Pasadena Housing Market Quick Facts

  • Pasadena, CA is a desirable place to call home due to its stunning architecture, vibrant culture, and proximity to Los Angeles.
  • Pasadena is a vibrant and affluent city located in Los Angeles County, California.

Housing Market:

  • The housing market in Pasadena presents a dynamic landscape for both buyers and sellers.
  • The median listing home price in Pasadena, CA stands at $1.1 million, showing a slight downward trend of -4.3% compared to the previous year.
  • The median listing home price per square foot in Pasadena, CA, is $747.
  • Homes in Pasadena, CA sold for approximately 100.34% of their asking price on average.
  • Pasadena, CA is experiencing a sellers market, indicating a situation where there is greater demand from buyers than there are available homes for sale.
  • Homes in Pasadena, CA sell after spending approximately 51 days on the market.
  • The average home value in Pasadena is currently estimated to be $1,066,131, representing a 2.1% decrease over the past year.
  • Approximately 45.4% of home sales in Pasadena were conducted above the list price, while 42.1% of sales were under the list price.
  • Pasadenas housing market may continue to experience a modest decline in prices in the near future.
  • Homes in Pasadena are generally selling very close to their initial listing price.
  • The housing market in Pasadena is competitive, with a high demand for homes and a low inventory.

Rental Property Investment:

  • The median rent price in Pasadena is $3,100, making it a good location for rental property investment.
  • Single-family homes are a popular investment option in Pasadena, especially for those interested in long-term rentals.
  • Multi-family properties offer investors the opportunity to generate income from multiple rental units.
  • Condos and townhouses are also good options for investors, especially for those interested in short-term rentals or Airbnb-style rentals.
  • Fix-and-flip properties can be profitable for investors who have the skills and resources to renovate homes and sell them for a profit.
  • Rental property investments can offer tax benefits such as deductions for property expenses, depreciation, and mortgage interest.

Investment Considerations:

  • Local real estate agent or property management company can help identify desirable neighborhoods and properties in Pasadena.
  • Investors need to act quickly due to competitive real estate market in Pasadena.
  • Local zoning laws and regulations should be considered before making investment decisions.
  • Working with a knowledgeable real estate agent is important in Pasadena market.
  • Financing options such as traditional mortgages or hard money loans should be considered based on investment strategy and goals.
  • Strong local economy, attractive location, and high demand for housing make Pasadena a market worth considering for real estate investment.
  • Choosing a real estate professional/counselor is vital when buying or selling real estate.
  • They are well-informed about critical factors that affect specific market area such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.
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