Are you thinking of buying or selling home in the Woodland Hills real estate market? Read this detailed market report to help you decide.
Located north of Santa Monica Mountains in San Fernando Valley sits the upscale community of Woodland Hills. This community’s commercial district is centered on the Warner Center, a sizable collection of industrial and office structures, shopping centers, and condominiums. Single-family residences and a few low-rise apartment buildings can be found close to this location. Housing in Woodland Hills is expected to increase dramatically due to population and economic growth. As a result, buyers, tenants, and investors have a variety of alternatives on the market, including single-family houses, condominiums, and apartments.
Key Attractions Of Woodland Hills
Since the city is truly a Los Angeles suburb, the region’s top attractions are close. Calabasas, Tarzana, and Topanga are also close by, while Malibu’s stunning beaches are just a short drive away.
Woodland Hills is renowned for its numerous parks and green areas as well as a wide variety of outdoor pursuits, such as riding and hiking. In addition, it’s also recognized for its upscale boutique stores and shopping centers such as El Camino Shopping Center and West Hills. In Woodland Hills, there are various eateries, coffee shops, and bars, many of which are found on the bustling Ventura Boulevard.
Every year, several festivals and events are held in Woodland Hills. However, many locals consider the abundance of attractions, eateries, and family-friendly entertainment to be the best feature of the city.
Effect Of Interest Rate on Market Trends:
As buyers have become less eager to enter the property market at any cost due to rising mortgage rates and general inflation, homeowners are increasingly lowering their asking prices.
One of the greatest indications so far that the once-hot market, driven by low rates on mortgages and all-cash auctions, is cooling is the rising number of price reductions. This pattern is appearing in statistics from Southern California and all over the country. The once-hot real estate market in Southern California has cooled off because of an additional increase in interest rates of 75%. Since then, the Southern California real estate market has drastically changed. Price drops may not necessarily indicate a decline in housing prices overall. They are a minority of listings in Southern California as well as the rest of the country, but most houses still go for more than the asking price.
Doctor Green from USC’s Lusk Center for Real Estate blames the Federal Reserve’s efforts to control inflation for the market’s decline. Raising interest rates is one of the methods the Fed uses to control inflation. To discourage customers from making additional purchases, the Fed started to increase interest rates in June, when inflation reached 9.1%, the highest level in 40 years.
The economic situation of Woodland Hills:
Woodland Hills has a bustling residential and commercial environment with a steadily expanding economy. The following industries make up the majority of the city’s employment base:
- Retail and wholesale services
- Social services
- Insurance
- Education
- Construction
- Healthcare
- Warehousing and transportation
A little over 33.34 percent of Woodland Hills’ workforce is employed by private businesses, while 11.28 percent are independent contractors, 3.71 percent are federal employees, and 2.76 percent are employees of non-profit organizations. The unemployment rate in Woodland Hills, California, is 4.3%, which is 7% below the national average.
Real Estate Market Trends
Due to the city’s expanding population and consistent economic expansion, the Woodland Hills housing market is a lucrative choice for selling houses for profit. Selling and buying house in the city is becoming speedier day by day. Real estate in Woodland Hills has seen a total appreciation rate of 25.3% during the past 10 years, equating to an annual development rate of 2.43%. With Zillow predicting an 8% gain in Woodland Hills house prices in the upcoming year, the pace is by no means anticipated to decline during the next two years.
Nevertheless, the market of buying and selling homes is currently a strong seller’s market because the demand for homes is higher than the national average and greater than the city’s supply. Additionally, investors should enter the city’s home market sooner rather than later to avoid further price increases, given that Woodland Hills is one of the top 5% most costly communities in the United States. Buying house for long time is strongly advised because it has the potential to provide +11% in returns for five years.
The housing market in Woodland Hills has some competition. In Woodland Hills, the average selling price of a house last month was $1.16M, an increase of 0.4% from the previous year. In Woodland Hills, the average selling price per square foot is $584, an increase of 4.2% from the previous year.
Homes in Woodland Hills sold for a median home price of $1.2M in September 2022, an increase of 5.6% from the previous year. Selling house in Woodland Hills is speedy. It usually sell within a month on the market as opposed to 33 days the year before. In September of the current year, fewer properties were sold than in September of last year.
In Woodland Hills, California, there still are 225 active property listings & 19 new listings, according to movoto. In September 2022, homes within Woodland Hills, California, were sold for a median home price of $1,277,475. Compared to last year, properties in Woodland Hills, California sell on average after 47 days (about 1 and a half months) on market. In September 2022, 170 residences were sold in Woodland Hills, California. In September 2022, Woodland Hills, California, saw a seller’s market, which means that there were more potential buyers than there are selling houses on the market.
The Los Angeles County R-1 School District includes Woodland Hills, California, and has 18 primary schools, 12-grade schools, and 11 high schools. According to GreatSchools, the overall average grade for schools within Woodland Hills, California is 4 out of 10.
