Progress Real Estate Group, the most preeminent real estate experts in Torrance, CA brings some market trends for its customers interested to sell and buy or rent a property in Torrance, CA and need all information about Torrance, CA real estate.
Housing Market Trends* in Torrance, CA:
Housing market trends in Torrance, CA show an increase of 2.6% in prices of median home sales over the past year. It is forecasted that it will also rise to 2.6% in the coming year. The median price rate per square foot in Torrance, CA is $492 and the median home price is $815,700. The average price of currently listed homes for sale in Torrance, CA is $799,000 and that of median homes sold is 741,700. Currently, there are 290 properties listed for sale in Torrance which include 53 condos & 0 foreclosures. Torrance becomes a seller’s market which means that there are more buyers than there are active homes that are listed for sale in Torrance, CA.
Rental Trends** in Torrance, CA:
The median rent price is $3,000 in the city of Torrance. The average price for an apartment for rent in Torrance is $1,899 (826 sq.ft. average apartment size) per month, which is almost a 2 percent increase than the previous year when it was $1,856. The price for rental apartments are as under:
Studio apartments (438 sq.ft. average apartment size) rent at $ 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, and
3-bedroom (1,360 sq.ft. average apartment size) at an average rent of $ 2,590 per month.
The average apartment rent price in Torrance has increased by $138 (6.2%) in last six months, however, one bedroom units price rose by $52 (2.5%) and two bedroom apartments increased by $125 (5.1%).
You do not need to worry with so many calculations if you are going to purchase or take an apartment for rent in Torrance, CA. Just take the assistance of a Progress Real Estate Group who will get match the right real estate property in Torrance for you.
Are Foreclosed Homeowners in Trouble in Torrance, CA?
As per USA home values having lowered down by more than 20% countrywide when 2008’s Bubble impact burst with their peak in 2007 to lowest in 2011. Mortgage delinquency became the initial step in the city of Torrance's foreclosure process when a homeowner unable to make a mortgage payment. The rate of delinquent mortgages is 0.3% in Torrance, which is lower than the notional value of 1.1%. Many homeowners(2.8%) now come in trouble for their mortgages since they owe more than their home is valued on a date.
*This overview is based on data updated October 2018.
**This overview is based on data updated November 2018.