Pittsburg/Baypoint, CA Real Estate Insights – June 2024

Welcome to the Monthly Real Estate Insights for Pittsburg, 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 61, 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 slight cooling in market activity despite the higher prices.

  • 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: $694,500 (up from $630,000 last month)

  • Median Price of New Listings: $690,000 (up from $577,497 last month)

  • Average Days on Market: 44 (up from 39 last month)

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

  • Median Rent: $3,265 (up from $2,995 last month)

  • Market Action Score: 61 (down from 64 last month)

Analysis and Trends

The Pittsburg real estate market continues to favor sellers, with a Market Index score of 61. This strong seller's market is characterized by increasing prices and a slight increase in the time properties spend on the market. Despite these changes, the market remains competitive with substantial buyer interest.

Seller’s Perspective

A Market Index score of 61 is advantageous for sellers. Properties are likely to attract multiple offers and favorable terms. The significant increase in median list price and new listings price indicates sustained demand. Sellers can expect strong competition among buyers, which often leads to better offer terms and potentially higher sale prices.

Buyer’s Perspective

For buyers, the Pittsburg market presents 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 Pittsburg is the notable increase in the median list price, which has risen to $694,500 from $630,000 last month. This increase highlights the growing demand and willingness of buyers to invest in the market, driven by the desirable location and amenities of Pittsburg.

Another noteworthy trend is the stability in the median days on market, remaining at 21 days, suggesting that while prices are rising, properties are still selling relatively quickly. This indicates a balanced dynamic where buyers are still actively engaging in the market despite higher prices.

Future Outlook

Looking ahead, the Pittsburg 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 ongoing strong interest in their properties.

Engage with us for a personalized analysis and let Realty One Elite be your compass in the Walnut Creek real estate landscape. This month's steadiness is a narrative of calculated moves and strategic positioning – an advantageous time for tactical decisions in real estate.

Stay informed and make well-informed decisions in Pittsburg's real estate market. Knowledge is a crucial tool in navigating the complexities of real estate!



Additional Resources

For more detailed insights specific to Pittsburg, check out FindeB Homes. Stay informed on mortgage rates with Freddie Mac’s 30-year rate update. Additional Resources