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That's the question you should be asking yourself.
Our market is incredibly diverse and rapidly changing. Values vary not just by neighborhood but by street. Your home isn't necessarily worth what your neighbors' home is. It's the current market that sets the value of your home.
So, do you know what your home is worth today's market?
Contact me for a confidential, no obligation assessment of your home's value.
If you’re thinking of buying a home, chances are you’re paying attention to just about everything you hear about the housing market. And you’re getting your information from a variety of channels: the news, social media, your real estate agent, conversations with friends and loved ones, overhearing someone chatting at the local supermarket, the list goes on and on. Most likely, home prices and mortgage rates are coming up a lot.
To help cut through the noise and give you the information you need most, take a look at what the data says. Here are the top two questions you need to ask yourself about home prices and mortgage rates as you make your decision:
One reliable place you can turn to for that information is the Home Price Expectation Survey from Pulsenomics – a survey of a national panel of over one hundred economists, real estate experts, and investment and market strategists.
According to the latest release, the experts surveyed are projecting slight depreciation this year (see the red in the graph below). But here’s the context you need most. The worst home price declines are already behind us, and prices are actually appreciating again in many markets. Not to mention, the small 0.37% depreciation HPES is showing for 2023 is far from the crash some people originally said would happen.
Now, let’s look to the future. The green in the graph below shows prices have turned a corner and are expected to appreciate in 2024 and beyond. After this year, the HPES is forecasting home price appreciation returning to more normal levels for the next several years.
So, why does this matter to you? It means your home will likely grow in value and you should gain home equity in the years ahead, but only if you buy now. If you wait, based on these forecasts, the home will only cost you more later on.
Over the past year, mortgage rates have risen in response to economic uncertainty, inflation, and more. We know based on the latest reports that inflation, while still high, has moderated from its peak. This is an encouraging sign for the market and for mortgage rates. Here’s why.
When inflation cools, mortgage rates generally fall in response. This may be why some experts are saying mortgage rates will pull back slightly over the next few quarters and settle somewhere around roughly 5.5 and 6% on average.
But, not even the experts can say with absolute certainty where mortgage rates will be next year, or even next month. That’s because there are so many factors that can impact what happens. So, to give you a lens into the various possible outcomes, here’s what you should consider:
If you buy now and mortgage rates don’t change: You made a good move since home prices are projected to grow with time, so at least you beat rising prices.
If you buy now and mortgage rates fall (as projected): You probably still made a good decision because you got the house before home prices appreciated more. And, you can always refinance your home later on if rates are lower.
If you buy now and mortgage rates rise: If this happens, you made a great decision because you bought before both the price of the home and the mortgage rate went up.
Source: Keeping Current Matters
There were 1,496 providing 1 month new listings, and 6 price of $1.3m. Th was 108.6%, with a market. There were 686 co sale, providing 1 5 were 686 new listi median sale price percentage was 10 on the market.
1,496 New Listings
668 Sold Listings
1 Months of Inventory
$1.3M Median Sale Price
108.6% Median Sale vs List
16 Avg Days on Market
Single-Family Homes
The median sales price has decreased from $1 4m last June 2022, to $1 3m as of June 2023
Condos & Townhomes
The median sales price has decreased from $778k last June 2022, to $730k as of June 2023.
Single-Family Homes
The overbid percentage has decreased from 112 9% last June 2022, to 108 6% a year later
Condos & Townhomes
The overbid percentage has decreased from 105.4% last June 2022, to 103% a year later.
The average time spent on the market went down from 19 days last June 2022, to 16 days as of June 2023
The average time spent on the market remained the same with 19 days in June 2022, to 19 days as of June 2023
In June, Contra Costa had 791 single-famil homes for sale with 889 new listings, resul 1.2 months of inventory. The median sale p increased to $930k. The median overbid re steady at 102 2% The average time spent market was 19 days.
There were 265 condo and townhome unit sale, with 194 new listings, providing the m with 1.6 months of inventory. The median s price increased to $628k. The median over remained steady at 100.2%. The average ti spent on the market was 24 days
Single-Family Homes
The median sales price has increased from $925K last June 2022, to $930K as of June 2023
Condos & Townhomes
The median sales price has increased from $600k last June 2022, to $628k as of June 2023.
Single-Family Homes
The overbid percentage has decreased from 103 2% last June 2022, to 102 2% a year later
Condos & Townhomes
The overbid percentage has decreased from 103.8% last June 2022, to 100.2% a year later.
Single-Family Homes
The average time spent on the market went up from 16 days last June 2022, to 19 days as of June 2023
Condos & Townhomes
The average time spent on the market went up from 14 days in June 2022, to 24 days as of June 2023
In June, Napa County had homes for sale with 70 ne months of inventory. The m single-family homes increa median overbid remained average time on the marke
There were 24 condo and sale, 15 new listings provid months of inventory. The m condos increased to $695 decreased slightly to 100.3 the market was 53 days
The data, sourced from InfoSparks, includes all single-family homes, condos and townhomes in the California Area above from June 2022 to June 2023. This may include preliminary data, and may vary from the time the data was gathered. All data is deemed reliable but not guaranteed. DRE# 01995149. Copyright KW Advisors San Francisco | Napa Valley 2023. Each office is independently owned and operated.
Single-Family Homes
The median sales price has decreased from $950k last June 2022, to $852k as of June 2023
Condos & Townhomes
The median sales price has increased from $575k last June 2022, to $695k as of June 2023.
Single-Family Homes
The overbid percentage has remained at 100% since June 2022
Condos & Townhomes
The overbid percentage has decreased from 103% last June 2022, to 100.3% a year later.
The average time spent on the market went up from 45 days last June 2022, to 50 days as of June 2023
The average time spent on the market went up from 30 days in June 2022, to 53 days as of June 2023
In June, San Francisco had 288 single-family homes for sale with 214 new listings, providing the market with 1.7 months of inventory. A total of 197 homes were sold, with a median sale price of $1.6m. The median overbid for single-family homes was 106.2%. The average time on the market was 25 days.
There were 620 condo and townhome units for sale, providing the market with 3.6 months of inventory in January. There were 278 new listings for sale and 165 condos sold. The median sale price for condos was $1.1m. The median overbid was 100%. The average time on the market was 53 days.
214 New Listings
197 Sold Listings
1.7 Months of Inventory
$1.6M Median Sale Price
106.2% Median Sale vs List
25 Avg Days on Market
The data, sourced from InfoSparks, includes all single-family homes, condos and townhomes in the California Area above from June 2022 to June 2023. This may include preliminary data, and may vary from the time the data was gathered. All data is deemed reliable but not guaranteed. DRE# 01995149. Copyright KW Advisors San Francisco | Napa Valley 2023. Each office is independently owned and operated.
278 New Listings
165 Sold Listings
3.6 Months of Inventory
$1.1M Median Sale Price
100% Median Sale vs List
53 Avg Days on Market
Single-Family Homes
Last 12 months, year-over-year.
Condos & Townhomes
Last 12 months, year-over-year
Single-Family Homes
The median sales price has decreased from $1 8m last June 2022, to $1 6m as of June 2023
Condos & Townhomes
The median sales price has decreased from $1.2m last June 2022, to $1.1m as of June 2023.
The average time spent on the market went up from 17 days last June 2022, to 25 days as of June 2023
The average time spent on the market went up from 37 days in June 2022, to 53 days as of June 2023
Single-Family Homes
The overbid percentage has decreased from 116 1% last June 2022, to 106 2% a year later
Condos & Townhomes
The overbid percentage has decreased from 102% last June 2022, to 100.% a year later.
In June, San Mateo ha for sale, providing the inventory. There were of 364 homes sold. Th single-family homes w overbid for single-fam average time on the m homes was 21 days. There were 163 condo sale, providing 1.8 mo market. There were 12 114 condos sold The condos was $982k. T 100.9%. The average days.
s
64 d Listings
1.9M an Sale Price
1 Days on Market
The data, sourced from InfoSparks, includes all single-family homes, condos and townhomes in the California Area above from June 2022 to June 2023. This may include preliminary data, and may vary from the time the data was gathered. All data is deemed reliable but not guaranteed. DRE# 01995149. Copyright KW Advisors San Francisco | Napa Valley 2023. Each office is independently owned and operated.
Condo & Townhomes
126 New Listings
114 Sold Listings
1.8 Months of Inventory
$982K Median Sale Price
100.9% Median Sale vs List
19 Avg Days on Market
Single-Family Homes
Last 12 months, year-over-year.
Condos & Townhomes
Last 12 months, year-over-year
Single-Family Homes
The median sales price has decreased from $2m last June 2022, to $1 9m as of June 2023
Condos & Townhomes
The median sales price has increased from $940k last June 2022, to $982k as of June 2023.
The average time spent on the market went up from 15 days last June 2022, to 21 days as of June 2023
The average time spent on the market went down from 20 days in June 2022, to 19 days as of June 2023
Single-Family Homes
The overbid percentage has decreased from 107 7% last June 2022, to 101 3% a year later
Condos & Townhomes
The overbid percentage has decreased from 102.6% last June 2022, to 100.9% a year later.
Santa Clara had in June, providin were 785 new lis median sale pric of 103 9% There the market. There were 272 months of inven for sale and 304 sale price at $1m 102.3%, and the decreased to 18
MThe data, sourced from InfoSparks, includes all single-family homes, condos and townhomes in the California Area above from June 2022 to June 2023. This may include preliminary data, and may vary from the time the data was gathered. All data is deemed reliable but not guaranteed. DRE# 01995149. Copyright KW Advisors San Francisco | Napa Valley 2023. Each office is independently owned and operated.
Last 12 months, year-over-year. Condos
Last 12 months, year-over-year
Single-Family Homes
The median sales price has remained at $1 8m since June 2022
Condos & Townhomes
The median sales price has increased from $965k last June 2022, to $1m as of June 2023.
Single-Family Homes
The average time spent on the market went up from 14 days last June 2022, to 17 days as of June 2023
Condos & Townhomes
The average time spent on the market went up from 14 days in June 2022, to 18 days as of June 2023
Single-Family Homes
The overbid percentage has decreased from 104 9% last June 2022, to 103 9% a year later
Condos & Townhomes
The overbid percentage has decreased from 104% last June 2022, to 102.3% a year later.
In June, Solano had 398 homes for sale with only 1.2 months of inventory, and 318 new listings were added to the market. The median sale price for single-family homes was $590k, and the median overbid was 100 5% The average time on the market was 31 days.
There were 36 condo and townhome units for sale with 1.4 months of inventory, and 25 new listings were added to the market. The median sale price was $350k, and the median overbid was 100%. There was an average of 42 days spent on the market
318 New Listings
326 Sold Listings
1.2 Months of Inventory
$590K Median Sale Price
100.5% Median Sale vs List
31 Avg Days on Market
The data, sourced from InfoSparks, includes all single-family homes, condos and townhomes in the California Area above from June 2022 to June 2023. This may include preliminary data, and may vary from the time the data was gathered. All data is deemed reliable but not guaranteed. DRE# 01995149. Copyright KW Advisors San Francisco | Napa Valley 2023. Each office is independently owned and operated.
25 New Listings
Single-Family Homes
Last 12 months, year-over-year.
Condos & Townhomes
Last 12 months, year-over-year
Single-Family Homes
The median sales price has decreased from $625k last June 2022, to $590k as of June 2023
Condos & Townhomes
The median sales price has decreased from $400k last June 2022, to $350k as of June 2023.
Single-Family Homes
The overbid percentage has decreased from 100 9% last June 2022, to 100 5% a year later
Condos & Townhomes
The overbid percentage has decreased from 101.8% last June 2022, to 100% a year later.
Single-Family Homes
The average time spent on the market went up from 27 days last June 2022, to 31 days as of June 2023
Condos & Townhomes
The average time spent on the market went up from 21 days in June 2022, to 42 days as of June 2023
In June, Sonoma had a total of 653 homes fo sale, providing the market with 2.2 months of inventory. There were 283 new listings, 338 homes sold, and a median sale price of $850 with a median overbid of 100.6%. The averag time on the market was 38 days.
There were 50 condo and townhome units fo sale, providing the market with 1.3 months of inventory. There were 29 new listings for sale 52 units sold. The median sale price was $48 with a median overbid of 101 3% The averag time on the market was 39 days.
The data, sourced from InfoSparks, includes all single-family homes, condos and townhomes in the California Area above from June 2022 to June 2023. This may include preliminary data, and may vary from the time the data was gathered. All data is deemed reliable but not guaranteed. DRE# 01995149. Copyright KW Advisors San Francisco | Napa Valley 2023. Each office is independently owned and operated.
29 New Listings
52 Sold Listings
1.3 Months of Inventory
39 Avg Days on Market
JUNE 2022 - JUNE 2023
Single-Family Homes
Last 12 months, year-over-year.
Condos & Townhomes
Last 12 months, year-over-year
Single-Family Homes
The median sales price has increased from $849k last June 2022, to $850k as of June 2023
Condos & Townhomes
The median sales price has decreased from $505k last June 2022, to $482k as of June 2023.
Single-Family Homes
The overbid percentage has decreased from 101 4% last June 2022, to 100 6% a year later
Condos & Townhomes
The overbid percentage has decreased from 102.1% last June 2022, to 101.3% a year later.
Single-Family Homes
The average time spent on the market went up from 33 days last June 2022, to 38 days as of June 2023
Condos & Townhomes
The average time spent on the market went up from 27 days in June 2022, to 39 days as of June 2023
In June, there were 191 single-family homes for sale, providing 1 3 months of inventory 107 new listings and 190 homes were sold, with a median sale price of $1.7m and a median overbid percentage of 100.6%. There was an average of 31 days on the market.
There were 121 condo and townhome units for sale, providing 2.7 months of inventory with an average of 30 days on the market. With 53 new listings and 57 condos sold, there was a median sale price of $780k and a median overbid of 100%.
107 New Listings
190 Sold Listings
1.3 Months of Inventory
$1.7M Median Sale Price
100.6% Median Sale vs List
31 Avg Days on Market
The data, sourced from InfoSparks, includes all single-family homes, condos and townhomes in the California Area above from June 2022 to June 2023. This may include preliminary data, and may vary from the time the data was gathered. All data is deemed reliable but not guaranteed. DRE# 01995149. Copyright KW Advisors San Francisco | Napa Valley 2023. Each office is independently owned and operated.
Condo & Townhomes
53 New Listings
57 Sold Listings
2.7 Months of Inventory
$780K Median Sale Price
100% Median Sale vs List
30 Avg Days on Market
Single-Family Homes
Last 12 months, year-over-year.
Condos & Townhomes
Last 12 months, year-over-year
Single-Family Homes
The median sales price has decreased from $1 8m last June 2022, to $1 7m as of June 2023
Condos & Townhomes
The median sales price has increased from $762k last June 2022, to $780k as of June 2023.
Single-Family Homes
The overbid percentage has decreased from 105 9% last June 2022, to 100 6% a year later
Condos & Townhomes
The overbid percentage has decreased from 102.6% last June 2022, to 100% a year later.
The average time spent on the market went up from 17 days last June 2022, to 31 days as of June 2023
Condos & Townhomes
The average time spent on the market went down from 35 days in June 2022, to 30 days as of June 2023
