Solano County Real Estate Insights – June 2024

Welcome to the Monthly Real Estate Insights for Solano, 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 48, indicating a balanced market with a slight advantage for buyers.

  • Current Trends: The median list price has increased, while the average days on market have also increased, suggesting a slight 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: $625,000 (up from $619,990 last month)

  • Median Price of New Listings: $619,900 (up from $599,000 last month)

  • Average Days on Market: 60 (up from 53 last month)

  • Median Days on Market: 35 (up from 28 last month)

  • Median Rent: $3,000 (up from $2,800 last month)

  • Market Action Score: 48 (down from 51 last month)

Analysis and Trends

The Solano real estate market is currently balanced, with a Market Index score of 48. This balance reflects a stable market where both buyers and sellers have opportunities to negotiate favorable terms. Despite the slight cooling indicated by the increase in days on market, the market remains competitive.

Seller’s Perspective

For sellers, a Market Index score of 48 means there are still opportunities to gain favorable terms for their properties. The 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 Solano face a slightly advantageous market. The balanced nature of the market provides opportunities for negotiation and securing favorable terms. The slight decrease in mortgage rates to 6.95% is a positive development, potentially lowering monthly payments. Buyers should act decisively but also take advantage of the balanced market conditions to negotiate better terms.

Current Market Insights

An interesting fact about the current housing market in Solano is the significant increase in median rent, which has risen to $3,000 from $2,800 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 increase in median days on market, which has risen to 35 days from 28 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 Solano real estate market is expected to remain balanced with a slight advantage for buyers. The anticipation of steady interest rates and ongoing high demand suggests that both buyers and sellers will continue to find opportunities in the market. Buyers should remain vigilant and prepared to act swiftly, while sellers can expect continued strong interest in their properties.

The Solano real estate market in June 2024 continues to be balanced 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 further insights, don't hesitate to reach out to our team at Realty One Elite. Whether you're considering buying or selling, we're here to guide you through every step of your real estate journey.

Stay informed and make the most of your real estate decisions in Solano 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