Contra Costa Real Estate Insights - June 2024

Welcome to the Monthly Real Estate Insights for Contra Costa County, 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 60, indicating a strong seller's market.

  • Current Trends: The median list price has increased slightly, 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: $967,800 (up from $965,000 last month)

  • Median Price of New Listings: $938,888 (down from $950,000 last month)

  • Average Days on Market: 51 (up from 44 last month)

  • Median Days on Market: 28 (up from 21 last month)

  • Median Rent: $3,400 (up from $3,250 last month)

  • Market Action Score: 60 (down from 63 last month)

Analysis and Trends

The Contra Costa County real estate market continues to favor sellers, with a Market Index score of 60. This strong seller's market is characterized by high competition and a slight increase in prices, suggesting ongoing demand but a potential cooling in buyer urgency.

Seller’s Perspective

For sellers, a Market Index score of 60 means there are still ample opportunities to gain favorable terms for their properties. The slight increase in median list price indicates sustained 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 Contra Costa County face challenges typical of a seller's market. However, the 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 Contra Costa County is the significant increase in median rent, which has risen to $3,400 from $3,250 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 stability in the Market Action Score at 60, indicating a strong seller's market. This score suggests that while the market remains competitive, there is a slight cooling, giving buyers a bit more leverage than in previous months.

Future Outlook

Looking ahead, the Contra Costa County 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 Contra Costa County real estate market in June 2024 continues to be a strong seller's market with competitive dynamics and slight 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 those looking to dive deeper or with specific questions, our doors are always open for consultation. Whether you are considering buying or selling, or if you just want to discuss the current market conditions, feel free to reach out. Stay tuned for next month's insights, where we will compare these figures to upcoming trends and historical data to give you a comprehensive view of the Contra Costa real estate market.

Stay informed, stay ahead, and let's navigate the Contra Costa real estate landscape together.



Additional Resources:

  • FindEBHomes: Explore current listings and market trends in Contra Costa County: www.findebhomes.com

  • Freddie Mac 30-Year Rate Update: Stay up-to-date on current mortgage rates: www.freddiemac.com