Vallejo Real Estate Insights - June 2024

Welcome to the Monthly Real Estate Insights for Vallejo, 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 47, indicating a balanced market with a slight advantage for buyers.

  • Current Trends: The median list price has increased, while the average days on the market have also increased, suggesting a 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: $595,000 (up from $579,000 last month)

  • Median Price of New Listings: $575,000 (up from $529,944 last month)

  • Average Days on Market: 60 (up from 55 last month)

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

  • Median Rent: $2,775 (up from $2,498 last month)

  • Market Action Score: 47 (down from 50 last month)

Analysis and Trends

The Vallejo real estate market is currently balanced with a slight advantage for buyers, as indicated by the Market Index score of 47. 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 47 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 Vallejo 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 Vallejo is the notable increase in the median list price, which has risen to $595,000 from $579,000 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 Vallejo.

Another noteworthy trend is the increase in median rent, which has risen to $2,775 from $2,498 last month. This reflects a strong rental market, indicating high demand for rental properties, likely due to high home prices and limited availability, making renting a more attractive option for many residents.

Future Outlook

Looking ahead, the Vallejo 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.

If you have any questions about the Vallejo real estate market or need assistance buying or selling a home, don't hesitate to reach out to a Realty One Elite Agent. We have the expertise and local knowledge to guide you through every step of the process.

Stay tuned for next month's insights, where we'll continue to monitor trends and provide you with the most up-to-date and comprehensive market analysis.



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