Walnut Creek Real Estate Insights - June 2024

Welcome to the Monthly Real Estate Insights for Walnut Creek, 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 62, indicating a strong seller's market.

  • Current Trends: The median list price remains steady, but there is an increase in the average days on market, suggesting a slight cooling in market activity.

  • 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: $1,699,000 (unchanged from last month)

  • Median Price of New Listings: $1,687,000 (up from $1,650,000 last month)

  • Average Days on Market: 40 (up from 35 last month)

  • Median Days on Market: 21 (up from 14 last month)

  • Median Rent: $3,775 (down from $3,850 last month)

  • Market Action Score: 62 (down from 70 last month)

Analysis and Trends

The Walnut Creek real estate market continues to favor sellers, with a Market Index score of 62. This strong seller's market is characterized by steady pricing and relatively quick sales, although the increase in average days on market indicates a slight slowdown in activity. Despite these changes, the market remains competitive with substantial buyer interest.

Seller’s Perspective

A Market Index score of 62 is advantageous for sellers. Properties are likely to attract multiple offers and favorable terms. The consistent median list price and the slight increase in the median price of new listings indicate 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 Walnut Creek 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 and median 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 Walnut Creek is the significant decrease in median rent, which has fallen to $3,775 from $3,850 last month. This 2% decrease suggests a possible easing in the rental market, which could be due to an increased availability of rental properties or a shift in demand as more people opt for homeownership despite high property prices.

Another noteworthy trend is the narrowing gap between the median list price and the median price of new listings. This convergence suggests that new properties entering the market are being priced more competitively, likely to attract quick sales in a high-demand environment.

Future Outlook

Looking ahead, the Walnut Creek real estate market is expected to remain favorable for sellers. The anticipated stability in interest rates and ongoing high demand suggest 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.

The Walnut Creek 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.

Walnut Creek's real estate market presents unique opportunities and challenges this month. Whether you're looking to buy or sell, staying informed is key to navigating the market successfully. For any questions or personalized guidance, don't hesitate to reach out to our team at Realty One Elite.

Remember, real estate is not just about properties; it's about making informed decisions that shape your future. Stay connected for next month's insights, and let's make the most of the opportunities Walnut Creek's market has to offer.



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