Located within the San Fernando Valley, Northridge is a popular city just outside Los Angeles, California and home to the famous California State University. The city covers 9.47 square miles and as of the 2019 census, has a population of 57,561. The population density of Northridge is equal to 6,080 people per square mile, making it one of the sparsest neighborhoods of Los Angeles. Due to its proximity to the metropolis of L.A., Northridge real estate market
tends to attract some of the wealthiest people in and around the city as well as people from other cities in California and other states and regions. Working as well-seasoned real estate professionals in Northridge and surrounding areas, Mel Wilson & Associates will provide data and analysis that will contribute to a clearer picture of current and future local market trends for home buyers and sellers. Let’s take a close look at Northridge real estate market trends
and forecasts for 2019, 2020 & 2021 find out why is it one of the best real estate markets to invest in California.
Northridge Real Estate Market 2019 Insight And Statistics
There are many metrics and statistics by which one can paint an accurate picture of the real estate market in any city. Northridge’s housing market is no exception to this approach, so in this article, we will analyze data and examine recent real estate market trends in order to predict where the Northridge market is headed for 2020 and beyond. To start off, the median value of home prices in Northridge comes out to $704,000. Compared to 2018, the value for homes in this Los Angeles suburb has increased by 0.5% this year. Strong demand from an impressive demographic and economy is creating a volatile real estate market in Northridge, CA. Read the article to get familiar with Northridge market trends and predictions from 2019 to 2021.
Northridge Real Estate Market Trends - Forecast 2019, 2020 and 2021
Many experts expect that this momentum of growth will pick up some speed and the median value of homes will increase up to 1.5% in 2019 and through 2020. By the end of 2021, the average price of homes in and around Northridge is projected to be $736,000. Given the numbers, the local market looks favorable for buyers and sellers due to long-term and steady growth for Northridge real estate investments.
How is the Northridge Housing Market Trends?
- Median List Price$704K
- Median List /Sq.Ft.$340
- Median Sale Price$717K
- Median Rent per Month$2,807
Northridge Condos Market Trends
Compared to individual houses and villas, condos are not as popular in the Northridge housing market
. However, there is a steady growth in the value and number of condos available in the city. As of April 2019, real estate experts have noticed a 33% build-up of unsold condominium properties throughout the Los Angeles area. However, experts speculate that this is only a seasonal phenomenon, and it will only be a matter of time before the unsold inventory gets liquidated. As far as the long term prospects for condos in 2020 and 2021 are concerned, current and future Northridge residents can expect overall growth of this property type to approach 1 to 1.5%.
Northridge Rental Market Trends
The good news is that Northridge has remained an affordable rental market compared to other neighborhoods and cities are situated on the periphery of Los Angeles. Factoring in rental properties of various sizes, the average monthly rent in Northridge is nearly $2,807. This is much lower compared to other Los Angeles neighborhoods like Century City where the average rent is around $3,501. Therefore experts foresee a growing demand for low-cost rentals in Northridge. Also, keep in mind that the average rent of $2,807 takes into account an average-sized apartment or home at around 815 square feet. This trend of growth is expected to continue, and the year 2021 is expected to hit an average of $2,100. Due to the projected growth of real estate and property values, now is the time to buy or secure your lease in Northridge.
Northridge Single Family And Multi-Family Homes
If you are planning to make Northridge your family’s permanent residence, there are plenty of stunning yet cost-effective homes on the market. Currently, the average price of a single-family home average at $785,000, which includes the acreage of the yard and parking amenities.
Northridge Foreclosures And Bank Owned Homes
It’s important to note that foreclosures in Northridge are calculated at 0.6 homes per 10,000, which is only slightly higher than the Los Angeles average of 0.5 but lower than the national average of 1.2. Thus, compared to Los Angeles, Northridge buyers have only a slightly higher chance of encountering homes that are coming up for foreclosure within a short period of time. Keep in mind that purchasing a foreclosure house could save you, as a buyer, around 10 to 15% of the cost. The same is also the case with homes that are under mortgage delinquencies.
Northridge Home Prices and Real Estate Appreciation
Taking all of the statistics into account, buyers and sellers can expect real estate prices and values in Northridge to continue to increase over the next couple of years. The average rate of growth is projected to come out to 1.5 to 1.75% at the most. For strategic buyers and investors that are looking for a market with a steady and reasonable appreciation of real estate property values, it makes a lot of sense to invest in this Los Angeles neighborhood.
Currently, there are 188 listings in Northridge, CA with an estimated median list price of $704K. Get started by exploring all property types in Northridge.
Best Neighborhoods in Northridge, CA for Real Estate Investment
- NeighborhoodMedian Sales Price
- North Hills$549K
- Granada Hills$594K
- NeighborhoodMedian Sales Price
- Porter Ranch$759K
- Lake Balboa$550K
- NeighborhoodMedian Sales Price
- Canoga Park$491K
- Mission Hills $495K
Your Go-To Northridge Real Estate Professional
For over 38 years, Mel Wilson has delivered real estate results and successes to countless clients throughout Los Angeles, including Northridge. Due to his experience as an NFL & Kodak All-American Football player, Mel Wilson believes in discipline and teamwork when working with his community as a real estate professional and community activity. Having served on the boards for the California Association of Realtors (CAR)
and National Association of Realtors (NAR)
, Mel Wilson brings his dedication and expertise to each and every real estate client. Do you have further questions about the Northridge housing market? Contact Mel Wilson & Associates
today or call now at (818) 993-4606
to start the journey of securing you're ideal Northridge, CA property!