Market Overview
As of July 10, 2024, the Sherman Oaks, CA real estate market shows the following trends for single-family homes:
- Median List Price: $2,699,000
- Market Action Index (MAI): 42 (Slight Seller's Advantage)
- Inventory: 98 homes
- Median Rent: $10,750
Key Metrics
- Median Price of New Listings: $1,995,000
- Price per Square Foot: $897
- Average Days on Market: 76
- Median Days on Market: 42
- Price Decreased: 41%
- Price Increased: 1%
- Relisted: 21%
These metrics indicate a competitive market with a steady demand for homes, though a notable percentage of listings have seen price decreases.
Detailed Market Segments
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Top Tier Properties
- Median Price: $4,394,750
- Square Footage: 5,249 sq. ft.
- Lot Size: 0.25 - 0.5 acre
- Bedrooms: 5
- Bathrooms: 6
- Average Days on Market: 66
High-end properties in this segment offer extensive space and luxury amenities.
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Upper Tier Properties
- Median Price: $3,049,499
- Square Footage: 3,463 sq. ft.
- Lot Size: 6,500 - 8,000 sq. ft.
- Bedrooms: 4
- Bathrooms: 5
- Average Days on Market: 31
These homes are ideal for families seeking modern comfort and space.
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Lower Tier Properties
- Median Price: $2,329,000
- Square Footage: 2,507 sq. ft.
- Lot Size: 8,000 - 10,000 sq. ft.
- Bedrooms: 4
- Bathrooms: 3
- Average Days on Market: 35
This tier offers a blend of affordability and quality, appealing to a wide range of buyers.
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Bottom Tier Properties
- Median Price: $1,699,000
- Square Footage: 1,977 sq. ft.
- Lot Size: 6,500 - 8,000 sq. ft.
- Bedrooms: 3
- Bathrooms: 3
- Average Days on Market: 28
More accessible in price and size, these properties are perfect for first-time buyers or those looking to downsize.
Market Insights
- Seller's Market: With a MAI of 42, Sherman Oaks is experiencing a slight seller's advantage, creating a competitive environment for buyers.
- Price Adjustments: A significant percentage of homes have experienced price decreases, indicating that sellers are adjusting their expectations to meet market conditions.
- Inventory Levels: The current inventory level of 98 homes offers a variety of options, although demand remains strong.
Investment Opportunities
Sherman Oaks provides a diverse range of properties, making it an attractive market for buyers and investors alike. Whether looking for luxury estates or more modest homes, there are opportunities to meet various needs and preferences.
For more information or to explore similar properties, please contact:
- Andrew: (818) 453-9119, [email protected]
- Fran: (818) 517-1411, [email protected]
