2024 is shaping up to be a pivotal year for California's real estate market. This article provides a straightforward overview of the key trends and what they mean for buyers and sellers.
Positive Outlook for Home Sales:
The market is set to rebound, with a notable increase in home sales anticipated. Prospective buyers can expect more opportunities, as predicted by CAR's forecast of a 22.9% rise in sales.
Source: AceableAgent
Rising Home Prices:
Homebuyers should be aware of the expected rise in home prices. After a decrease in 2023, CAR predicts home prices will increase by 6.2% in 2024, reaching an average of $860,300.
Source: AceableAgent
Steady Housing Affordability:
The affordability of homes is likely to remain constant, with a flat Housing Affordability Index. Buyers should plan accordingly, considering the limited increase in housing supply.
Source: AceableAgent
Diverse Regional Trends:
Different areas in California are experiencing varied market conditions. Some ZIP codes are witnessing record highs, while others are cooling down, affecting both buying and selling strategies.
Source: Nourmand & Associates
Key Market Drivers:
Low inventory and fluctuating mortgage rates are major factors influencing the market. Price trends will vary across regions, underscoring the importance of localized market research.
Source: FlipSplit
For those looking to buy or sell in California in 2024, staying informed about these trends is critical to making well-informed real estate decisions.