Real Estate

Median home list price hits $767K in this Glendale ZIP code

Meanwhile, other city areas show which markets have ‘cooled’ and where prices have ‘plateaued’

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One section of Glendale dwarfs all others when it comes to current median home list prices on the market.

According to data from industry tracker Altos Research as of Sept. 6, homes in the 85307 ZIP code boast a median list price of $767,000. That checks in at an average of $238 per square foot.

The average price per square foot of floor space in new single-family houses in the U.S. in 2020 is $122.12, according to Statista, a leading provider of market and consumer data.

The 85307 ZIP code encompasses an area as far as west as the intersection of Litchfield Park Road and Olive Avenue bordering Luke Air Force Base, to the south and east of the Westgate Entertainment District, and as far north as the intersection of Olive Avenue and El Mirage Road.

“The market continues to get hotter,” Altos stated in its Sept. 6 report on 85307. “More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices.”

Housing inventory is listed as only four, and homes in this area of Glendale spend an average of 19 days on the market. The median rent in this area is $2,035.

Here’s a look at housing statistics in other Glendale ZIP codes per the Sept. 6 Altos report:

85301

  • Median List Price: $370,000
  • Per Square Foot: $200
  • Average Days on Market: 19
  • Inventory: 18
  • Median Rent: $1,800

“The (85301) market has not shown strong directional trends in terms of supply and demand. However, inventory is sufficiently low to keep us in the Seller’s Market zone and prices have been moving upward as evidence.”

85302

  • Median List Price: $399,950
  • Per Square Foot: $205
  • Average Days on Market: 19
  • Inventory: 24
  • Median Rent: $2,025

“The (85302) market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.”

85303

  • Median List Price: $353,000
  • Per Square Foot: $223
  • Average Days on Market: 26
  • Inventory: 13
  • Median Rent: $2,000

“The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.”

85304

  • Median List Price: $415,000
  • Per Square Foot: $228
  • Average Days on Market: 23
  • Inventory: 27
  • Median Rent: $2,045

“The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.”

85305

  • Median List Price: $489,900
  • Per Square Foot: $205
  • Average Days on Market: 11
  • Inventory: 9
  • Median Rent: $2,700

“The market has achieved a relative stasis point in terms of supply and demand — conditions don’t seem to be getting hotter or cooler. However, inventory is sufficiently low to keep us in the Seller’s Market zone and prices have been moving upward as a result.”

85306

  • Median List Price: $427,000
  • Per Square Foot: $233
  • Average Days on Market: 33
  • Inventory: 16
  • Median Rent: $1,750

“The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.”

85308

  • Median List Price: $489,000
  • Per Square Foot: $241
  • Average Days on Market: 23
  • Inventory: 115
  • Median Rent: $2,350

“The market has not shown strong directional trends in terms of supply and demand. However, inventory is sufficiently low to keep us in the Seller’s Market zone and prices have been moving upward as evidence.”

85310

  • Median List Price: $524,000
  • Per Square Foot: $262
  • Average Days on Market: 18
  • Inventory: 24
  • Median Rent: $2,200

“Despite the fact that we’re in a Seller’s market, prices have not yet resumed upward momentum. However, it is likely that given these conditions, prices will at least level off very soon. If the increasing trend continues, expect that prices could shift higher quickly.”

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