Bay Area Market Snapshot: December 2024

December 2024 (Updated Dec 12)

Past Editions

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

Wow, the holidays are almost here! Lower rates are on the way (slowly, but surely), as the stage is set for a 25 bps rate cut at the next Fed meeting on December 18th. We may not see the same result for the January meeting though, as most analysts are expecting them to pause on another cut. Many projections are estimating just two or max three rate cuts for next year, which was lower than previously anticipated. The Fed is being quite cautious with their approach to rates, staying focused on their goal of balancing economic growth and inflation control. Anyhow the improving affordability is a promising sign as we look ahead to 2025. Combined with the historical increase in activity by late Jan / Feb, plus inventory still being tight in many areas, these elements should create the perfect storm necessary for another hot spring market.

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 12/11/24. 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.