Northridge Housing Market Update: October 2024 – A Strong Seller’s Market

Housing Prices by Bedroom Type

In terms of price increases by bedroom type, here's a breakdown of how homes have appreciated:

- **1-Bedroom Homes**: No change in price from last year.

- **2-Bedroom Homes**: Increased by 9.1%.

- **3-Bedroom Homes**: Increased by 6.8%.

- **4-Bedroom Homes**: Saw the biggest jump, increasing by 19%.

- **5+ Bedroom Homes**: Increased by 11.4%.

These trends highlight the steady demand across all sizes of homes, with 4-bedroom properties showing the highest percentage of growth.

Inventory and Market Activity

The Northridge housing market saw a noticeable boost in inventory in October 2024. The number of homes available for sale rose by 21.6% compared to the previous month, totaling 135 active listings. Here’s how inventory shifted by bedroom type:

- **1-Bedroom Homes**: No change in inventory.

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

- **3-Bedroom Homes**: Saw a significant rise of 35.3%.

- **4-Bedroom Homes**: A slight dip of 2.9%.

- **5+ Bedroom Homes**: Increased by 45.5%.

This surge in inventory, particularly in 3-bedroom and 5+ bedroom homes, indicates a broader selection of properties for buyers to choose from. However, with such strong demand, homes are still selling relatively quickly.

Homes Selling Fast: A Seller’s Advantage

October’s sales numbers underscore the competitive nature of the Northridge housing market. A total of 28 homes were sold or pending in October, a 27.3% increase from September. Of these homes:

- **32%** were sold under asking price.

- **29%** were sold at asking price.

- **39%** were sold over asking price.

This means that nearly 40% of buyers were willing to bid above the asking price, a clear sign that Northridge remains a hot market. On average, homes were on the market for 30 days in October 2024, a slight increase of 1.7% from the previous year. However, homes are still selling quickly: 89% of homes sold in October were on the market for 30 days or less.

What This Means for Buyers and Sellers

For sellers, the current market conditions are highly favorable. With a strong upward trend in prices and homes selling quickly—especially for larger homes—now is an excellent time to list a property. Sellers can expect more competition and the possibility of multiple offers, sometimes over the asking price.

For buyers, it’s essential to be prepared for a competitive market. With homes selling quickly and prices continuing to rise, those interested in Northridge real estate should be ready to act fast and possibly offer above asking to secure a property.

Looking Ahead

As we move into the end of the year, it’s likely that the Northridge housing market will remain competitive, with sellers continuing to see higher prices and faster sales. While inventory has increased from the previous month, it remains to be seen if the market will stabilize or if prices will continue to climb in 2025.

Whether you're looking to buy or sell, the Northridge real estate market offers both opportunities and challenges—especially for those looking to make a move in a seller-driven market.