached **$1,119,333**, representing an impressive **22.6% increase** from the previous year. The **median price per square foot** was **$527**, underscoring the area's strong demand.

Breakdown by Bedroom Type

Examining the price changes by bedroom type reveals a mixed picture:

- **1-Bedroom Homes**: Prices decreased by **6.1%**.

- **2-Bedroom Homes**: Increased by **12.5%**, indicating growing interest.

- **3-Bedroom Homes**: Saw a modest rise of **4.9%**.

- **4-Bedroom Homes**: Increased by **15.1%**, reflecting strong demand for larger homes.

- **5+ Bedroom Homes**: Experienced a significant **22.3%** increase, signaling a robust market for larger family homes.

Inventory Insights

The Chatsworth market had **169 homes for sale** in August, a **9.0% increase** from July. Here's how the inventory broke down by bedroom type:

- **1-Bedroom Homes**: Inventory doubled, showing a **100% increase**.

- **2-Bedroom Homes**: Decreased by **17.9%**, suggesting tighter availability.

- **3-Bedroom Homes**: Increased by **14.3%**.

- **4-Bedroom Homes**: Grew by **23.3%**, providing more options for buyers.

- **5+ Bedroom Homes**: Rose by **7.3%**, indicating ongoing demand for larger spaces.

Sales Activity

In August 2024, **31 homes** were sold or pending in Chatsworth, reflecting a **13.9% decrease** month-over-month. Key sales insights include:

- **45%** of homes sold for under asking price.

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

- **42%** sold above asking price.

This competitive environment indicates that while some homes are still achieving over asking, a notable portion sold below expectations.

Market Dynamics

Homes in Chatsworth had an average of **27 days on the market** in August, which is up **46.6%** compared to last year. The sales timeline showed:

- **61%** of homes sold within **30 days**.

- **35%** sold between **30 to 90 days**.

- **3%** sold beyond **90 days**.

This data suggests a shift towards a slightly slower sales pace, despite a majority of homes still selling quickly.

Conclusion

The Chatsworth real estate market in August 2024 highlights a landscape of rising prices, increasing inventory, and competitive sales activity. While larger homes continue to see substantial price growth, the market is experiencing a mix of trends that buyers and sellers should consider.

For potential sellers, the current conditions may be favorable to capitalize on rising prices, while buyers will need to navigate a competitive environment. Understanding these trends is crucial for making informed decisions. If you’re looking to buy or sell in Chatsworth, now is the time to take action and leverage these market insights! Contact us today for expert guidance in this vibrant real estate market.