Trends and insights into the local housing market
CLAYTON, CA (July 31, 2024) — As we navigate the ever-changing housing market landscape, recent trends indicate both challenges and opportunities mirroring broader national patterns.
Mortgage rates and market response. Mortgage rates have been declining over the past few months, which has encouraged a slight uptick in market activity. Lower rates are making home purchases more feasible for buyers, and this has led to an increase in both new listings and prices. The median listing price has moved up slightly, reflecting a more active market with growing buyer interest.
Inventory and seller activity. Clayton, Concord and the surrounding areas have all witnessed a rise in new listings, paralleling national trends where seller activity has increased by 10.8% year-over-year. This is significant as it suggests homeowners are feeling more confident about listing their properties, possibly spurred by decreasing mortgage rates. Active inventory has also notably increased, providing more options for potential buyers.
Pricing dynamics. Despite the rise in inventory, home prices in the area remain relatively high, consistent with the national trend of higher prices per square foot. This has been a result of limited overall housing supply, a legacy issue from the pandemic period. However, the increase in smaller, more affordable homes has helped maintain a balanced market, especially beneficial for first-time buyers.
Time on market and pricing adjustments. Homes in our area are spending slightly more time on the market compared to last year. This trend provides buyers with more time to make purchasing decisions, potentially leading to more thoughtful and competitive offers. Additionally, there has been an uptick in price reductions as sellers adjust their expectations to align with current market conditions. This shift indicates a more balanced negotiation landscape and can present opportunities for buyers to secure properties at more favorable prices.
Future outlook. Experts expect our housing market to stabilize further as mortgage rates continue to adjust and more sellers enter the market. Buyers can look forward to a wider selection of homes, although they may still face competitive pricing. The continued increase in inventory is a positive sign for the market’s health, potentially easing some of the upward pressure on prices.
These trends are reflective of the national housing market as analyzed by Realtor.com, highlighting a gradual shift toward a more balanced and accessible market for both buyers and sellers. For more detailed insights and weekly updates on national housing market trends, visit Realtor.com’s economic research section or contact me directly at 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.