2024 was living on the ragged edge of the real estate market. It was as challenging a year as we have seen since the recession with rising interest rates, insurance issues, lack of inventory and changing laws and best practices. For buyers and sellers it was mixed results. Which ironically produced a neutral market. When neither side of the transaction has a stronger hand, better contracts are often negotiated. Buyers are not forced to take whatever they can get, while sellers are still seeing their homes sell in a timely fashion for a fair price.

Now for the numbers. In the 10 cities* that we work the most, the number of single family homes sold, 2955, was almost the same as 2023 (2,931). Which was down 20% from 2022 (3,707), down 25% from the 5 year average (3,981) and down nearly 30% from the 10 year average (4,150). The median sales price in 2024 was $1.425 million, up ~5% from $1.350 in 2023 and about even with 2022. The median days on market remained stable and relatively short at 11.

Anecdotally, we saw buyers fairly active but discerning in their home searches. With interest rates higher, affecting their purchasing power and eating into cash available for post purchase work, we saw buyers pass on homes that needed too many repairs or had too much deferred maintenance. Well prepared homes that were priced appropriately, sold quickly, sometimes over asking and sometimes with multiple offers. But homes that needed work were sitting on the market a little longer, even if they were well priced. 

*Alamo, Clayton, Concord, Danville, Lafayette, Martinez, Moraga, Orinda, Pleasant Hill, Walnut Creek