Burbank Real Estate Market & Area Information Stacy Pearson, September 7, 2023September 7, 2023 Burbank Median Listing Price In July 2023, Burbank, located in Los Angeles County, CA, is experiencing a seller’s market. With a median listing home price of $1.2 million, showing a 13.3% year-over-year increase, the demand for homes in Burbank is high. Homes are selling for an average of 1.42% above the asking price, indicating a competitive market. This article explores the housing market trends, top-rated schools, and abundant amenities that make Burbank an attractive location for homebuyers. Additionally, rental options are available, catering to a variety of budgets. Real Estate Highlights in Burbank, LA County The median listing home price in Burbank, Los Angeles County, CA was $1.2M in July 2023, showing a 13.3% year-over-year increase. This indicates a positive real estate market outlook for potential home buyers and sellers in Burbank. With the median listing home price per square foot at $711 and the median home sold price at $1.1M, there are investment opportunities for those looking to enter the market. The sale-to-list price ratio in Burbank was 101.42%, indicating that homes sold for slightly above the asking price on average. It is important to note that Burbank, Los Angeles County, CA is currently a seller’s market, with more people looking to buy homes than there are available properties. With an average of 32 days on the market, homes in Burbank are selling relatively quickly. Overall, the real estate market in Burbank offers potential investment opportunities for buyers and sellers alike. Housing Market Trends in Burbank, LA County Buyers in Burbank, Los Angeles County, CA are facing limited housing options due to high demand and a low inventory of homes available. The current housing market in Burbank is experiencing strong market demand, with more people looking to buy homes than there are homes available. In July 2023, the median listing home price in Burbank was $1.2 million, showing a 13.3% year-over-year increase. The average sale-to-list price ratio was 101.42%, indicating that homes in Burbank were selling for 1.42% above the asking price on average. The average days on the market for homes in Burbank is 32, suggesting a relatively fast-paced market. Despite the limited housing inventory, buyers in Burbank can benefit from the top-rated public schools and a wide range of amenities, including grocery stores, cafes, and restaurants. Top-Rated Schools in Burbank, LA County Parents in Burbank, Los Angeles County, CA have access to public schools that have received favorable ratings from GreatSchools. These top-rated schools in Burbank offer a strong academic performance and provide a range of extracurricular activities for students. The ratings from GreatSchools are based on school quality indicators, including test scores and college readiness. They serve as a reference for parents in their search for quality education for their children. The schools in Burbank, LA County prioritize both academic excellence and the holistic development of students through a variety of extracurricular activities. This allows students to explore their interests, develop their talents, and enhance their overall educational experience. With these top-rated schools, parents can be confident in their choice of education for their children in Burbank, LA County. Abundant Amenities in Burbank, LA County Residents of Burbank, Los Angeles County, CA can enjoy a wide range of grocery stores, cafes, and restaurants in their neighborhood. With dozens of options to choose from, residents have ample opportunities to satisfy their culinary cravings. In addition to these amenities, Burbank also offers various outdoor recreation options for its residents. The city is home to several parks and green spaces where residents can enjoy activities such as hiking, biking, and picnicking. For those seeking entertainment, Burbank is known for its vibrant entertainment industry. The city is home to major film and television studios, providing residents with access to a variety of entertainment options. Whether it’s catching a movie premiere or attending a live studio audience taping, Burbank offers a diverse range of entertainment experiences for its residents. Grocery Stores, Cafes, and Restaurants in Burbank, LA County With a plethora of grocery stores, cafes, and restaurants, Burbank, Los Angeles County, CA offers a diverse culinary scene for its community. The city boasts a wide range of options for residents and visitors alike, ensuring that there is something to satisfy every palate. From traditional American cuisine to international flavors, Burbank’s culinary scene is known for its variety and quality. The grocery store diversity in the area further contributes to the vibrant food culture, with a mix of large chain supermarkets and smaller specialty stores offering a wide array of fresh produce, gourmet ingredients, and unique products. Whether you’re looking for a quick bite or a fine dining experience, Burbank has a restaurant or cafe to meet your needs, making it a haven for food enthusiasts and culinary adventurers. Rental Options in Burbank, LA County In addition to its abundance of amenities, Burbank, LA County also offers a variety of rental options. The rental market in Burbank has seen some notable trends in recent years. One trend is the increasing demand for rentals, as more people are choosing to rent rather than buy homes. This has led to a competitive rental market, with rental prices ranging from $1.6K to $18K per month. However, affordability in rentals can be a concern for some residents. While there are rental options available at various price points, the higher end of the rental market may be out of reach for some individuals or families. As the rental market continues to evolve, it will be important to monitor rental market trends and explore solutions to ensure that affordable rental options are available for all residents of Burbank. Neighborhoods in Burbank, LA County The median listing home price in the Media Center neighborhood of Burbank has reached $1.4M, according to recent data. This makes it one of the pricier neighborhoods in Burbank. Other neighborhoods in the area, such as the Northwest District, Rancho Adjacent, Chandler Park, and Magnolia Park, also boast median listing home prices ranging from $1.1M to $1.3M. These numbers indicate that the real estate market in Burbank is quite competitive, with high demand for homes. For those looking for rental options in Burbank, there are currently 258 rentals available, with prices ranging from $1.6K to $18K per month. Whether you’re in the market to buy or rent, Burbank offers a variety of neighborhoods with different price ranges to suit various budgets. Median Home Prices in Burbank, LA County Neighborhoods Prices for homes in Burbank’s various neighborhoods range from $1.1M to $1.4M, making it an attractive real estate market for buyers with different budgets. The median home prices in Burbank neighborhoods indicate a strong housing market. The impact of top-rated schools on home prices in Burbank is significant, as families often prioritize access to quality education. Burbank, Los Angeles County, CA hosts public schools that are rated good and higher by GreatSchools, which considers factors such as test scores and college readiness. It is important to note that school ratings are intended for reference only and are based on a variety of factors, including equity data. With a seller’s market in Burbank, there are more people looking to buy homes than there are homes available. This has contributed to an increase in median listing home prices in the area. Market Analysis: Burbank, LA County as a Seller’s Market Multiple potential buyers are outnumbering the available homes in Burbank, driving up market demand and contributing to a competitive real estate landscape. In July 2023, the median listing home price in Burbank, Los Angeles County, CA was $1.2 million, reflecting a 13.3% increase year over year. The median listing home price per square foot was $711, while the median home sold price was $1.1 million. Homes in Burbank, Los Angeles County, CA sold for an average of 1.42% above asking price in July 2023, indicating the competitive pricing environment. With more people looking to buy than there are homes available, Burbank is currently considered a seller’s market. The average days on the market for homes in Burbank is 32, highlighting the high demand and quick turnover in the area. Blogging