Alameda County Real Estate Insights – June 2024

Welcome to the Monthly Real Estate Insights for Alameda, CA, for June 2024. This update provides a comprehensive overview of the current market trends and changes in the real estate landscape for single-family residences. Staying informed about these trends is essential for making well-informed decisions whether you are a home buyer, seller, or real estate professional.


Top Takeaways

  • Market Index Score: The Market Index score for June 2024 is 66, indicating a strong seller's market.

  • Current Trends: The median list price has increased significantly, while the average days on market have also increased, suggesting a cooling in market activity despite high competition.

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


Market Overview

Key Metrics

  • Median List Price: $1,292,500 (up from $1,095,000 last month)

  • Median Price of New Listings: $1,297,500 (up from $1,230,000 last month)

  • Average Days on Market: 100 (up from 44 last month)

  • Median Days on Market: 7 (down from 14 last month)

  • Median Rent: $4,375 (up from $3,398 last month)

  • Market Action Score: 66 (down from 67 last month)

Analysis and Trends

The Alameda real estate market continues to favor sellers, with a Market Index score of 66. This strong seller's market is characterized by increasing prices and a notable increase in the time properties spend on the market. Despite these changes, the market remains competitive with substantial buyer interest.

Seller’s Perspective

For sellers, a Market Index score of 66 means there are still opportunities to gain favorable terms for their properties. The significant increase in median list price and new listings price suggests strong demand, enabling sellers to attract multiple offers and competitive pricing. Sellers should remain optimistic but realistic about their pricing strategies to maintain interest and competitiveness.

Buyer’s Perspective

Buyers in Alameda face challenges typical of a seller's market. However, the slight decrease in mortgage rates to 6.95% offers some financial relief, potentially lowering monthly payments. The increase in average days on market provides buyers with a bit more time to make informed decisions, but competition remains high.

Current Market Insights

An interesting fact about the current housing market in Alameda is the significant increase in the median rent, which has risen to $4,375 from $3,398 last month. This increase highlights the growing demand for rental properties, driven by high home prices and limited availability, making renting a more attractive option for many residents.

Another noteworthy trend is the dramatic increase in average days on market to 100 days from 44 days last month. This suggests that while the market is competitive, buyers are taking more time to make decisions, indicating a more thoughtful and deliberate market environment.

Future Outlook

Looking ahead, the Alameda real estate market is expected to remain favorable for sellers. The anticipation of steady interest rates and ongoing high demand suggests that seller strength will continue. Buyers should stay prepared to act swiftly and negotiate effectively, while sellers can expect continued strong interest in their properties.

The Alameda real estate market in June 2024 continues to be a strong seller's market with competitive dynamics and significant adjustments in pricing and days on market. Understanding these trends and 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 advice and more detailed insights, don't hesitate to reach out to Realty One Team. Whether you're looking to buy or sell, staying informed and prepared is key to navigating the Alameda real estate market successfully.

Stay informed and make the most of your real estate decisions in Alameda County, CA. Remember, knowledge is power in the ever-evolving world of real estate!


Additional Resources:

· Clayton Real Estate Insights: www.findebhomes.com

· Rates: https://myhome.freddiemac.com/buying/mortgage-rates