A recent Realtor.com forecast predicts that in 2024, California, especially Southern California, will be home to some of the most dynamic real estate markets. Experts anticipate notable growth in this region’s home prices and sales, but project that 2024 sales in Southern California markets will be “20%-35% lower than pre-pandemic years of 2017-2019.” Thus, it’s perhaps more fitting to view Southern California as rebounding to pre-pandemic norms faster than other U.S. regions, particularly in sales. In 2024, California’s real estate market actively embarks on an intriguing journey, driven by economic, environmental, and demographic factors. These forces shape a landscape filled with both challenges and opportunities. Scout Realty, possessing profound market understanding and insights, actively positions itself to guide clients through this intricate environment. We provide specialized advice and solutions, crucial for success in California’s distinctive real estate market.
1. What are 2024’s key real estate trends in California?
In 2024, pivotal trends distinguish California’s real estate market, and Scout Realty actively leads in interpreting and adapting to these changes. Sustainable living, beyond a trend, is emerging as a key aspect of California’s housing market, signifying a profound societal change. Concurrently, advancements in technology, and particularly virtual reality, are transforming the real estate experience, making property viewing more interactive and engaging. The increasing prevalence of remote work actively reshapes the demand, leading more people to seek larger spaces and home offices, thus altering urban and suburban real estate dynamics. Scout Realty adeptly leverages these trends to their clients’ advantage, offering innovative solutions in this evolving market.
Lower Mortgage Rates Attracting Buyers
Mortgage rates have been steadily declining for the past two consecutive months, a trend you might already know. This decrease has led to a noticeable rise in home loan applications nationwide, signaling an increase in real estate market buyers.
This trend is likely to boost the Southern California real estate market in 2024, especially as about 70% of homeowners in the area rely on mortgage loans for purchases.
In fall 2023, the average rate for a 30-year fixed mortgage loan reached a 20-year peak at 7.79%. However, after peaking, mortgage rates experienced a decline for eight straight weeks, concluding the year around 6.6%.
Focusing on growing regions, the top five California metros are Oxnard, San Diego, Riverside, Bakersfield, and Los Angeles. In 2024, these metros actively anticipate experiencing an average sales growth of 13.1%, starkly contrasting with others. However, other significant Californian metros are actively forecasted to experience an average sales decline of about 4.1%.
2. What factors impact California’s 2024 real estate?
In 2024, the California real estate market is being shaped by a variety of factors, making the expertise of Scout Realty invaluable. Influencers such as economic trends, fluctuating interest rates, and evolving employment patterns play a significant role. The rise in millennial homebuyers and their unique preferences are actively reshaping the dynamics of the market. Environmental issues, particularly in wildfire-prone areas, are also crucial in shaping trends and influencing buyer decisions. The insightful guidance and strategies to navigate these complexities in the real estate market are adeptly provided by Scout Realty, which possesses a deep understanding of these multifaceted factors.
3. Which California regions will grow most in 2024?
In California’s 2024 real estate market, regions like Sacramento and the Inland Empire emerge as burgeoning hotspots, keenly observed by Scout Realty. The mix of affordable living options and desirable lifestyle qualities actively attracts an eclectic mix of buyers. Additionally, the revitalization efforts in some coastal areas are reigniting interest, leading to their increasing popularity. Scout Realty is adept at identifying these evolving trends and guiding clients towards these promising regions. Scout Realty’s insights and expertise are deemed essential for individuals seeking to capitalize on the dynamic growth areas. Their adaptability to market changes is what renders them an invaluable resource for both investors and homebuyers. Furthermore, personalized strategies, aligned with the evolving market trends, are expertly crafted by the team at Scout Realty, empowering clients to make well-informed decisions in these swiftly evolving real estate sectors.
In 2024, California’s real estate market continues evolving, revealing a complex array of emerging trends and new opportunities. Participants in this market must understand subtle shifts and regional nuances to stay competitive and informed. In this evolving landscape, Scout Realty’s expertise becomes increasingly crucial, offering essential guidance and insights. Scout Realty plays a pivotal role in guiding clients through these dynamic market changes with deep expertise. Possessing the ability to analyze and interpret market shifts, Scout Realty becomes invaluable for informed decision-making. As more than just guides, Scout Realty’s team serves as strategic partners, expertly navigating California’s real estate market complexities.