Porter Ranch Real Estate Market Update - September 2024
Overview of the Market
In September 2024, the Porter Ranch real estate market demonstrated a robust performance, with a notable increase in median home prices. The median home sold price reached **$1,185,000**, reflecting a **6.8% increase** from the previous year. This upward trend is accompanied by a median price per square foot of **$524**, highlighting the area's desirability.
Home Prices by Bedroom Type
A closer look at the housing prices by bedroom type reveals significant variations:
- **1 Bedroom:** No change
- **2 Bedrooms:** Increased by **10.5%**
- **3 Bedrooms:** Increased by **12.6%**
- **4 Bedrooms:** Increased by **3.4%**
- **5+ Bedrooms:** Increased by **1.6%**
This data indicates strong demand for multi-bedroom homes, particularly for 2 and 3 bedroom properties.
Inventory and Sales Activity
The inventory of homes for sale in Porter Ranch showed an **18.8% increase** from August 2024, with **76 homes available**. Here’s a breakdown of the inventory changes by bedroom type:
- **1 Bedroom:** No change
- **2 Bedrooms:** No change
- **3 Bedrooms:** No change
- **4 Bedrooms:** Increased by **20%**
- **5+ Bedrooms:** Increased by **40%**
Despite the increase in inventory, the market remains competitive. A total of **12 homes were sold or pending** in September, marking a **20% increase** month-over-month. Of these, **25% were sold under asking price**, while a substantial **75% sold over asking**, indicating high demand and competitive bidding among buyers.
Days on Market
Homes in Porter Ranch experienced an average of **21 days on the market** in September 2024, which is an increase of **20.4% compared to last year**. Notably, **83% of homes sold within 30 days**, demonstrating that well-priced properties are still moving quickly in this market.
Conclusion
The Porter Ranch real estate market in September 2024 showcases a resilient environment for sellers, with rising prices and strong demand across various home types. For buyers, while competition is fierce, the increase in inventory presents new opportunities. If you're considering buying or selling a home in Porter Ranch, now is an excellent time to explore your options.
For expert guidance and assistance in navigating the Porter Ranch real estate market, **contact us today**!
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