If you’re looking to invest in real estate or buy a home in Inglewood, California, it’s important to understand the current state of the housing market.
In this article, we’ll provide a comprehensive overview of the Inglewood housing market, including trends, prices, and other important factors to consider.
Overview of Inglewood Housing Market
The Inglewood housing market has been on the rise in recent years, with a steady increase in home prices and a growing demand for housing. According to Zillow, the median home value in Inglewood is currently $670,000, which is a 9.5% increase from the previous year. This is higher than the median home value in Los Angeles, which is $689,000.
One of the reasons for the increase in home prices is the development of the new SoFi Stadium, which is home to the Los Angeles Rams and Chargers. The stadium has brought in new businesses and jobs to the area, making it a more desirable place to live.
Current Trends in Inglewood Housing Market
The Inglewood housing market is currently experiencing a seller’s market, with more buyers than available homes for Sale. This has led to bidding wars and homes selling for above asking price. According to Redfin, the average home in Inglewood sells for 3% above asking price and stays on the market for an average of 23 days.
Another trend in the Inglewood housing market is the increase in new construction. Developers are building new homes and apartment buildings to meet the growing demand for housing. This has led to an increase in inventory, but it hasn’t been enough to keep up with the demand.
Factors Affecting Inglewood Housing Market
Several factors are affecting the Inglewood housing market, including the development of the SoFi Stadium, the growing demand for housing, and the lack of available homes for sale. Additionally, the COVID-19 pandemic has had an impact on the housing market, with some buyers and sellers hesitant to enter the market due to economic uncertainty.
Another factor to consider is the proximity to other popular areas in Los Angeles, such as Beverly Hills and Santa Monica. Inglewood is located in a prime location, making it a desirable place to live for those who want to be close to the action.
FAQs
1. What is the median home value in Inglewood?
The median home value in Inglewood is currently $670,000, which is a 9.5% increase from the previous year.
2. Is Inglewood experiencing a seller’s or buyer’s market?
Inglewood is currently experiencing a seller’s market, with more buyers than available homes for sale.
3. What factors are affecting the Inglewood housing market?
Several factors are affecting the Inglewood housing market, including the development of the SoFi Stadium, the growing demand for housing, and the lack of available homes for sale.
Conclusion
The Inglewood housing market is currently experiencing a seller’s market, with more buyers than available homes for sale. The median home value in Inglewood is $670,000, which is a 9.5% increase from the previous year. The development of the SoFi Stadium and the growing demand for housing are contributing to the increase in home prices. However, the lack of available homes for sale is leading to bidding wars and homes selling for above asking price. If you’re looking to invest in real estate or buy a home in Inglewood, it’s important to understand these trends and factors affecting the market.
