Torrance, CA Real Estate Housing Market Trends

RTI Properties Inc, the Property Management Company in Southern California brings some market trends for its customers interested to sell or buy or rent a real estate property in Torrance, CA. Investors need to take the assistance of our Torrance Property Management professionals for finding a rental home.

Housing Market Trends* in Torrance, Ca:

Housing trends in Torrance show an increase of 2.6 % in prices of median home sales over the previous year. It is predicted that it will rise to 2.6% in the coming year. The median list price per square foot in Torrance is $492. The median home price is $815,700. The median price of currently listed homes is $ 799,000 and that of median homes sold is 741,700. Currently, there are 290 homes listed in Torrance which include 53 condos & 0 foreclosures.
Torrance is a seller’s market meaning that there are more buyers than there are active homes are listed for sale.

Rental Trends** in Torrance, Ca:

In Torrance, the median rent price is $3,000.The average rent for an apartment (826 sq.ft. average apartment size) in Torrance is $1,899 per month, which is almost a 2% increase than the last year when it was $1,856.The rent of apartments are as under:
Studio apartments ( 438 sq.ft. average apartment size) – $ 1,399 a month,
Average rent of $1,712 for one bedroom( 690 sq.ft. average apartment size) ,
2-bedroom( 1,024 sq.ft. average apartment size) at an average rent of $ 2,171a month, &
3-bedroom ( 1,360 sq.ft. average apartment size) at an average rent of $2,590 per month.

The average apartment rent in Torrance has increased by $138 (6.2%) in six months however one bedroom units increased by $52 (2.5%) and two bedroom apartments rose by $125 (5.1%).

Torrance, CA Apartment Rent Ranges:
-$701-$1,000—6%,
-$1,001-$1,500——68%,
-$1,501-$2,000—–17,
>$2,000—-9%.

Foreclosed Homeowners in Trouble in Torrance, Ca:

U.S. home values having lowered down by more than 20% countrywide when 2008’s Bubble burst with their peak in 2007 to lowest in 2011. Mortgage delinquency is the initial step in the foreclosure process when a homeowner unable to make a mortgage payment. The percent of delinquent mortgages is 0.3% in Torrance, which is lower than the national value of 1.1%. Many homeowners(2.8%) are now in trouble on their mortgages since they owe more than their home is valued on a date.

*Based on data updated October 2018.
** Based on data updated November 2018.