California Housing Market Overview
What is the housing market like right now?
In August 2024, home prices in California were up 3.0% compared to last year, selling for a median price of $816,300. On average, the number of homes sold was up 0.2% year over year and there were 25,273 homes sold in August this year, up 25,234 homes sold in August last year. The median days on the market was 33 days, up 6 year over year. The direction and pace at which home prices are changing are indicators of the strength of the housing market and whether homes are becoming more or less affordable. The median price of a home in the United States is currently $816,300.
Homes that sold above list price likely received multiple offers. A high or growing percentage of homes selling above list price indicates that the housing market is competitive and bidding wars are becoming more common. A low or shrinking percentage of homes selling above list price suggests that the market is becoming less competitive.
U.S. Migration Trends
Where are people moving to and from?
Nationwide, 26% of homebuyers searched to move to a different metro area between Jul ’24 – Sep ’24. The top 5 states homebuyers searched to move to were Florida, North Carolina, Tennessee, South Carolina, and Maine while California, New York, Illinois, Massachusetts, and Washington were the top 5 states homebuyers searched to move from.
Of all the major U.S. metros, Sacramento was the most searched for destination among homebuyers looking to relocate between Jul ’24 – Sep ’24. Next came Myrtle Beach, Salisbury, Sarasota, and Portland. Los Angeles was the most searched for destination among homebuyers looking to leave, followed by New York, San Francisco, Seattle and Washington.
