As we move further into 2024, the Southern California housing market continues to evolve with notable trends and shifts. Let's take a closer look at the housing market trends in May 2024 for various cities in the region.

San Gabriel

San Gabriel also shows strong competitiveness, with home prices increasing by 5.2% to a median of $1.1M. Homes here are selling much faster than last year, averaging 25 days on the market compared to 43 days previously. However, the number of homes sold dropped to 10 from 15, indicating a tighter inventory or selective buying.

Irvine

Irvine's housing market remains very competitive, with home prices up 22.2% from last year, reaching a median price of $1.7M. Homes in Irvine sell after an average of 25 days, slightly quicker than last year. The market saw an increase in the number of homes sold, rising to 221 from 195. With homes selling in as little as 23 days, Irvine continues to be a hot spot for buyers.

Chino Hills

Chino Hills has experienced a 13.8% rise in home prices, bringing the median to $1.0M. The market time remains stable at 26 days. The number of homes sold decreased to 45 from 52, suggesting a slightly reduced market activity. Yet, with homes selling in 23 days, Chino Hills remains highly competitive.

Diamond Bar

Diamond Bar's market is somewhat competitive, with a slight 0.6% increase in home prices to $903K. Homes are now selling slower, with an average of 46 days on the market compared to 28 days last year. However, the number of homes sold has risen to 38 from 34, showing some resilience despite longer selling times.

Walnut

Walnut is very competitive, with home prices up 22.0% to a median of $1.5M. Homes are selling quickly, maintaining an average of 28 days on the market. The number of homes sold increased slightly to 14 from 13. With homes selling in just 19.5 days, Walnut is one of the fastest-moving markets in the region.

Pasadena

Pasadena continues to be very competitive. Home prices have increased by 11.6% to a median of $1.2M. Homes receive an average of 7 offers and sell in about 28 days, a slight increase from last year. The price per square foot has risen by 15.6%, indicating strong demand and competitive bidding.

San Marino

San Marino's housing market is somewhat competitive, with home prices rising 14.1% to a median of $2.9M. The average time on the market has significantly decreased to 26 days from 63 days last year. The number of homes sold increased slightly to 14 from 13, showing a healthy market with faster sales.

Arcadia

Arcadia's market remains very competitive, with a marginal 0.3% increase in home prices to $1.6M. Homes are selling a bit faster than last year, averaging 28 days on the market. The number of homes sold rose to 46 from 41. With homes selling in 30.5 days, Arcadia continues to attract keen buyer interest.

The May 2024 housing market in Southern California is marked by varied trends across different cities. While Irvine and Walnut see substantial price increases and quick sales, areas like Diamond Bar and Arcadia exhibit more moderate changes. Overall, the market remains robust, with high competitiveness and active transactions in many cities. For both buyers and sellers, staying abreast of these trends is crucial for making informed decisions in this dynamic real estate landscape.

As competition remains fierce in many areas, potential buyers should be prepared for fast-paced transactions and possible bidding wars, while sellers can expect to capitalize on the high demand. Understanding these local market nuances will be key to navigating the Southern California real estate market effectively in 2024.