Main Content

Home » Pasadena Housing Market December 2021

Pasadena Housing Market December 2021

Let’s take a look at the Pasadena housing market for December 2021:

Last month seventy-five homes sold in Pasadena. Forty-two of these homes sold for over their asking price, five at asking and twenty-eight for under asking. Thirteen of these homes had price reductions prior to selling. The least expensive home sold was a one bedroom, one bathroom, 732 square foot home located at 1440 E. Elizabeth St. It sold for $500,000. The most expensive home sold was a five bedroom, six bathroom, 5,056 square foot home located at 695 Holladay Road.  It sold for $4,965,000.

Pasadena Housing Market December 2021

The global pandemic ignited a home-buying frenzy as the decade-long housing shortage converged with historically-low interest rates. Work from home opportunities gave many the option to live in lower cost neighborhoods. This allowed the opportunity to save for a down payment.

Interest rates are slowly climbing, inventory remains low. Freddy Mac and Fannie Mae conforming loan limits have increased. Conforming loan limits are updated annually to reflect the change in average home prices in the United States. Non-conforming loans, (a.k.a jumbo loans), usually have more stringent lending guidelines than conforming loans. These jumbo loans often come with a higher interest rate. Thus, the updated conforming loan limit makes it easier to purchase in 2022.

It’s still a great time to buy and obtain a low mortgage or sell for a great price!