Woodland Hills Housing Market Overview
Woodland Hills is a scenic and affluent city nestled within California's hilly terrain and 26 miles from Downtown Los Angeles. It offers a suburb feel coupled with an incredible ding, shopping, and entertainment options. Still, it is a great place to live, work, and invest in real estate.
Woodland Hills real estate is projected to grow exponentially, thanks to economic and population growth. The market offers several options to homebuyers, renters, and investors, including single-family homes, condos, and apartments. The following are brief stats summarizing the market's current status.
- The median list price rose by 4.2% from last year, reaching $989k in September 2020.
- It is mostly a seller's market with more prospective buyers than properties available for sale.
- The growing economy and job market have led to an influx of job seekers in the city, leading to higher housing demand.
- The market is a profitable investment opportunity for investors looking to flip or hold properties.
- In the past three months, 389 properties have been sold in Woodland Hills.
- Homes for sale inventories are increasing steadily, though they may not be enough to meet the current demand for properties.
Single-Family Homes Data Reported in October 2020
According to Rate.com, the current median list price for single-family homes in Woodland Hills is $1.24m, a 2.5% increase from September’s price of $1.21m, and a 41.5% increase from last year’s list price of $876k. However, the single-family homes for sale inventory dropped from 51 in September to 45 in October.
Within three years, the price per square foot for single-family homes in Woodland Hills, CA, rose by 32.2% to the current price of $447. The average time a single-family home stays on the market is 44 days, seven days shorter, and one day longer than in 2019 and August 2020, respectively.
PRICE PER SQUARE FOOT - $447(Oct 2020)
Condos Data Reported in October 2020
The median list price for condos in Woodland Hills presently stands at $446k, a 1.7% drop from last month, and a 4% drop from last year. However, condos for sale inventory increased by 78.3% from mid-February.
If you are looking to buy a condo in Woodland Hills in October 2020, expect to spend about $455 on each square foot, which is $35 lower than October 2019. For home sellers, condos in Woodland Hills currently sell within 30 days, unlike in Aug-Dec 2020, where they stayed on the market for 50 days.
PRICE PER SQUARE FOOT - $456(Oct 2020)
What Does the Future Hold for Woodland Hills Real Estate?
Woodland Hills real estate market is a profitable option for investors wanting to flip houses for profit, thanks to the city’s booming population and uninterrupted economic growth. Over the last ten years, Woodland Hills real estate recorded a cumulative appreciation rate of 25.3%, equating to an annual appreciation rate of about 2.43%. The rate is by no means expected to drop within the next two years, with Zillow.com projecting an 8% increase in Woodland Hills home values within the next year.
Still, the city's housing market is currently a seller's market, where the demand for properties is above the US average and higher than supply in the city. And keeping in mind that Woodland Hills is among the top 5% most expensive USA neighborhoods, investors should invest in the city’s housing market sooner before the prices skyrocket further. A long-term investment is highly recommended, boasting the potential to earn +11% in profits in five years.
Woodland Hills Economic Growth Forecast
Nestled in the San Fernando Valley, Woodland Hills offers a continually growing economy and thriving residential and business environment. The city is home to a broad employment base mainly comprised of the following industries:
- Wholesale & retail services
- Education, health & social services
- Financial & insurance services
- Manufacturing
- Construction
- Transportation, warehousing, and utilities, and
- Public administration
Private companies employ about 33.34% of Woodland Hills workforce, while self-employees, federal workers, and non-for-profit company employees occupy 11.28%, 3.71%, and 2.76%, respectively. According to SimplyHired, currently, there are 38,768 job openings in Woodland Hills. Companies offering the most jobs include US Army, McDonald's, Vons, CVS Health Retail, and El Super Markets.
Woodland Hills, CA boasts an unemployment rate of 4.3%, 7% lower than the national average. On average, a Woodland Hills resident takes home an annual income of $48,584. However, the median household income is $97,451, while the average household income lies somewhere around $128k.
Woodland Hills Real Estate Stats/Trends
According to Realtor.com, there are 563 homes for sale in Woodland Hills in October 2020, ranging from $110,000 to $37.99m. Fourteen of these units are newly constructed, costing between $245k and $37.99m.
The cheapest housing units in Woodland Hills are mobile homes whose capacity primarily varies between two bedrooms and three bedrooms. Their list prices range between $110k and $535k.
In September 2020, Woodland Hills registered a median list price of $989k, up 4.2% from last year and 1.4% higher than August. However, the median sale price was $952,000, while the median price per square foot sat at $472.
Graph Source: realtor.com
From the above figures, we can decipher that Woodland Hills' median list price is steadily rising, attributed to insufficient house construction and increasing demand for homes. With time, prospective home buyers and real estate investors may face a housing affordability crisis. But the potential situation can be reverted by elevating homes construction and subsequently expanding the listings.
Talking of home construction, most of the Woodland Hills homes were built between the 1950s and 1980s, with the numbers decreasing significantly in the 21st century.
Individuals looking to rent rather than buy a home in Woodland Hills may have to part with $1,970 every month. According to Apartments.com, there are 1,238 apartments available for rent in Woodland Hills, CA. Studio apartments are the smallest and cheapest, boasting an average rent of $1,643. The average rental prices of a 1-bedroom apartment, 2-bedroom apartment, and 3-bedroom apartment are $1,970, $2,442, and $3,384, respectively.
Woodland Hills Home Listings Are Expanding
Woodland Hills is experiencing an increase in home listings as demand for homes continues to grow. In the last 30 days, 116 homes changed hands in Woodland Hills, including 84 single-family homes and 21 condos. Between mid-July and mid-September, 271 homes were sold in the city. Growing job opportunities and a favorable residential environment have seen people flock to the city, thus heightening housing demand. Even as the home listings increase, the city’s housing market remains a seller’s market for the time being as the demand surpasses the supply of properties.
Still, there is a generation of homeowners holding onto their properties and giving them to their children. We expect to see an increase in inventory when these baby boomers sell.
Why are Home Prices in Woodland Hills Rising?
The demand in Woodland Hills real estate continues to creep up, thanks to the projected economic and job growth. However, the lower-than-average home inventory constraints buyer options and keeps the prices soaring.
The scarcity of real estate properties and job seekers' continued inflow has seen the median list price rise by 4.2% within a year. Low- and medium-priced homes sell faster in Woodland Hills, CA. According to Zolo.com, homes sold at an average price of $882k between mid-August and mid-October, up 2% and 9.9% from last quarter and last year, respectively.
Following this trend, realtors expect Woodland Hills’ home prices to rise continually. The market will be marvelous for home sellers but may subject too many buyers to an affordability challenge. If you intend to buy a property in Woodland Hills, 2020-2021 is the ideal period to do so.
Find Your Dream Home in Woodland Hills, CA
Whether you want to buy/rent a residential home or invest in Woodland Hills real estate, it is in your best interest to partner with real estate experts committed to seeing your housing dreams come true.
At Park Regency Realty, we leverage our four decades of experience in San Fernando Valley and Woodland Hills real estate markets to match you with property specific to your needs and budget. Professionally, ethically, and passionately.
Contact us today at 818-363-6116 or message us online to find your dream home in Woodland Hills or learn why you should invest in the city’s real estate market now.