Home prices continue to rise in the face of recession chatter and higher mortgage rates, why you might ask? It’s the same old story, economics 101: more Buyers than Sellers. In short, more people are moving to the Conejo than leaving, this can be attributed to several factors, including:
Aging in place: Our senior population is living longer and not moving.
Remote work: The work from home model has allowed a whole new demographic to explore the Conejo Valley, and many of these imports bring with them significant income and equity.
The unprecedented wealth transfer from parent (grandparent) to child. An estimated $40 trillion has begun to transfer, and this trend will continue over the next 6-8 years. Wonder how these young people can afford a home locally, now you know.
Escape from LA: More and more people are simply fed-up with crime, homelessness, poor schools and traffic in LA.
Affordability: The wealth gap between the top 10% of Americans with household incomes of $173,176 (in 2020) and everyone else continues to grow, so does our local Median household income, now rumored to be $125,000. In short, our community is more affordable than many in LA.
Local marketing times remain near 30+ days, historically short and local Sales prices remain within 4% of asking prices, a sign of a Sellers’ market.