Pasadena Real Estate market

PASADENA REAL ESTATE MARKET OVERVIEW

Leon Townsend

When most people visit California, their sights are set on Los Angeles and San Francisco. They believe that those two cities define the entire California state and pay no attention to other areas.

But Pasadena, sitting eleven miles off the northeast of Los Angeles, in its own right, is a fully-fledged city that has been recording a steady growth in both residential and commercial property ownership.

The city, most famous for the Rose Bowl and the associated parade, has its economic opportunities and tourist sites too that attract thousands of people yearly.

The Pasadena real estate market holds a lot of promise as most investors are yet to bite the bug of investing in the homely city of one hundred and fifty thousand people. This is even though the city is one of the largest and fastest-growing metro areas in the United States. According to data gotten from Zillow, the median value of homes in Pasadena is $826,900, and the median rent price is $2,900. When you consider the fact that home values have risen by 1.2% over the last year and the real estate market is predicting that prices will still increase by 0.2% within the next year, you would agree that Pasadena would make for an ideal place for an investor to invest in.

On average, homes in Pasadena tend to sell between 45 days, and the average cost of a home sold in Pasadena is $903K.

According to statistics released as of August 2019, Pasadena was said to be a seller’s market as there were even more buyers than there were homes for sale in the market. This means sellers in Pasadena hold leverage over the market in the city.

The most common type of housing one can find in Pasadena are the one or two-bedroom singlefamily detached homes which account for 43% of the city’s housing units. Also, you can find large apartment complexes, duplexes, homes converted to apartments and a few row houses too in the city.

If you are looking to invest in Pasadena real estate, the most crucial factor you should seriously consider is the location of the property as it is the property’s location that determines the desirability.

Typically, you would be seeking a property in a locality that has basic amenities close to public service centers and shopping malls too. You would not want a property in an area with a high crime rate or a place that is not upwardly mobile.

So, if you would like to invest in Pasadena real estate, the best neighborhoods would be Downtown Pasadena, San Marino, Annandale, Northeast Pasadena, The Oaks, Normandie Heights, Janes Village, North Arroyo, City centre. Some of these neighborhoods have the highest appreciation rates, according to Neigborhoodscout.

It is advisable to invest in Pasadena because of the massive student market that is available in the city. The city is home to over three colleges (Art Center College of Design, Caltech, the Fuller Theological Seminary and Pasadena City College). And unlike in other college towns, Pasadena housing market is strong in its own right, so it cant be influenced by the rise and fall of colleges around it.

Still, on why you should think of investing in Pasadena, the city has a high employment rate, and the quality of life in the city compares to some of the best in the county. Plus the fact that Pasadena housing rents have steadily increased over the past six years making house owners make a healthy profit from their investment.

Reference:

https://www.noradarealestate.com/blog/pasadena-real-estatemarket/amp/#Is_Pasadena_a_Good_Place_For_Real_Estate_ Investing https://www.neighborhoodscout.com/ca/pasadena/real-estate https://www.zillow.com/ https://www.redfin.com/city/14498/CA/Pasadena/housingmarket https://www.neighborhoods.com/