Torrance Real Estate Market Report January '22
Torrance CA real estate market was still tight last month, with higher home prices, low inventory, bidding wars. Property prices reached new highs and more buyers have been priced out of the market. The mortgage rates inched up but still are historically low which is helping buyers' affordability a bit.
Total of 48 single family homes were sold in January, 17 percent fewer than a year ago. Median sold price was $1,040,000 compared to $925,000 in January 2021. Below are market details (single family homes only; data based on CRMLS):
|January 2022||January 2021|
|No. of Sales||48||58||+17%|
|Days on Market||23||25||-2 days
Torrance California real estate is projected to continue to feature increasing prices and low inventory. The rising mortgage rates may slow the price growth however. Stay tuned for future reports or contact us for details.
Real estate is local - every neighborhood or community is different. If you're considering selling your home, Contact us and we'll provide you with a free local market report and free home evaluation. Call (310)918-5027 to set up a no-obligation consultation.