If you get all your real estate news from the Media, you will probably take the view that the real estate market was a disaster in 2023. But was that really the case? The graph below shows the prices of detached single family home sales in 2023 for the 680 corridor from Walnut Creek to San Ramon, and although there is no doubt that prices fell through the year, it’s hard to reconcile these figures with the stories that you may have seen in the press.
So why so much disinformation?
It’s not so much disinformation as the well-established fact that Real Estate Is Local, of course. If you were to look at a similar graph for homes in many other areas, you would see a completely different story. And if you were planning to sell your home in the East Bay to move to another area, you may even find that this kind of difference could work to your advantage.
But regardless of that, the most important thing to bear in mind is the reason for the decline in prices, and that, of course, was the fact that interest rates sky-rocketed in the second half of the year, knocking many would be buyers right out of the market. The good news is that interest rates have now stabilized. The fed has stated that they don’t plan any more increases in 2024, and the likelihood is that we will see lower interest rates. So buyers will return to the market and as the hosusing supply will probably still be insufficient to meet demand, prices will rise again. Maybe not so fast as they fell, but your home should still be worth much more in January 2025 than it is right now.
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