by Amar REALTOR® | February 2, 2024 4:56 am

Bay Area Housing Market Update:

As your trusted Bay Area real estate expert, I wanted to share some key insights on the local market as we head into 2024. This email will cover what transpired in 2023 and what trends and predictions we can expect in the coming year.

2023 Recap & 2024 Trends for Savvy Homeowners and Buyers

Briefly summarize the state of the Bay Area housing market in early 2023, highlighting its characteristics like low inventory, high prices, and strong buyer competition.
Mention the key factors that significantly impacted the market throughout the year, such as rising mortgage rates and economic uncertainties.

Graph 1.1

Average Prices:

Year-over-Year (YoY) Housing Market Trends Changes for Bay Area Santa Clara County, CA

Single Family Homes average home prices peak high increased by 14% 0n August 2023 compared to August 2022.
Townhomes and Condos average home prices peak high increased by 12% 0n October 2023 compared to October 2022.

For an in-depth analysis of Santa Clara County’s housing market fluctuations, refer to the dynamic values presented in Data Graphs 1.1, 1.2, and 1.3 below.

Month-over-Month (MoM) Housing Market Trends Changes for Bay Area Santa Clara County, CA

Single Family Homes average home prices peak high increased by 10% 0n January 2023 compared to December 2022.
Townhomes and Condos average home prices peak high increased by 9% 0n March 2023 compared to February 2022.

Discover detailed insights into the Average Price and Average Sq.ft of the Santa Clara County housing market by examining the data in Graphs 1.1, 1.2, and 1.3 below.

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

Graph 1.2

Average Price: January 2024 vs January 2023(YoY)

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

* Single Family Homes Average sold price increased to $128,642 and overall, 7% Appreciation Year-over-Year.

* Townhome/CONDO’s Average sold price increased to $21,211 and overall, 2% Appreciation Year-over-Year.

Average Price: January 2024 vs December 2023 (MoM)

Santa Clara County’s Housing Market Trends Month-over-Month % Change of January 2024 compared to December 2023.

* Single Family Homes Average sold price increased to $98,760 and overall, 5% Appreciation Month-over-Month.

* Townhome/CONDO’s Average sold price decreased to -$3,260 and overall, 0% change Month-over-Month.

Average Price: December 2023 vs December 2022 (YoY)

Santa Clara County’s Housing Market Trends Year-over-Year % Change of December 2023 compared to December 2022.

* Single Family Homes Average sold price increased to $204,976 and overall, 12% Appreciation Year-over-Year.

* Townhome/CONDO’s Average sold price increased to $17,166 and overall, 2% Appreciation Year-over-Year.

This summary encapsulates the dynamic shifts within Santa Clara County’s housing market, highlighting the variations in home values across different housing types and periods.

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

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

* Single Family Home’s Average/Sqft increased to $140 and overall, 15% Appreciation Year-over-Year.

* Townhome/CONDO’s Average/Sqft increased to $31 and overall, 4% Appreciation Year-over-Year.

Average/Sqft: January 2024 vs December 2023 (MoM)

Santa Clara County’s Housing Market Trends Month-over-Month % Change of January 2024 compared to December 2023.

* Single Family Home’s Average/Sqft increased to -$14 and overall, 1% Appreciation Month-over-Month.

* Townhome/CONDO’s Average/Sqft decreased to -$13 and overall, -2% Depreciation Month-over-Month.

Average/Sqft: December 2023 vs December 2022 (YoY)

Santa Clara County’s Housing Market Trends Year-over-Year % Change of December 2023 compared to December 2022.

* Single Family Home’s Average/Sqft increased to $147 and overall, 16% Appreciation Year-over-Year.

* Townhome/CONDO’s Average/Sqft increased to $34 and overall, 5% Appreciation Year-over-Year.

Graph 1.3

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

In the fourth quarter of 2023, average home prices for single-family homes saw a significant increase of 9% compared to the same quarter in 2022. Likewise, the average home prices for Townhomes and Condos experienced a 7% increase in Q4 2023 when compared to Q4 2022.

To uncover detailed insights into the yearly and monthly changes in the Santa Clara County housing market, refer to the data in Graph 1.4 below.

Average Price: Q4 2023 vs Q4 2022 (Quarterly – YoY)

Santa Clara County’s Housing Market Trends Year-over-Year % Change of Q4 2023 compared to Q4 2022.

* Single Family Homes Average sold price increased to $171,960 and overall, 9% Appreciation Year-over-Year.

* Townhome/CONDO’s Average sold price increased to $64,643 and overall, 7% Appreciation Year-over-Year.

Graph 1.4

In Graphs 1.4 above, click on Average/Sqft to Discover detailed insights on the annual and monthly variations of the Santa Clara County housing market by examining the data in Graphs 1.4 below.

Average $/ Sq f t$ : Q4 2023 vs Q4 2022 (Quarterly- YoY)

Santa Clara County’s Housing Market Trends Year-over-Year % Change of Q4 2023 compared to Q4 2022.

* Single Family Homes Average /Sqft increased to $98 and overall, 10% Appreciation Year-over-Year.

* Townhome/CONDO’s Average /Sqft increased to $49 and overall, 7% 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.

Days on Market: Analyze your data to see if homes in Santa Clara County sold faster/slower than the Bay Area average, reflecting competition levels.
In Graphs 2.1 below, click on the arrow on the right corner to Discover detailed insights on the yearly, monthly, and quarterly variations of the Santa Clara County housing market by examining the data in Graphs 2.1.4 below.
Explore detailed insights and dynamic data values in Graph 2.1, covering inventory, days on the market, homes sold, and more.

Graph 2.1

2024 Bay Area Housing Market Forecast:

The key factors that could influence the 2024 market are Prices, Interest Rates, and Inventory. 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, mortgage rates reaching a peak of 8.45% on 17 October 2023. However, interest rates have started coming down.

Graph 3.1

Graph 3.2

What does this mean for you?

2024 Plans: 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: 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: 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.

I’m flexible and meet you where you’re comfortable:

Office: Conveniently located and equipped for productive discussions.
Phone: Let’s talk on the go!
Zoom: Connect virtually wherever you are.

Schedule your free consultation:

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.

🔗 Schedule Your No Obligation Discovery Call Now

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

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