West Hills Real Estate Market Update: August 2024

The West Hills real estate market continues to evolve, showcasing intriguing trends in pricing, inventory, and sales activity as of August 2024. If you're considering buying or selling in this area, here's a comprehensive look at the current landscape.

Price Trends

In August 2024, the **median home sold price** in West Hills was **$1,016,666**, reflecting a **6.3% increase** from the previous year. The **median price per square foot** was recorded at **$558**, indicating steady demand in the market.

Breakdown by Bedroom Type

Examining price changes by bedroom type reveals a varied landscape:

- **1-Bedroom Homes**: Prices increased by **14.1%**, showing strong interest in smaller units.

- **2-Bedroom Homes**: Experienced a decrease of **9.1%**, suggesting potential oversupply or reduced demand in this category.

- **3-Bedroom Homes**: Increased by **9%**, reflecting continued buyer interest.

- **4-Bedroom Homes**: Saw a moderate increase of **5.6%**.

- **5+ Bedroom Homes**: Prices rose by **6.2%,** indicating sustained demand for larger family homes.

Inventory Insights

The West Hills market had **132 homes for sale** in August 2024, which is a slight **1.5% increase** compared to July. Here’s how the inventory broke down by bedroom type:

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

- **2-Bedroom Homes**: Also unchanged in inventory.

- **3-Bedroom Homes**: Increased by **11.1%**, offering more choices for buyers.

- **4-Bedroom Homes**: Inventory stayed the same.

- **5+ Bedroom Homes**: Decreased by **6.1%**, indicating a tighter market for larger properties.

Sales Activity

August 2024 saw **27 homes** sold or pending in West Hills, representing a notable **43.8% decrease** month-over-month. The sales distribution was as follows:

- **59%** of homes sold for under asking price.

- **4%** sold at asking price.

- **37%** sold above asking price.

This indicates a competitive environment, although a significant number of homes sold below asking suggests buyers are negotiating.

Market Dynamics

Homes in West Hills had an average of **26 days on the market** in August, which is up **38.2%** compared to last year. The timeline for sales showed:

- **74%** of homes sold within **30 days**.

- **19%** sold between **30 to 90 days**.

- **7%** sold over **90 days**.

This data points to a slight slowdown in the sales pace compared to previous periods, yet a majority of homes are still selling relatively quickly.

Conclusion

The West Hills real estate market in August 2024 highlights a mix of rising prices and varied inventory dynamics. While 1-bedroom homes are seeing significant appreciation, 2-bedroom homes appear to be under some pressure. Overall, the market remains active, but the decrease in sales and longer time on market may signal a transitional phase.

Whether you're looking to sell or buy, understanding these trends is crucial. If you're considering entering the West Hills market, now is a great time to seek expert advice and navigate this evolving landscape effectively. Contact us today for personalized insights and strategies tailored to your real estate goals!