Skyrocketing home prices in the San Fernando Valley

With the new year upon, the housing market is at least looking at little more favorable for prospective buyers in San Fernando Valley.

The median cost of a home in the area skyrocketed to a record $755,000 in October. The good news is that figure has dropped below $739,000 with the start of 2020, according to LA Daily News.

Condos, meanwhile, are going for more than $400,000.

As San Fernando Valley has become more urbanized in the last several years, prospective home buyers have escaped the high real estate costs of Los Angeles and settled north of the city.

With millennials aiming for more affordable houses and current homeowners more likely to refinance and remodel, the real estate supply has dropped drastically. At the end of 2019, less than 1,000 San Fernando Valley homes were for sale on the open market.

With fewer homes available, the cost of a home in the San Fernando Valley has nearly doubled in the last 10 years, according to Zillow. While low interest rates make the cost of a home purchase in the valley more bearable, a steady income well north of $100K is needed to afford an average home in the area.

Fortunately, for now, the cost of a house in the valley is dropping. However, if you’re looking for a bargain home that suits your wants and needs, your best bet is seeking the assistance of a savvy realtor with experience in the area.