Northridge Real Estate Market Update - August 2024

Market Overview

In August 2024, the Northridge real estate market showed impressive growth, with the median home sold price reaching **$1,090,000**, marking a **16.6% increase** from the previous year. The median price per square foot was **$522**, reflecting strong demand and property value appreciation.

Home Prices by Bedroom Type

Examining home prices by bedroom type reveals the following trends:

- **1 Bedroom:** No change

- **2 Bedrooms:** Increased by **5.5%**

- **3 Bedrooms:** Increased by **14.5%**

- **4 Bedrooms:** Increased by **11.6%**

- **5+ Bedrooms:** Increased by **7.4%**

These increases indicate a robust demand across most property types, particularly for 3 and 4-bedroom homes.

Inventory and Sales Activity

The Northridge market had **122 homes for sale** in August 2024, which is a **3.4% increase** from July 2024. The inventory breakdown by bedroom type is as follows:

- **1 Bedroom:** No change

- **2 Bedrooms:** Increased by **37.5%**

- **3 Bedrooms:** Increased by **5.4%**

- **4 Bedrooms:** Decreased by **14.3%**

- **5+ Bedrooms:** Increased by **9.1%**

This increase in inventory for 2 and 3-bedroom homes suggests a positive response to buyer demand, even as the availability of 4-bedroom homes declined.

Sales Activity

A total of **28 homes were sold or pending** in Northridge in August, reflecting a **12.5% decrease** month-over-month. Of these transactions, **39% were sold under asking price**, **7% sold at asking**, and **54% sold over asking**, highlighting a competitive market where many homes attract multiple offers.

Days on Market

Homes in Northridge averaged **20 days on the market** in August 2024, which is a **43.4% decrease** compared to last year. This swift turnover demonstrates a strong buyer interest, with **79% of homes sold within 30 days**.

Conclusion

The Northridge real estate market in August 2024 is characterized by rising prices and quick sales, particularly in the 3 and 4-bedroom categories. While inventory has increased, competition remains high, making it crucial for buyers to act quickly.

For expert assistance in navigating the Northridge market, **contact us today**!