Is Burbank, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2022
Since last year, Burbank has remained a Seller's Market.
Key Takeaway
Burbank is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Burbank, CA
How much do homes in Burbank, CA cost?
Median Sold Price
$1,100,300
$738/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2022
Key Takeaway
Homes in Burbank have sold for 4.2% less than they did a year ago.
Summary: The median home sold price in Burbank was $1,100,300 in November 2023, down 4.2% from last year, and the median price per square foot was $738.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $589K | $572K | -2.9% |
| 2 Bedrooms | $855K | $840K | -1.8% |
| 3 Bedrooms | $1.2M | $1.2M | +1.9% |
| 4 Bedrooms | $1.5M | $1.4M | -4.7% |
| 5+ Bedrooms | $1.7M | $1.9M | +11.9% |
Summary: Burbank housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes decreased by 2.9%, 2 bedroom homes decreased by 1.8%, 3 bedroom homes increased by 1.9%, 4 bedroom homes decreased by 4.7%, and 5+ bedroom homes increased by 11.9%.
Median Sold Price Compared To Nearby Cities
| Glendale | $1.1M | $1.1M | +1.1% |
| La Crescenta | $1.2M | $1.2M | -0.2% |
| San Fernando Valley | $919.5K | $909.4K | -1.1% |
| Los Angeles | $989.6K | $970.1K | -2.0% |
| Burbank | $1.1M | $1.1M | -4.2% |
Housing Supply in Burbank, CA
How many homes are available in Burbank, CA?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 163 | 144 | -11.7% |
Summary: The Burbank real estate market had 144 homes for sale in November 2023, a 11.7% decrease compared to October 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 4 | 0.0% |
| 2 Bedrooms | 47 | 37 | -21.3% |
| 3 Bedrooms | 70 | 63 | -10.0% |
| 4 Bedrooms | 28 | 28 | 0.0% |
| 5+ Bedrooms | 14 | 12 | -14.3% |
Summary: The Burbank housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 21.3%, 3 bedroom homes decreased by 10%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 14.3%.
Number of Homes Sold
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 54 | 36 | -33.3% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
18 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Burbank, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 36 homes were sold or pending in Burbank in November 2023, down by 33.3% month-over-month. Of the 36 sold homes, 36% were sold under asking, 14% were sold at asking, and 50% were sold over asking.
Days on Market for Burbank, CA
How long does it take to sell a home in Burbank, CA?
Average Sale Time
| Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|
| 28 Days | 23 Days | -19.8% |
Summary: Homes in Burbank had an average of 23 days on market in Nov 2023, down by 19.8% compared to last year.
Breakdown of Home Sale Times
27 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Burbank are selling fast, if you're buying plan to act quickly.
Summary: During November 2023, 36 homes were sold in Burbank; 75% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.