The numbers don’t lie– California’s housing market is full of opportunities for both buyers and sellers.
As we enter the final months of 2024, the California housing market continues to demonstrate its resilience and dynamic nature. Understanding these trends can help those buying or selling make confident decisions.
Last month, 264,870 homes changed hands, a 9.5% increase year over year, reflecting strong demand. The median home price climbed to $888,740, up 5.8% year over year. This highlights the ongoing value of homeownership in California, even as the market evolves.
Homes spend more time on the market, with the median time to sell reaching 25 days, a 25% increase year-over-year. This slight shift gives buyers more breathing room, but demand keeps things moving quickly.
For sellers, the market remains competitive. Homes are selling at 99.9% of their list price, and the price per square foot is now $442 (a 5.5% rise). Inventory has also increased slightly to 3.1 months, giving buyers more options while favoring sellers.
Affordability remains a challenge, with the index at 16%, though low mortgage rates, at 6.43%, offer some relief. Whether buying or selling, these numbers tell a story of opportunity. Let’s work together to navigate this exciting market, leveraging insights like these to achieve your real estate goals. Here’s to making smart moves and creating success, one home at a time!
Source: California Association of REALTORS®