Bay Area Housing Market Update: 2024 Trends for Savvy Homeowners and Buyers!

As your trusted Bay Area Real Estate expert, I wanted to share some key insights on the local market as we head into 2024.

Bay Area Yearly/Monthly Housing Market Trend in Santa Clara County, CA

The summary encapsulates the dynamic shifts within Santa Clara County’s Housing Market, highlighting the variations in home values across different housing types and periods. For an in-depth analysis of Santa Clara County’s Housing Market trends, refer to the dynamic values presented in Data Graphs 1.1, 1.2, and 1.3

Graph 1.1

Average Prices

Average Price: October 2024 vs October 2023 (YoY)

Santa Clara County’s Housing Market Trends Year-over-Year % Change of October 2024 compared to October 2023.

Single Family Homes Average home price increased to $179,969 and 8% Appreciation year-over-year.
Condos/Townhomes Average home price increased to $22,695 and 2% Appreciation Year-over-Year.

Graph 1.2

Average/Sqft

Average/Sqft: October 2024 vs October 2023 (YoY)

Santa Clara County’s Housing Market Trends Year-over-Year % Change of October 2024 compared to October 2023.

Single Family Homes Average/Sqft increased to $107 and 10% Appreciation Year-over-Year.
Townhome/Condos Average/Sqft increased to $10 and 1% Appreciation Year-over-Year.

Graph 1.3

Bay Area Quarterly Housing Market Trend in Santa Clara County, CA

In the Second quarter of 2024, average home prices for single-family homes saw a significant increase of 12% compared to the same quarter in 2023. Likewise, the average home prices for Townhomes and Condos experienced a 7% increase in Q2 2024 compared to Q2 2023.

Examine the Data Graphs 1.1, 1.2, and 1.3 to discover detailed insights into the Santa Clara County quarterly housing market’s average price and average/sqft.

Average Prices

Average Price: Q2 2024 vs Q2 2023 (Quarterly YoY)

Santa Clara County’s Housing Market Trends Year-over-Year % Change of Q2 2024 compared to Q2 2023.

Single Family Homes Average home price increased to $245,916 and 12% Appreciation Year-over-Year.
Condos/Townhomes Average home price increased to $ 76,906 and 7% Appreciation Year-over-Year.

Graph 1.4

Average/Sqft

In Graphs 1.4 above, click on Average/Sqft to Discover detailed insights on the Quarterly of the Santa Clara County Housing Market by examining the data in Graphs 1.4

Average $/ Sq f t$ : Q2 2024 vs Q2 2023 (Quarterly YoY)

Santa Clara County’s Housing Market Trends Year-over-Year % Change of Q2 2024 compared to Q2 2023.

Single Family Homes Average /Sqft increased to $275 and 28% Appreciation Year-over-Year.
Condos/Townhomes Average /Sqft increased to $115 and 16% Appreciation Year-over-Year.

Inventory

2023 Inventory levels remained tight, though they saw a slight increase compared to 2022. This means competition remained strong, especially for desirable properties.

Click on the arrow on the right corner to discover detailed insights on the yearly, monthly, and quarterly trends of the Santa Clara County Housing Market by examining the data in Graphs 2.1
Explore detailed insights and dynamic data trends for DAYS OF INVENTORY, DAYS ON MARKET, HOMES SOLD, MEDIAN PRICE, PRICE CUTS, PRICE RATIO, PRICES AND SALES in Graphs 2.1

Graph 2.1

2024 Bay Area Housing Market Forecast

Prices, interest rates, and inventory are the key factors that could influence the 2024 market. Major economic or geopolitical events could significantly alter the market landscape.

Prices

General Trend: Most experts predict prices to increase moderate growth in 2024, compared to 2023.

Inventory

Predicted Change: Most analysts expect inventory to increase in 2024, potentially exceeding pre-pandemic levels. This is due to several factors, including decreasing mortgage rates, prompting some homeowners to sell.

Mortgage Rates

Projected Trends: Experts predict gradual decreases in Mortgage Rates in 2024. Interest rates climbed significantly in 2023, reaching a peak of 8.45% on 17 October 2023. However, interest rates have started coming down.

Mortgage Rates March 2024 2

Graph 3.1

Mortgage Rates March 2024

Graph 3.2

What does this mean for you?

2024 Plans

Are you unsure how your Real Estate goals fit the Current Market? I’ll help you create a strategic plan for success.

Homeowners: If you’re considering selling, understanding the current market conditions and potential trends can help you make informed decisions about timing and pricing.
Potential Buyers: While affordability remains challenging, rising inventory may create more opportunities in 2024.

I’m here to Answer your Questions

Buying: Are you looking for your dream home, considering an investment property, or unsure where to start? I’ll guide you through the process, share market insights, and help you find the perfect fit.
Selling: Are you thinking of putting your home on the market? I’ll provide a comparative market analysis, discuss pricing strategies, and help you achieve your selling goals.
Market Trends: Are you curious about the local market, interest rates, or trends? I’ll share my expertise and give you the inside scoop.

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Ready to make 2024 your Real Estate year? Let’s Connect!

📅 So now, what’s the delay? The perfect moment is this. Hit the link given below to book your discovery call with me. Let’s spark plug the transformation engine and begin weaving your triumphant tale in the Real Estate world.

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Let’s make your next move our best move. ✨ Let’s embark on this informative journey together.

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