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:
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:
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.
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