Is Westwood, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Westwood was a Seller's Market.
Key Takeaway
Westwood is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Westwood, CA
How much do homes in Westwood, CA cost?
Median Sold Price
$1,281,666
$821/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Westwood have sold for 4.6% more than they did a year ago.
Summary: The median home sold price in Westwood was $1,281,666 in May 2024, up 4.6% from last year, and the median price per square foot was $821.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $627.5K | $660K | +5.2% |
| 2 Bedrooms | $1.0M | $1.0M | +2.3% |
| 3 Bedrooms | $2.5M | $2.2M | -12.0% |
| 4 Bedrooms | $2.9M | $3.2M | +11.3% |
| 5+ Bedrooms | $4.7M | $4.2M | -11.2% |
Summary: Westwood housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.2%, 2 bedroom homes increased by 2.3%, 3 bedroom homes decreased by 12%, 4 bedroom homes increased by 11.3%, and 5+ bedroom homes decreased by 11.2%.
Median Sold Price Compared To Nearby Neighborhoods
| Westwood | $1.2M | $1.2M | +4.6% |
| Holmby Hills | $1.6M | $1.4M | -12.0% |
Housing Supply in Westwood, CA
How many homes are available in Westwood, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 127 | 144 | +13.4% |
Summary: The Westwood real estate market had 144 homes for sale in May 2024, a 13.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 18 | 20 | +11.1% |
| 2 Bedrooms | 61 | 64 | +4.9% |
| 3 Bedrooms | 16 | 18 | +12.5% |
| 4 Bedrooms | 13 | 19 | +46.2% |
| 5+ Bedrooms | 19 | 23 | +21.1% |
Summary: The Westwood housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 11.1%, 2 bedroom homes increased by 4.9%, 3 bedroom homes increased by 12.5%, 4 bedroom homes increased by 46.2%, and 5+ bedroom homes increased by 21.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 26 | 23 | -11.5% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Westwood, you may be able to get a good deal. 69.6% of homes here sold below asking price last month.
Summary: A total of 23 homes were sold or pending in Westwood in May 2024, down by 11.5% month-over-month. Of the 23 sold homes, 70% were sold under asking, 9% were sold at asking, and 22% were sold over asking.
Days on Market for Westwood, CA
How long does it take to sell a home in Westwood, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 31 Days | 48 Days | +53.0% |
Summary: Homes in Westwood had an average of 48 days on market in May 2024, up by 53% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Westwood are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 23 homes were sold in Westwood; 57% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 26% 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.