Northridge is a neighborhood situated in the San Fernando Valley region of Los Angeles. Best known as the home to the famous California State University, the city covers 9.47 square miles and, as of 2022, has a population of 70,653. Northridge has a population density of 6,416 people per square mile and is one of the sparsest neighborhoods in Los Angeles.
Due to its favorable location in the San Fernando Valley, right next to the Los Angeles metropolis, Northridge’s real estate market attracts some of the wealthiest people in and around the city and people from other cities and states. Working with well-seasoned real estate professionals such as Mel Wilson & Associates will grant you access to accurate data and analysis that gives you a clearer picture of current and future local market trends for home buyers and sellers.
Let’s look at Northridge real estate market trends and forecasts for 2022 and find out why Northridge is one of the best real estate markets to invest in California.
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Northridge Real Estate Market 2022 Insight And Statistics
Following the impact of the pandemic, which drew the Northridge real estate market to a screeching halt, we saw the first signs of the sector roaring back to life mid-last year. The housing market in Northridge and the rest of Southern California has been booming since last year, thanks to historically low-interest rates and the desire for more space.
This article will analyze data and examine recent real estate market trends to predict where the Northridge market is headed for 2022 and beyond.
The median value of home prices in Northridge in April 2022 comes out to $1.0M. Compared to 2021, the value of homes in Northridge has increased by 15.0% this year. Northridge’s home resale inventory is 89, which has increased by 28 percent since March 2021. The Northridge housing market is currently very competitive. In the past 12 weeks, homes in Northridge have sold from 3.0% to 6.0% over the list price.
Available Northridge Real Estate Listings
Northridge MLS Listings
Northridge Real Estate Market Trends - Forecast 2022
Going by recent trends, the future looks quite promising for Northridge real estate. The brief disruption brought about by the pandemic has created a fantastic window of opportunity for people looking to buy, sell, or invest in Northridge.
The Los Angeles real estate sector has shown remarkable resilience and is poised to bounce back with full vigor as 2022 progresses. While the pandemic negatively impacted the Northridge real estate market, historically low-interest rates, rapidly appreciating assets, and pent-up demand has stirred up a lot of activity.
Because interest rates are low, buyers are motivated to buy, making the local Northridge market favorable for both buyers and sellers.
How are the Northridge Housing Market Trends?
- Median List Price$999,999
- Median List /Sq.Ft.$491
- Median Sale Price$1,006,000
- Median Rent per Month$2,397
Northridge Condos Market Trends
As of April 2022, the median sale price of condos in the Northridge Housing Market is $478,000. Northridge’s home resale inventories consist of 22 condos, and on average, condos in Northridge sell after 48 days in the market.
The median list price of Condos/Townhomes in Northridge, CA was $634,900 in March 2022 , compared to $599,000 in 2021.
Image Source: www.movoto.com
Northridge Rental Market Trends
The good thing about Northridge is it has remained a relatively affordable rental market compared to other neighborhoods and cities in the Los Angeles area.
Factoring in rental properties of all sizes, the average monthly rent in Northridge is nearly $2,397.It is much lower than other Los Angeles neighborhoods like Del Rey, where the average rent is around $3,618.
Northridge Single Family And Multi-Family Homes
Are you looking to find your dream home among the many single-family homes for sale in Northridge? A single-family home in Northridge is currently selling for an average price of $1,139,500, including the acreage.
The median list price of single family homes in Northridge, CA was $1,059,995 in March 2022 , compared to $932,500 in 2021.
Image Source: www.movoto.com
Northridge Foreclosures And Bank Owned Homes
Distressed properties such as foreclosures in Northridge currently sit at 0.6 homes per 10,000. While this is slightly higher than the Los Angeles average of 0.5, it is lower than the national average of 1.2.
Compared to Los Angeles, Northridge home buyers have a slightly higher chance of encountering properties coming up for foreclosure within a short period.
Northridge Home Prices and Real Estate Appreciation
During the past year, the property appreciation rate in Los Angeles hovered at around 7.77%, and in the last quarter, it was 3.19%. Should it remain steady, it would amount to an annualized rate of 13.40%. Northridge’s real estate prices rose steadily over the past year, despite the pandemic’s economic slowdown. The spike in home prices can be attributed to the tight supply and steady demand of homes from buyers.
According to NeighborhoodScout.com, Los Angeles real estate appreciated 114.72% in the past ten years. It amounts to an annual real estate appreciation of 7.94%, which puts Los Angeles in the top 10% countrywide for real estate appreciation. It makes sense to invest in this Los Angeles neighborhood based on these facts.
There are currently 173 listings in Northridge, CA, with an estimated median list price of $999,999.
Image Source: Zillow.com
Best Neighborhoods in Northridge, CA for Real Estate Investment
- NeighborhoodMedian Listing Home Price
- North Hills$825K
- Granada Hills$945K
- Reseda$785K
- NeighborhoodMedian Listing Home Price
- Porter Ranch$1.2M
- Winnetka$799K
- Lake Balboa$850K
- NeighborhoodMedian Listing Home Price
- Canoga Park$875K
- Mission Hills $730K
- Chatsworth$810K
Contact Northridge Real Estate Expert Mel Wilson
Mel Wilson and his team are top real estate professionals in Northridge, California. In over 38 years, Mel Wilson has completed 1000s of transactions in several areas, including Northridge, San Fernando, Porter Ranch, Baldwin Hills, and Park Windsor.
Due to his experience as an NFL & Kodak All-American Football player, Mel Wilson is renowned for being hard-working, loyal, disciplined, and a team player. His clients enjoy working with him or referring their friends and family to him for their real estate needs. Having served on the California Association of Realtors (CAR) and National Association of Realtors (NAR) boards, Mel Wilson brings a wealth of knowledge and expertise about buying and selling real estate in Northridge and surrounding areas.
Do you have any questions about the Northridge housing market? Call Mel Wilson & Associates at (818) 993-4606 or contact us online!