You’ve been wanting to own Woodland Hills real estate for some time. Among this neighborhood’s many attractions are an active Neighborhood Council that advises the City of Los Angeles, Los Angeles Pierce College, a private equity golf club and the Upper Las Virgenes Canyon Open Space Preserve, which is known for its miles of hiking, equestrian and mountain biking trails. Rising real estate values and low interest rates makes now an excellent time to buy a home here.
According to Zillow, the values of Woodland Hills real estate have risen by 0.3 percent in the past year after bottoming out in 2012. About 22 percent of homes were built from 1950 to 1959 with 17.83 percent going up from 1960 to 1969.
The median home value runs $704,000, which represents the values of all homes in the neighborhood whether they’re listed for sale or not on the market. Not surprisingly, smaller homes are less expensive with one-bedroom units having a median value of $267,000. The median value of five-bedroom homes is just under $1 million. Condos have a median value of $361,000 while single-family homes are at $744,000.
The median sale price is $697,625, or $364 a square foot. (Sale prices have appreciated by 50.5 percent over the past year, according to Trulia.) One-bedrooms go for $269,000 while five-plus bedrooms reach $1.1 million. Condos sell for a median $355,000 and single-family properties are at $779,000. If you can afford to wait, you may be able to score some bargains because about 12.36 percent of homes eventually sell with a price cut.
Foreclosed homes may be difficult to come buy. The rate for Woodland Hills real estate is 1.8 homes per 10,000, compared to 2.2 for Los Angeles and 3.5 for the country. The rate for Woodland Hills is way down from a high of 17.79 in July 2008.
Comparable values for nearby neighborhoods include over $2 million for Pacific Palisades, $731,000 for Encino, $591,800 for Northridge, $446,300 for Canoga Park and $406,800 for Reseada.
One of the factors pushing up a buoyant housing market is the rising cost of rent. The median rent in Woodland Hills is $3,193 per month, compared to $2,581 in Los Angeles and $1,367 in the United State. In July of 2014, the median rent was $3,081 and in July of 2013, it was $2,853. At these rates, it takes only 5.1 years of renting for buying to become more advantageous financially.