Pasadena Real Estate Market November 2023

Let’s look in-depth at the Pasadena real estate market for November 2023. Last month, the least expensive home sold in Pasadena was a two-bedroom, one-bathroom, 1,120-square-foot home located at 297 Del Monte St. This starter home was initially listed for $650,000. It sold in just under four months for $634,000. The most expensive home sold was a five-bedroom, five-bathroom, 5,803-square-foot home located at 440 Woodward Blvd.  This 2023 luxury home was initially listed for $4,695,000 and sold over asking for $4,750,000 in thirteen days.

In analyzing the Pasadena Real Estate Market for November 2023, it’s always interesting to note the range of the average price per square foot. On the low end was a 1761 square foot home on Alta Pasa Drive selling for just $482.11 per foot. On the high end was 1012 square foot home on Elizabeth Street selling for $1,358.70 per foot. Thirty-two Pasadena homes sold over the asking price. Nine at the asking price. Eighteen sold less than the asking price.

Odd to note that a home at 547 Douglas Street listed at $1,126,000 and sold in five days for just $935,000. Six sales sold off market (prior to MLS submission).

Approximately 66% of Americans own homes, with around 40% owning homes outright. This suggests high affordability for the majority, irrespective of rising rates. However, first-time homebuyers, particularly younger millennials and Gen Z, face challenges due to increased mortgage rates and home prices. Despite the Federal Reserve’s awareness of this issue, they have raised rates 11 times since 2022, potentially favoring the growth of the investor class over middle-class homeownership. Aggressive rate hikes may limit the ability of middle-class and younger Americans to buy homes, leading to a potential increase in renters and the emergence of a socioeconomic divide with long-term consequences.