Throughout recent years, our quiet, charming neighborhood has continued to attract a diverse array of buyers. Known for its family-friendly atmosphere, proximity to the LAX airport, and vibrant community, Westchester remains a sought-after destination in the Los Angeles market. Here’s a closer look at the trends, challenges, and opportunities shaping real estate sales in Westchester this year.
Market Overview: Steady Demand!
Despite broader economic and housing market uncertainties, Westchester has remained an extremely desirable wellspring of housing options. Our neighborhood's blend of small town charm and proximity to more urban areas makes it appealing to families, young professionals, and retirees. In 2024, the market has seen a consistent influx of buyers, particularly those seeking larger homes with outdoor space, a trend spurred by the ongoing preference for remote and hybrid work arrangements.
Price Trends: Still Going Up!
In third quarter 2024, property values in Westchester have experienced a strong increase. The median home price is approximately $1.2 million, marking a roughly 5% rise compared to the previous year's. While this annual increase is less dramatic than it has been in years prior, it reflects the neighborhood's stable demand and limited inventory. New buyers are still willing to invest in this prime location, underscoring its desirability.
Inventory Challenges: Limited Supply and Rising Interest Rates
One of the most significant challenges facing the Westchester real estate market in 2024 is the limited supply of available properties. The overall number of homes for sale, hovering around 50 available, has lead to competitive bidding situations, particularly for entry level single-family homes. New construction builds have popped up throughout our neighborhood, but hasn’t kept pace with demand. Many buyers are finding themselves in bidding wars, with homes selling and above asking price. Additionally, while demand remains strong, changing interest rates have added a layer of complexity for buyers. Many new buyers are feeling the pinch of monthly mortgage payments, prompting some to reconsider their budgets or explore alternative financing options. This has led to a slight cooling in the market competitivity compared to previous years, as some potential buyers opt to wait for more favorable conditions or simply look for housing elsewhere.
Neighborhood Highlights: Community Appeal and Future Developments
The appeal of Westchester isn't just about solid properties in a good location; it’s about the sense of community and belonging we foster here. The area boasts a variety of schools, parks, and local businesses, enhancing its appeal to families. The Westchester Farmer’s Market, local eateries, and easy access to beaches and hiking trails contribute to the neighborhood's vibrant lifestyle. Looking ahead, several developments are on the horizon, which could impact the real estate landscape in Westchester. Planned infrastructure improvements, including enhancements to public transportation, are likely to increase accessibility and further boost property values. Additionally, new commercial developments promise to enhance the local economy and community appeal.