Porter Ranch Real Estate Market Update: July 2024

If you’re contemplating listing your property in Porter Ranch, the latest market data from July 2024 provides valuable insights. With the median home price reaching $1,200,000—an impressive 9.1% increase from last year—the Porter Ranch real estate market is thriving. This surge presents a prime opportunity for sellers to capitalize on the strong demand.

Price Trends by Bedroom Type in Porter Ranch

**1-Bedroom Homes**: Prices have remained stable, indicating steady demand in this segment.
**2-Bedroom Homes**: Prices have increased by 32.5%, highlighting a competitive market.
**3-Bedroom Homes**: Saw a notable rise of 12.9%, reflecting ongoing interest.
**4-Bedroom Homes**: Experienced a modest increase of 6.5%.
**5+ Bedroom Homes**: Prices grew by 4.8%, showing sustained interest in larger properties.

Inventory Insights for July 2024

Porter Ranch had 74 homes on the market in July 2024, marking a 4.2% increase from June. Here’s a breakdown of inventory by bedroom type:

**1-Bedroom** and **2-Bedroom Homes**: No change in inventory levels.
**3-Bedroom Homes**: Inventory decreased by 8%, indicating a tighter market.
**4-Bedroom Homes**: Increased by 10.7%, offering more choices for potential buyers.
**5+ Bedroom Homes**: Rose by 12.5%, catering to larger families.

Sales Activity and Market Dynamics

In July, 22 homes were sold or pending in Porter Ranch, representing a 24.1% decrease month-over-month. Key sales insights include:

**45% of homes sold below asking price**
**5% sold at asking price**
**50% sold above asking price**

Homes in Porter Ranch had an average of 19 days on the market, down 15.1% from last year. Notably, 82% of homes sold within 30 days, demonstrating a brisk sales pace. Homes sold within 30 to 90 days made up 18%, with no properties selling beyond 90 days.

Why Now Is the Time to List Your Property in Porter Ranches

The Porter Ranch real estate market is experiencing significant price growth and fast-paced sales. If you're considering listing your property, now is an excellent time to take advantage of these market trends. With rising home values and quick sales, partnering with a skilled real estate agent can help you navigate this competitive environment and achieve the best outcome for your property.

For expert advice on listing your property in Porter Ranch and to capitalize on current market conditions, contact us today. Let's work together to make the most of this thriving real estate market!