2020 brought record high home values in Pasadena & San Marino but will it all change this year?
Pasadena Historic Median Home Prices
Hi, this is Eva Lin, Broker-Owner at Lin Realty Group here in Pasadena. Despite huge economic and political uncertainties in 2020 we still experienced an incredible growth year for local home prices. Here are some key stats to consider:
✅ Pasadena Median Home Prices…
- 2016: $722K
- 2019: $860K
- 2020: $914K (record high)
We’ve seen about 27% growth in Pasadena home values in 4 years! If you bought a $2M house in 2016, it’s probably worth $2.5M+ today.
✅ San Marino Median Home Prices…
- Jumped 7% between 2019 and 2020.
- Currently at nearly $2.5M (record high)
Will Pasadena Homes Continue to Appreciate?
The million-dollar question on everybody’s mind is will home values continue to appreciate? To answer that we need to take a step back and consider a different question. Why did values appreciate so rapidly in the first place? There are two main reasons:
In 2020 fewer Pasadena homes sold than in any of the 8 preceding years. In San Marino, the number of homes sold last year was at a 20-year record low. COVID played a huge part in this. Many home-owners WANTED to sell, but chose to be cautious. This is completely understandable. Fortunately, I enacted safety measures that kept all my clients safe throughout their 2020 home sale. And in the process, I experienced my most productive year yet. I helped my clients successfully sell or buy over $50,000,000 in local real estate! If more home sellers start feeling they can list their home safely (because of the vaccine or for other reasons) then we might see a lot of pent-up inventory hit the market. I expect this to happen in the second half of the year, when the vaccine is widely available. More inventory will likely slow the surge in home values.
Historically low mortgage interest rates
Many pundits expect these rates to rise throughout 2021. In fact, we’ve already started to see this happen! But, it’s unlikely the increase will be significant. Buyer demand should remain high. Based on these factors, I expect local home values to stay strong particularly in the first half of the year.
Contact an Experienced Pasadena Real Estate Agent
Eva Lin | Broker | Lin Realty Group
626-807-6581 | [email protected]
DRE01817694 | DRE02097017