San Fernando Valley Homes Reach a Record High!
Tyler Rose
Real Estate Professional at Exp Realty of Southern California, Inc DRE#02100361
San Fernando Valley Homes Reach a Record High
Like elsewhere in Southern California, San Fernando Valley homes are selling for more and more dough, with the median price marching ever closer to $1 million.
The Southland Regional Association of Realtors said the median sales price for a single-family home in the San Fernando Valley reached a record $945,000, according to the Los Angeles Daily News.
That’s 26 percent higher than the past 2 years and $10,000 higher than the record set in the prior year.. It also marked just the third time that the median topped $900,000.
Condominiums recently sold for a median of $540,000,? up 18.4 percent year-over-year.
Southland Regional CEO Tim Johnson said that high prices “threaten the sustainability of the entire residential market.”
“Let’s hope owners will be more comfortable, more willing to sell, once the economy fully reopens and the threat of the pandemic recedes,” he said. “If that happens, it may release some of the pressure on prices and give families more home buying options.”