Whittier, California’s Housing Market Shows Promising Trends

As of summer of 2023, Whittier is experiencing notable trends in its housing market. As buyers and sellers navigate the current real estate landscape, understanding the local market dynamics becomes essential. Let’s explore the latest updates and insights into Whittier’s housing market.

Steady Price Growth:

Whittier has witnessed consistent price growth in its housing market. Over the past year, home prices have shown a positive trajectory, making it an attractive location for buyers and sellers alike. Despite the COVID-19 pandemic’s impact on the economy, the real estate sector in Whittier has remained resilient.

The average home price as of June 2023 was $816,000 according to the area MLS. Comparing to the beginning of the year, prices are up by 14.5%  Year-To-Date. This is great news for home sellers!

Strong Demand:

Demand for homes in Whittier remains high, contributing to a competitive market. With its desirable location and proximity to major cities like Los Angeles, Whittier attracts a diverse range of homebuyers. The demand is fueled by various factors, including the city’s pleasant neighborhoods, access to quality education, and a vibrant local community.

Looking at how fast homes are selling during the summer, the average days on the market in June was just 10 days compared to January of this year, when it took over twice as long to sell homes, 24 days.

Low Inventory:

One of the biggest challenges facing the Whittier housing market is the limited inventory of available homes. In June of 2023, there were 115 new listings, a 32.7% drop in inventory from January of this year. The supply of homes for sale has not kept pace with the demand, creating a very strong seller’s market. Low inventory levels often result in increased competition among buyers leading to bidding wars and higher prices.

Opportunities for Sellers:

Sellers in Whittier can take advantage of the current market conditions. With high demand and limited supply, homeowners who are considering selling their properties may find favorable opportunities to attract competitive offers. Proper pricing, staging, and marketing strategies can maximize the chances of a successful sale.

Benefits for Buyers:

While Whittier’s housing market favors sellers, buyers can still find opportunities in the city. Working with experienced real estate agents who have a deep understanding of the local market can help buyers identify properties that meet their needs and secure favorable deals. Being pre-approved for a mortgage and acting swiftly when suitable properties become available can give buyers a competitive edge.

Long-Term Investment Potential:

Whittier’s housing market also presents a promising long-term investment opportunity. The city’s strong demand, desirable location, and ongoing development projects contribute to the potential for property value appreciation over time. Investors looking to enter the market or expand their real estate portfolios should consider Whittier as a viable option.

Consulting with Local Real Estate Professionals:

Navigating the Whittier housing market requires expertise and knowledge of the local trends. Buyers and sellers are advised to consult with reputable real estate professionals who specialize in the Whittier area. These experts can provide insights, guidance, and up-to-date information to help individuals make informed decisions and achieve their real estate goals.

Bottom line:

The housing market in Whittier, California, is currently characterized by steady price growth, strong demand, low inventory, and opportunities for both sellers and buyers.

With its attractive location and investment potential, Whittier remains an enticing destination for individuals looking to enter the real estate market. By working with local experts, buyers and sellers can navigate the market effectively and capitalize on the opportunities it presents. Ready to sell your current home and buy your “forever home”? Get in touch with us today!