Current State of Pasadena Real Estate Market

Average home prices and market trends

As of January 2023, the median sale price of homes in Pasadena was $1.1M, which is a 2.2% decrease from last year. However, the average sale price per square foot was $704, which increased by 7.6% from the previous year. Homes in Pasadena sell, on average, after 49 days on the market, one day longer than last year. In January 2023, 61 homes were sold in Pasadena, a decrease from the 104 homes sold in January 2022.

According to Redfin, a residential real estate brokerage, the Pasadena housing market is somewhat competitive, with homes receiving an average of 5 offers. On average, homes sell for about 1% above the list price, and hot homes can sell for about 6% above the list price. In nearby cities, homes sell for about 3% below the list price, with hot homes selling for around the list price.

Popular neighborhoods and their characteristics

  1. Mid Central is a neighborhood located in the central part of Pasadena. It is known for its mix of residential and commercial areas.

Mid Central is known for its medium-sized homes and convenient location. The neighborhood is home to many businesses, shops, restaurants, parks and green spaces.

Mid Central offers a wide selection of residential properties from which to choose. The current home price available in Mid Central are properties priced between $950,000 to $1.5 million.

  1. North Central is one of the most expensive neighborhoods in Pasadena. The homes here are highly sought after and come with a high price tag.

If you’re looking for a luxurious lifestyle, this is the place to be. There are many upscale shops and restaurants in the area and various parks and recreation opportunities.

The homes here are some of the largest in the city, and many have been remodeled or updated to include modern amenities. Currently, available listings in North Central are residences valued between $819,000 to $1.4 million.

  1. Downtown Pasadena is the central business district of Pasadena. It is home to many businesses, shops, restaurants, and cultural institutions.

Downtown Pasadena is a great place to live if you want to be in the heart of the city. There are many apartments and condos available, as well as single homes. The area is also very walkable, with various shops and restaurants within walking distance.

The condominium units usually cost about $400,000 to $890,000 apiece. Townhomes are also available for $550,000 to $1.3 million. While the substantial single homes cost $1.4 to $3.7 million.

Comparison to nearby cities and counties

The real estate market in Pasadena has traditionally been strong, with high demand for housing due to the city’s desirable location and amenities.

In terms of nearby cities, Pasadena is surrounded by other desirable locations in the Los Angeles metropolitan area, such as Beverly Hills, Santa Monica, and West Hollywood. These areas are also known for their high-end real estate markets, with some of the most expensive homes in the country located in these neighborhoods.

In terms of nearby counties, Los Angeles County is one of the most populous counties in the United States and is known for its diverse real estate markets. Other nearby counties that may be of interest include Orange County to the south, Ventura County to the west, and San Bernardino County to the east.

Overall, the Pasadena real estate market is competitive and can be expensive, but it’s also highly desirable due to the city’s amenities and location in the Los Angeles metropolitan area. It’s important to work with a knowledgeable real estate agent to navigate the market and find the right property for your needs and budget.

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