Downey, CA Real Estate Market Overview:
Currently, there are 292 homes listed in Downey for sale which include 58 condos, $ 2 foreclosures, ranging from $83K to $6.2M. There are ten homes enlisted this week. In Downey, the median sales price of homes is $ 384 per sq. Ft. The homes have gone up by 5.3% above the previous year. RTI predicts it will further increase by 3.5% within the next year. The median price of homes currently enlisted is $610,000 whereas that sold is $569,600.
In October 2018, the housing market in Downey, CA is a seller’s market, which means there are roughly more buyers than active homes for sale. Seller’s markets are generally more advantageous for sellers rather than the buyer’s.
Foreclosed Homeowners Underwater in Downey, CA:
The property bubble of 2008 resulted in fall of home values in the U.S. by more than 20% nationally from their peak in 2007 until to bottom in late 2011. Its impact is still existing. Its foreclosures will continue impact on home values in the next years to come.
In Downey 0.5 homes are foreclosed (per 10,000) which is lower than the national value of 1.2. Mortgage delinquency is the first step in the foreclosure process. Many owners were unable to pay back a mortgage payment. Large homeowners are now in trouble on their mortgaged houses since they owe to financial institutions more than their present value of a home in the market.
Downey Rental Prices Continue Upward Climb
Over the past year, rent increases have been modestly not only in the city of Downey but across the entire Los Angeles metros. There are 55 rentals, with a range of $950 to $8000 per month. The median rent price in Downey is $2,500. The average rent for an apartment in Downey is $1,646, a 5% increase compared to last year of $1,570. One bedroom apartments in Downey average rent for $1501 per month which is 5.6% increase from a previous year and two bedroom apartment rents average $1841 which is 3.8% increase since last year which is above the national average of $1,180.As rents have increased moderately in Downey, whereas in nationwide a moderate growth in rent observed and even decline in a few. Downey is less affordable for renters as compared to most large cities.
One should hire the services of a Downey Property Management Company for selecting the genuine rental property for him.