Median Home Price in Pasadena Surpasses $1 Million

For the first time ever, the median price of homes sold in Pasadena has exceeded $1 million, according to 2020/2021 property tax data provided to the city by a consultant and published last week.

Sale prices have risen as the number of sales declined significantly due to COVID-19 stay-at-home orders.

The smaller inventory and lower interest rates from January through September drove the median sale price of a detached single-family residential home in Pasadena up to $1,050,000, a $93,000 (9.7 percent) increase in median sale price from 2019.

“It doesn’t surprise me, because supply continues to be limited relative to demand,” said Pasadena realtor Bill Podley of dpp real estate. And that will continue “until more homeowners decide to sell or relocate,” Podley said.

“I’m really addressing this more from the more senior population because we’re all aware — and my understanding is this is true over much of the United States — that people just aren’t selling like they used to,” Podley said.

“It used to be people move about every seven years, and now it’s closer to every 20,” he said.

To read the full article visit their website here.

You Might Also Like...
Recent Posts

Homes for Sale in Los Angeles

This week, we’re highlighting some of Los Angeles’s freshly listed properties and the unique neighborhoods they reside in. Whether you’re looking for an historic Hancock Park estate, a stylish Mid-Century tucked away in the Hollywood Hills, or a modern tree house in Los Feliz Oaks, there is something enchanting about each location. Not to mention… Keep reading

Featured Property: A Beautiful 1889 Victorian Farmhouse Located on Minoru Drive

Welcome to this historic 1889 Altadena treasure that was relocated to its current, sought after location one hundred years later in the 1980s. The four bedroom, three bathroom Victorian Farmhouse has been beautifully redone with exquisite finishes throughout. The house invites you in with a glass-paneled front door, a regal foyer and tall ceilings. The… Keep reading

May 2022 Newsletter