Pleasant Hill Real Estate Insights - June 2024

Welcome to the Monthly Real Estate Insights for Pleasant Hill, CA, for June 2024. In this update, we will explore the latest trends and changes in the real estate market, focusing on single-family residences. Staying informed in today’s dynamic market is crucial for making well-informed decisions, whether you are a buyer, seller, or real estate professional. This report will highlight key takeaways, provide a detailed analysis of market data, and offer insights into what to expect in the coming months.



top takeaways

  • Market Index Score: The Market Index score for June 2024 is 67, indicating a strong seller's market.

  • Current Trends: Median list prices have slightly decreased, while the market remains highly competitive with an average of 30 days on market.

  • Mortgage Rates: The current 30-year fixed mortgage rate is 6.95%, a slight decrease from the previous month’s 7.03%.

Market Overview

Key Metrics

  • Median List Price: $1,069,750 (down from $1,099,000 last month)

  • Median Price of New Listings: $905,000 (down from $1,025,000 last month)

  • Average Days on Market: 30 (up from 28 last month)

  • Median Days on Market: 21 (up from 14 last month)

  • Median Rent: $3,800 (up from $2,685 last month)

  • Market Action Score: 67 (down from 68 last month)

Analysis and Trends

The Pleasant Hill real estate market continues to favor sellers, with a Market Index score of 67. This strong seller's market is characterized by competitive pricing and a relatively quick turnaround in listing times. Despite a slight decrease in median list prices and new listing prices, the market remains robust with significant buyer interest and limited inventory.

Seller’s Perspective

For sellers, a Market Index score of 67 signifies a favorable environment. Properties are likely to receive multiple offers, often at or above the asking price, leading to advantageous terms. The increase in median rent also suggests a strong rental market, providing additional opportunities for investment.

Buyer’s Perspective

Buyers in Pleasant Hill face a competitive market with limited inventory. However, the slight decrease in mortgage rates to 6.95% provides some relief, potentially lowering monthly payments. The increase in average and median days on market indicates a marginal shift, giving buyers a bit more time to make decisions compared to last month.

Current Market Insights

One interesting fact about the current housing market in Pleasant Hill is the significant increase in median rent, which has risen to $3,800 from $2,685 last month. This 41% increase highlights the growing demand for rental properties, likely driven by high home prices and limited availability, making renting a more attractive option for many residents.

Another noteworthy trend is the substantial difference between the median list price and the median price of new listings. This gap indicates a possible shift in the types of properties coming onto the market, with newer listings being priced more competitively to attract buyers quickly.

Future Outlook

As we look ahead, several factors will influence the Pleasant Hill real estate market. The anticipation of steady interest rates and ongoing high demand suggests that the market will continue to favor sellers. However, any significant changes in economic conditions or housing policies could shift this balance. Buyers should remain vigilant and prepared to act quickly, while sellers can expect continued strong interest in their properties.

The Pleasant Hill real estate market in June 2024 continues to present a strong seller's market with competitive dynamics and slight adjustments in pricing. Staying informed about these trends and understanding the implications of the Market Index score can help all parties make better decisions. If you have any questions or need further assistance, please feel free to reach out. Your local real estate professional is here to help guide you through these times with expert advice and support.

For personalized guidance and expertise, reaching out to a Real Estate Professional at Realty One Elite can make all the difference in navigating this complex market.



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