San Fernando Valley is located in the immediate vicinity of Los Angeles, and as much as 80% of the valley belongs to Los Angeles County. San Fernando Valley is a region that includes several cities that attract new residents every day with their ideal business opportunities. What the Valley is famous for is its numerous film studios and its main Hollywood attraction, Universal Studios. Considering that moving to the San Fernando Valley has become a trend lately, we at Royal Moving & Storage company decided to introduce you to one of the most important things when choosing a place to live. We will reveal all the most important details about the San Fernando Valley real estate market and housing trends in 2023 and help you choose the ideal housing option! Let’s begin!
What is the real estate market in San Fernando Valley like?
Since the end of 2019, the real estate market in the San Fernando Valley has started to grow. One of the consequences of this is low-interest rates, but also a strong labor market. According to the latest information from the last month of 2022, the average price of real estate in SFV is about $840,000. The real estate market in the Valley can be said to be diverse. A large selection of apartments, family houses, condos, etc., is available to residents. Regarding expectations for the year 2023, California real estate sellers predict a drop in real estate prices on the market by as much as 8.8%. This means that during the following year, the average cost of real estate will be around $738,000.
One of the interesting facts is that there are currently around 16 million empty homes in the USA. In California, specifically, the current situation is 8.7%, which means that there are about 1.2 million vacant properties here, more than half of which are currently either for sale or rent. It has also been revealed that the number of moves in Los Angeles, specifically, decreased, which led to the fact that apartment sales also decreased. And considering that in 2023, a significant drop in real estate prices is expected, the forecast is that sales will increase, as well as the number of new residents.
Real estate market trends in 2023
When it comes to trends in the San Fernando Valley, in 2023, the most sought-after real estate properties are expected to be:
- Tiny houses
- One- and two-room apartments
However, it’s important to say that owning a large family home or another real estate has always been the main characteristic of every third American. Buying real estate has always been a dream of many. And for those that made it happen, it brought down their monthly expenses because they became exempt from paying rent. Unfortunately, a rapid price increase has caused the number of Californians who own their own real estate to drop significantly. According to the research data of the Public Police Institute of California, we have information that only 56% of households are actually owned by people living in them. Also, in all of California, the homeownership rate is the lowest in Los Angeles County: around 37%.
Are tiny houses in San Fernando Valley a good option?
Since California is also one of the most desirable tourist destinations, tiny houses have become a trend. A tiny house is usually said to be “bigger than a hut – smaller than a house”. This might just be the best description of this property. Also, tiny houses are approved by the LA City Council. They are approved as habitable residential units in the yard. The ideal place for such homes is near the beach or in the mountain region. Additionally, tiny houses can be mobile, which is a wonderful advantage if you plan to travel around California. Their price is favorable and typically ranges from $30,000 to $60,000 for one.
These types of houses can be a good choice when buying a holiday home. But, at the same time, they can be a good choice if you want to live in nature. And the San Fernando Valley has plenty of great locations for that. Whatever you decide, know that movers San Fernando Valley residents trust are always at your disposal.
What is the offer of apartments on the San Fernando Valley real estate market?
To rent an apartment in the San Fernando Valley, you can expect to pay anywhere from $750 all the way up to $3000. Depending on the location and the size of the apartment, of course. For those that are interested in making a purchase, it’s worth knowing that apartments cost less than houses. Apartment prices usually range from $250,000 to $500,000. San Fernando Valley real estate market most often offers one-room and two-room apartments. Some of the best neighborhoods to buy an apartment in SFV are Studio City, North Hollywood, and Burbank. Should you end up acquiring an apartment, know that the apartment movers Los Angeles boasts of are ready to make settling in as simple as possible.
Why are condos highly sought after?
In most cases, an apartment is considered a large piece of real estate. On the other hand, a condo is not. It is a space in a building that is most often rented. Condos are usually small, one-room apartments and are often the first choice for people who live alone. They are also one of the cheapest rental options. Rental fees generally range from $1,200 to $1,600.
Also, buying a condo or apartment has always been a cheaper option than buying a house. What can confuse people is that they think that condos are mainly for rent. But, if you decide, you can always find a condo that you can buy. Whether you decide on a high-rise apartment or a condo, furniture movers Los Angeles has are always at your disposal. Our movers also successfully handle moving to the highest floor.
To rent or buy in San Fernando Valley?
Your final choice will depend only on your needs, wishes, and possibilities. Given that prices are expected to drop in the San Fernando Valley real estate market in 2023, we advise you to wait and thus save money and choose the most favorable option. Furthermore, it’s essential that you choose the best neighborhood in San Fernando Valley for you. Consider all the options offered to you, and choose wisely.