While local housing market shifts, it’s still not yet a buyer’s market
CLAYTON, CA (Oct. 30, 2024) — In recent months, we’ve seen some significant changes in the housing market, both nationally and here in the Bay Area.
Mortgage rates and housing prices are finally showing signs of easing after a prolonged period of increase. For the first time in more than a year, Bay Area home prices are dipping – something many buyers have been waiting to see.
While this is positive news for prospective homebuyers, we can’t call it a buyer’s market just yet. Although softening, prices remain high, and the competition is still active.
Take Clayton, for example. Active inventory has doubled from a month ago, indicating that more homes are becoming available. Yet, this increase in inventory hasn’t led to notably lower prices.
Instead, we’re seeing more of a balanced market emerge. There are properties that are pending right away, some with multiple offers, while others are spending longer on the market and experiencing price reductions.
The market’s behavior varies by property type, price range, and location, which means both buyers and sellers need to be strategic in their approach.
Looking ahead, the California Association of Realtors (CAR) has released its 2025 California Housing Market Forecast, and there is optimism in the air. CAR projects that California home sales and prices will rise as buyers and sellers re-enter the market, enticed by lower interest rates and improving housing supply conditions.
Existing single-family home sales are expected to increase by 10.5% to 304,400 units in 2025, up from 2024’s projected 275,400. Meanwhile, California’s median home price is forecast to climb 4.6% to $909,400, following a projected 6.8% increase in 2024.
This growth reflects both improving affordability and an increase in homes for sale, helping the market move forward after a few challenging years.
With these changes on the horizon, many buyers who have been sitting on the sidelines are starting to re-emerge, and inventory is gradually rising. However, navigating this evolving market requires expertise.
Whether you’re buying or selling, partnering with a full-time, experienced agent is essential. A knowledgeable agent can help you make informed decisions, spot opportunities and successfully guide you through negotiations in what remains a competitive landscape.
Send questions and comments to jennifer@bhrbroker.com.
Jennifer Stojanovich
Jennifer Stojanovich is a seasoned real estate professional with over 20 years of experience. She is the broker and owner of Better Homes Realty of Clayton, a leading real estate firm in the area. Raised in Clayton/Concord, she has deep roots in the community and currently resides in Clayton with her husband, three children, and two dogs.
A graduate of Clayton Valley High School and Sacramento State University, Jennifer began her career in sales and marketing at Hewlett Packard Company, where she spent a decade excelling and earning numerous awards for her outstanding performance. She joined Better Homes Realty in 2004, leveraging her extensive sales and marketing experience to build a strong and successful team. In 2011, she obtained her broker's license and has since specialized in traditional sales for both buyers and sellers.
Outside of her professional life, Jennifer enjoys spending quality time with her family and friends, hiking, camping, and cheering on her kids at their sports games. Her dedication to her clients and community is evident in her work and personal life.