What Happened in 2023 San Ramon Real Estate??

Single Family Detached Homes in San Ramon - What Happened in 2023?

As we enter the 2nd week of January, I've taken a look back at 2023 to see what really happened in the Real Estate Market in San Ramon.  While I've stayed on top of the real estate market daily, it's great to do a deep dive of what really happened.  Taking a look back will give you some insight on where the market went and what we think it will do in 2024.

Let's step back in time to 2022.  The 1st 6 months of 2022 homes were selling considerably over list price.  March 2022 recorded an astonishing average sold price of 15.5% over list price.  Then the interest rates rose and buyers froze.  Sellers were still trying to sell, but it became difficult to find a buyer willing to purchase.  Starting in July 2022 through February 2023, homes were mostly selling under list price in San Ramon.  Sellers were offering incentives or decreasing their list price to attract a buyer.

The Market Changed in March!

Then all of a sudden in March, buyers realized that while the market wasn't as terrible as the national news outlets were indicating.  San Ramon homes did not see a dramatic decrease in their home values and the market was not taking a deep dive.  In fact, if you look at the average home sale price for 2013 in San Ramon ($883,685) and the average home sale price for 2023 in San Ramon ($1,853,440), you'll find a 109.74% increase in value.  While prices did take a dip over 2022 numbers (down 8%), they were still higher than 2021 average sold prices (6.67% higher) in San Ramon.  We all thought 2021 was a stellar year in real estate, so to see 2023 perform above 2021 numbers, shows how strong the housing market is in San Ramon despite the high interest rates.

Buyers or Sellers Market?

It was a buyers’ market in 2023 and for the sellers who owned their properties for more than 3 years, they were able to sell above their original purchase price.  What was different in 2023 was that there were considerably less homes for sale in San Ramon.  Sellers decided to hold their property and not sell.  In 2021 there were 833 homes sold, in 2022 there were 587 homes sold and in 2023, there were only 368 homes sold.  That low inventory is what helped keep the values steady.  In May of 2023 buyers were paying an average of $69,944 over list price and in December that average shrank to $2,903 over list price.

So, what will happen in 2024?  We are predicting that the market will still remain stable and steady.  We don't anticipate a dramatic downward shift.  If anything, we are anticipating the interest rates dropping which will increase the buying power for buyers.  If inventory remains low, competition from the buyers will drive up the housing values.  The question though is “will the banks allow the appraisals to rise considerably or will buyers have to pay over the appraisal value to purchase their home?”

What Should You Do in 2024?

If you are thinking about purchasing a home in 2024, we highly recommend starting to look for your home now.  As we have historically seen, March & April have the highest number of homes sold, so finding your perfect home in January/February will be to your advantage.  And you’ll have less competition (hopefully).

If you are thinking about selling your home in 2024, because of the lowered interest rates, the market will be favorable for Sellers from January to October.  November and December will probably see the slower home sales because of the holidays and it's an election year.  So, make your plans to sell early in 2024 to capitalize on the low inventory and motivated Buyers.

As always, I'm on top of what's happening in San Ramon, so just give me a call or send me a message to chat about how I can help you in 2024!

Want to know what happened in Dublin?  It exceeded expectations!  Read my Blog post to learn all about the 2023 Real Estate Market in Dublin.

2023 was interesting in Danville - Homes Sold for Less Than List Price for 8 Months out of 2023.  Read my Blog to find out all the details about Danville in 2023.

Pleasanton homes sold an average of $30,000 OVER List Price in 2023, find out more on my Blog.