Northridge Real Estate Market Update

Market Overview

In September 2024, the Northridge real estate market exhibited positive growth, with the median home list price reaching $332,000, an 8.9% increase from the previous year. The median price per square foot was $290, indicating a stable market for prospective buyers.

Home Prices by Bedroom Type

A closer look at home prices by bedroom type shows the following trends:

1 Bedroom: No change
2 Bedrooms: No change
3 Bedrooms: Increased by 18.6%
4 Bedrooms: No change
5+ Bedrooms: No change

The significant increase in 3-bedroom homes highlights rising demand in that segment, while other categories remain stable.

Inventory and Sales Activity

The Northridge market had 1 home for sale in September 2024, reflecting a 100% increase compared to August 2024. However, with such low inventory, the market remains highly competitive. The inventory breakdown by bedroom type is as follows:

1 Bedroom: No change
2 Bedrooms: No change
3 Bedrooms: Increased by 100%
4 Bedrooms: No change
5+ Bedrooms: No change

This increase in 3-bedroom inventory suggests a response to growing buyer interest.

Days on Market

In September 2024, homes in Northridge had an average listing age of 26 days, a 29.7% decrease from the previous year. This quick turnover indicates that properties are selling more rapidly, reflecting a competitive market environment.

Conclusion

The Northridge real estate market in September 2024 is characterized by rising prices and swift sales, particularly in the 3-bedroom category. With limited inventory, buyers must act quickly to secure homes in this desirable area.

For expert assistance in buying or selling a home in Northridge, contact us today!