Hi, It's Kenny from JohnHart Real Estate. As we step into the fall season, it's crucial to stay informed about the local real estate market. In this month's market update, we'll delve into the statistics for Glendale, CA, during October 2023.

Market Statistics for October 2023:

1. Active Listings: 62 ​​​​​- The city currently boasts 62 active listings, providing a diverse range of options for potential homebuyers.

2. Median Listing Price: $1,497,500 - The median listing price reflects the midpoint of all the prices, indicating a robust real estate market in Glendale.

3. Price per Square Foot: $807 - Understanding the price per square foot helps buyers gauge the value of a property based on its size.

4. Homes Sold: 30 - A total of 30 homes were successfully sold in October, showcasing the active nature of the Glendale real estate market.

5. Average Time on the Market: 15 Days - With an average time on the market of just 15 days, properties are moving swiftly, emphasizing the demand for homes in the area.

6. Median Sold Price: $1,475,000 - The median sold price reflects the middle point of all the sold prices, providing insight into the market's pricing trends.

The Impact of Interest Rates on Homebuying:

Now, let's touch upon a critical aspect that potential homebuyers should consider – the impact of waiting for interest rates to drop. Many buyers delay their home purchase, anticipating a decrease in interest rates. However, it's essential to understand that waiting might not always work to your advantage.

Quick Tip: When interest rates drop, home prices often rise, and competition intensifies. While lower interest rates may seem appealing, the increased demand can drive up property prices. This means that the cost of waiting might outweigh the potential savings on interest rates.

In a competitive market like Glendale, being proactive in your homebuying journey can give you an edge. Consider consulting with a local realtor to explore your options and make informed decisions based on the current market conditions.

Thank you for staying updated on the Glendale real estate market. For personalized guidance and expert advice, feel free to reach out to me:

👨‍💼 Kenneth Linares

🏢 JohnHart Real Estate

☎️ (310) 299-6808 📧 kenneth@jhagents.com

Your dream home is just a phone call away. Let's turn your real estate goals into reality!