California Real Estate Market Trends

Santa Barbara Real Estate Market Trends from 2018 to January 2024

86 Santa Barbara Home Sales in January 2024 up from 49 Homes Sold in January 2023

The California Association of Realtors 2024 Housing Market Forecast is optimistic due to falling interest rates, rising prices, economic expansion, and a strong demand for housing. Home prices are predicted to rise 6.2% to a record median of $680,300 and housing affordability will remain flat even despite an outmigration of Californians to low-tax states. The state remains viable and people want to buy homes here.

Is this the year frustrated buyers will finally have the opportunity to buy or will rising home prices leave them all behind?  Realtors, investors, home buyers, and renters across California continue to wait in limbo for the 2024 California housing market to unfold.  Is this spring the “inflection point” the media has touted for the real estate market?

Mortgage Rates have fallen below October’s levels and will likely fall further as the year progresses. Even though that’s good news without knowing how the FED will react it’s difficult for Sellers and Buyers to know what to do.

Statistics show that homeowners aren’t listing their homes. New reports have it that baby boomers aren’t willing to let go of their homes. There doesn’t seem to be a solution for the housing crisis, and as the US and California economy return perhaps later this year, it’s easy to see home prices in California picking up pace. So far, demand doesn’t seem to fade in California. While the state has suffered a major loss of businesses and residents, there is a continuous supply of new residents arriving and businesses being formed. The attraction of the Golden State never seems to falter.

SELLERS ARE COMING BACK TO THE HOUSING MARKET * ALTOS RESEARCH VIDEO