Bay Area Market Snapshot: November 2024

November 2024 (Updated Nov 9)

Past Editions

SF Bay Area Market Snapshot title banner over the Golden Gate Bridge at dusk

Good morning & hope all is well. There’s been ample data released to suggest that home prices nationally peaked in June 2024 and very likely won’t peak again this year. Of course there will be deviations in local markets, but the larger trend is clear: home prices are returning to a more normal market with seasonal growth & contraction cycles. It’s looking like 2024’s sales data will have a closer resemblance to historical seasonal patterns, and at more normal levels compared to last year.

Though the Fed decided to cut another .25% yesterday, consumers aren't feeling the love yet as the mortgage rates were still moving up over the last month. The good news is there's been some downward movement in the past 2 days, so let's hope that trend continues. Also currently trending are mortgage applications, which have been on the rise significantly over the last 2 weeks. Sounds like buyers are gearing up to enter the market soon, possibly targeting to buy by early 2025 / spring time.

All the best,

Josh Uy

Table of detached single-family home sales by city in the East Bay and South Bay over the last 3 months: average sold price, percent over asking, price per square foot, and number of sales

Table of detached single-family home sales by city in San Francisco and the Peninsula over the last 3 months: average sold price, percent over asking, price per square foot, and number of sales

Table of the average home size and average lot size, in square feet, of detached single-family homes sold by city in the East Bay and South Bay over the last 6 months

Table of the average home size and average lot size, in square feet, of detached single-family homes sold by city in San Francisco and the Peninsula over the last 6 months

Table of condo and townhome sales by county over the last 3 months, for 2-bedroom and 3-bedroom units: average sold price, percent over asking, and price per square foot

Table of large home sales by county (4+ bedrooms, 4+ bathrooms, 4,000+ square feet) over the last 3 months: average sold price, percent over asking, average square feet, average lot size, price per square foot, average year built, and number of sales

For more information on how these trends might affect your home values and/or the timing of your real estate moves, please feel free to contact me anytime. You can also visit my website (www.JoshUy.com) which has additional resources for home buyers and home sellers. Sales data was provided by the Bayeast MLS Association, collected through 11/8/24. Data deemed reliable but not guaranteed and is subject to revision.

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Contact Josh Uy, REALTOR, DRE #01952401. Phone 510.449.7280. Email Josh@EverhomeRE.com. Website and QR code both link to www.JoshUy.com. Buying, selling, new homes, and investments.