2024 Housing Market Predictions

Manhattan Beach

2024 Housing Market Predictions
Hey there, Carissa Wright here! Let's rewind a bit and review the real estate journey we had in 2023 while peering into what 2024 might hold.
 

In 2023, we saw some interesting trends in the South Bay Beach cities. Average days on the market fluctuated, starting at 55, hitting a low of 28 in July, and ending the year on a downward trend. Anticipating a continued decline in 2024, especially with the active spring and summer months.

The active number of listings took us on a ride, peaking at 232 in April, then a decline in summer (unusual for the market), followed by an uptick in October, and wrapping up the year at 167. Predicting a low start in 2024 with a gradual inventory increase through summer and a more typical market shift in winter.

The median sales price started at $2 million, dipped to $1.6 million in February, then climbed until June. Predicting a slight incline in 2024, remaining around $2 million and possibly reaching $2.5-2.6 million in the summer.

Original price to final sales price showcased sellers initially in control, switching in May and June, and a fluctuating pattern. The year ended with sales prices higher than list prices, indicating a potentially more active market in 2024 with realistic pricing.

Excitement brews for 2024. Anticipating increased market activity, possibly influenced by dropping interest rates. Sellers, get ready for more entries into the market, urging buyers to act sooner. My advice to buyers: seize the opportunity now and avoid the spring and summer rush. Predicting a prime refinancing opportunity later in the year.

So, that's the scoop on South Bay Beach cities real estate. If you have questions or thoughts on 2024's market, reach out. Stay tuned for more updates throughout the year. Here's to a fantastic 2024 in real estate!

 

Looking forward to connecting with you all soon!


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Carissa views real estate as a service industry career, determined to be present for her clients in as many capacities as possible, even after closing. Contact Carissa today!