West Hills Real Estate Market Update - September 2024

Market Overview

In September 2024, the West Hills real estate market showed a moderate increase, with the median home sold price reaching $1,019,833, reflecting a 5.2% rise from the previous year. The median price per square foot was $556, underscoring the area's continued appeal.

Home Prices by Bedroom Type

Analyzing home prices by bedroom type reveals varied trends:

1 Bedroom: Decreased by 9.4%
2 Bedrooms: Decreased by 18.6%
3 Bedrooms: Increased by 5.6%
4 Bedrooms: Increased by 5%
5+ Bedrooms: Increased by 0.1%

While one and two-bedroom homes saw notable price declines, larger homes (3 bedrooms and above) experienced slight increases, reflecting shifting buyer preferences.

Inventory and Sales Activity

The West Hills market had 144 homes for sale in September 2024, marking a 15.2% increase from August 2024. The inventory breakdown by bedroom type is as follows:

1 Bedroom: Increased by 100%
2 Bedrooms: No change
3 Bedrooms: Increased by 36.8%
4 Bedrooms: Increased by 1.9%
5+ Bedrooms: Increased by 10.3%

A total of 33 homes were sold or pending, representing a 17.9% increase month-over-month. Of these transactions, 42% were sold under asking price, 24% sold at asking, and 33% sold over asking, indicating a competitive market environment.

Days on Market

In September 2024, homes in West Hills averaged 27 days on the market, an increase of 41.3% compared to last year. Despite the rise in days on market, 61% of homes sold within 30 days, suggesting that well-priced homes continue to attract buyers quickly.

Conclusion

The West Hills real estate market in September 2024 reflects a mixed landscape, with steady median prices and increasing inventory. While smaller homes face price challenges, larger homes remain in demand. For those considering buying or selling in West Hills, the current market dynamics present both opportunities and challenges.

For personalized guidance in navigating the West Hills real estate market, contact us today!