San Francisco Bay Area Real Estate Insights – June 2024

Welcome to the June 2024 edition of our "Real Estate Insights" report for the San Francisco Bay Area. This update is specifically designed to provide professionals, home buyers, and sellers with a comprehensive overview of the current market dynamics for single-family residences. Staying informed in today’s fast-paced real estate market is crucial for making sound decisions, whether you're looking to buy, sell, or simply understand the trends.

Top Takeaways

  • Market Index Score: 59 (favoring sellers)

  • Median List Price: $1,349,000 (slightly decreased from last month)

  • Average Days on Market: 58 (increased from last month)

Key Analysis and Trends

The real estate market in the San Francisco Bay Area continues to show resilience with a slight tilt towards sellers, as indicated by the Market Index Score of 59. This score is derived from the market action score, reflecting the overall strength and balance between buyers and sellers. Here's a closer look at what these numbers mean and how they compare to the previous month.

Detailed Market Analysis

Market Index Score: 59

The Market Index Score of 59 suggests a market that still favors sellers but shows signs of softening compared to last month’s score of 61. This slight decrease indicates a potential shift towards a more balanced market, providing opportunities for both buyers and sellers.

Median List Price: $1,349,000

The median list price has seen a slight decrease from last month's $1,350,000. This minimal change suggests that while prices remain high, there is a slight easing in the pricing pressure, potentially opening the door for more negotiations and offers closer to the asking price.

Median Price of New Listings: $1,250,000

The median price of new listings has decreased from $1,300,000 to $1,250,000. This could be a strategic move by sellers to attract more buyers in a market showing signs of stabilization.

Average Days on Market: 58

The average days on market have increased from 55 to 58 days. This increase indicates that homes are taking slightly longer to sell, which could signal a cooling trend in the market. Buyers might find they have a bit more time to make decisions, while sellers may need to be more patient or consider more competitive pricing.

Median Days on Market: 21

The median days on market have remained steady at 21 days, suggesting that well-priced homes continue to sell quickly, while the overall average is influenced by properties taking longer to find buyers.

Mortgage Rates

The current 30-year fixed mortgage rate is 6.87%, according to the latest update from Freddie Mac. This rate is a crucial factor for both buyers and sellers as it affects affordability and overall purchasing power. For more detailed mortgage insights, visit the Mortgage Insights page and Freddie Mac's mortgage rate update.

Implications for Buyers and Sellers

For Sellers:

  • Advantages: With a Market Index Score of 59, sellers can expect more competition and potentially multiple offers. This environment can lead to better offer terms and a higher likelihood of selling at or above the asking price.

  • Considerations: Given the slight increase in average days on market, sellers might need to be more strategic with their pricing and marketing efforts to attract buyers quickly.

For Buyers:

  • Advantages: Buyers benefit from slightly longer market times, providing more options and room for negotiation. The decrease in median list price and the price of new listings also suggest opportunities for more favorable deals.

  • Considerations: While the market still favors sellers, the trend towards stabilization could mean better purchasing conditions in the near future.

Outlook and Future Trends

Over the next 30 days, we anticipate the market to continue its gradual shift towards equilibrium. Interest rates are likely to remain a key factor, with any changes potentially impacting buyer demand and affordability. Buyers should watch for any further softening in the market, which could present additional opportunities.

Sellers should stay informed about local market conditions and be prepared to adjust their strategies to remain competitive. The slight decrease in the Market Index Score suggests that while it's still a seller's market, the gap between buyers and sellers is narrowing.

Interesting Fact

Did you know that the current inventory in the San Francisco Bay Area has increased by 6% compared to last year? This increase in inventory provides more options for buyers, which is a significant shift from the highly competitive markets seen in previous years.



The San Francisco Bay Area real estate market remains strong, with favorable conditions for sellers and continued competition for buyers. As always, staying informed and understanding the current trends and data is crucial for making the best decisions in this dynamic market. If you have any questions or need assistance, please don't hesitate to reach out.

By keeping an eye on these trends and understanding the implications of the Market Index Score, both buyers and sellers can navigate the market more effectively. Thank you for reading the May 2024 edition of the San Francisco Bay Area Real Estate Insights.



External Links

· Most Recent Mortgage Insights

· Freddie Mac 30-Year Fixed Mortgage Rate Update