Woodland Hills Real Estate Market: The Current Status and Reason to Invest in It
June 16th, 2021 by Administrator
Woodland Hills is a picturesque and prosperous city in California, and 25 miles away from Downtown Los Angeles. When in Woodland Hills, you will get the suburb vibe with great shopping and entertainment options. If you plan to live or invest in real estate in Woodland Hills, you should work with an established real estate broker.
Because of the economic boost and population growth, the real estate of Woodland Hills is expected to rise exponentially. The market offers many options to homebuyers, investors, and renters, including single-family property, condos, and apartments.
The current state of the Woodland Hills real estate market:
- In April 2021, the median list home price was $995k, going down 1% from April to May.
- Since there are more potential buyers than properties available for sale, it’s a seller’s market.
- There is an influx of job seekers in the city because of the growing economy and job market. This has led to higher property demand.
- It is time to invest in the market for investors seeking to flip or hold properties.
- In April 2021, properties were sold for 2.53% higher than the asking price on average.
Single-Family Homes Data Reported in April 2021
The current median list price for single-family homes in Woodland Hills is $1.25m, a 9% increase from the March price of $1.14m and a 16% increase from last year’s list price of $1.05m.
The median price per square foot for single-family homes in Woodland Hills, CA is $468.
Condos Data Reported in April 2021
The median list price for condos in Woodland Hills presently stands at $517k, a 9% increase from last month and a 25% increase from last year.
If you are looking to buy a condo in Woodland Hills in April 2021, expect to spend about $443 on each square foot, which is $6 lower than a month ago.
Woodland Hills Economic Growth Forecast
The current Woodland Hills real estate market is a seller’s market, where the demand for properties is above the US average and more than the supply in the city. Moreover, Woodland Hills is among the most expensive USA neighborhoods; thus, you should invest in the city’s housing market before the prices skyrocket further.
The city is also witnessing an uprising economy and a thriving residential and business environment. In Woodland Hills and neighboring areas, the main employment bases are:
- Wholesale & retail services
- Education, health & social services
- Financial & insurance services
- Manufacturing and Construction
- Transportation, warehousing, and utilities, and
- Public administration
Woodland Hills boasts an unemployment rate of 6%, 0.1% lower than the national average. On average, a Woodland Hills resident takes home an annual income of $67,184. However, the median household income is $101,155.
Woodland Hills Real Estate Stats
According to a data, there are 268 homes for sale in Woodland Hills in April 2021, 45 of which were newly listed. Moreover, there are 89 rentals, ranging from $1.5k to $30k p/month.
The most affordable housing units in Woodland Hills are mobile homes, varying between two bedrooms and three bedrooms.
Find Your Dream Home in Woodland Hills, CA
Whether you want to buy or rent a house or invest in Woodland Hills real estate, it is in your best interest to partner with a professional and experienced real estate broker.