Porter Ranch Housing Market Update: October 2024

Market Breakdown by Bedroom Type

The housing market in Porter Ranch showed varied price changes depending on the size of the home. Here’s a look at how different bedroom types performed in October 2024 compared to the previous year:

- **1-Bedroom Homes:** Prices remained unchanged.

- **2-Bedroom Homes:** Saw a slight decrease of 3.3%.

- **3-Bedroom Homes:** Increased by 11.1%, reflecting a higher demand for family-sized homes.

- **4-Bedroom Homes:** Saw a moderate increase of 4.3%.

- **5+ Bedroom Homes:** Experienced a smaller increase of 1.9%.

Despite fluctuations in price across different home sizes, the general upward trend in the market suggests a continued demand for homes in Porter Ranch, particularly for larger properties.

Housing Inventory & Sales Activity

Inventory in Porter Ranch saw a significant month-over-month increase in October 2024. The number of homes for sale rose by 15.5%, with a total of 82 homes available, up from September. Here’s a breakdown of inventory by bedroom type:

- **1-Bedroom Homes:** Inventory remained steady.

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

- **3-Bedroom Homes:** Inventory increased by 16.7%.

- **4-Bedroom Homes:** Inventory increased by 8.3%.

- **5+ Bedroom Homes:** Inventory spiked by 29.4%.

The surge in inventory, particularly for larger homes, could be an indication of growing supply to meet the demand, especially as families look for more spacious living options.

Sales Trends

In terms of sales activity, Porter Ranch saw a remarkable uptick in transactions in October. A total of 27 homes were sold or were pending, marking a massive 125% increase compared to September. Interestingly, a significant portion of these homes were sold above asking price, with 48% of properties selling for more than the listed price. Another 44% of homes sold below asking, and only 7% sold at the asking price.

Homes in Porter Ranch are still moving relatively quickly, with 70% of homes selling within 30 days. However, there was a noticeable increase in the average time on market, with homes staying on the market for an average of 22 days, up by 57.9% compared to the same time last year.

Conclusion

October 2024 continued to demonstrate the strength of Porter Ranch’s housing market. With rising home prices and higher inventory levels, the market remains competitive, especially for larger homes. The surge in sales, combined with the notable number of homes selling over asking price, suggests that demand for Porter Ranch properties remains robust. While homes are taking slightly longer to sell compared to last year, the overall trend indicates a market that favors sellers and continues to offer opportunities for buyers willing to compete.

As we head into the end of the year, it's likely the Porter Ranch market will continue to show resilience, with potential buyers and sellers keeping a close eye on inventory levels and pricing trends in the months ahead.