June 2024 Monthly Housing Market Report

As we move into the summer of 2024, the Southern California housing market continues to show dynamic changes. Here's a detailed look at the housing market trends for June 2024 in various cities across the region.

San Gabriel

San Gabriel’s market remains very competitive with a median sale price of $1,210,000, marking a 5.2% increase from last year. Homes are staying on the market longer, with a median of 40 days, which is an increase of 20 days compared to last year. The number of homes sold decreased by 18.2% to 9 homes. Despite the longer market time, many homes receive multiple offers, often with waived contingencies. On average, homes sell for about 2% above the list price and go pending in around 28 days, with hot homes selling for about 5% above list price and going pending in just 11 days.

Irvine

Irvine’s housing market continues to thrive with a significant 26.3% increase in the median sale price, now at $2,365,000. The median days on the market slightly increased to 27 days. The number of homes sold rose by 13.2% to 86 homes. The market is highly competitive, with many homes receiving multiple offers and selling for about 2% above the list price, going pending in around 26 days. The hottest properties can sell for about 6% above list price and go pending in just 14 days.

Chino Hills

Chino Hills saw an 8.7% rise in the median sale price to $1,054,000. Homes are selling faster, with a median market time of 23 days, down by 4 days from last year. The number of homes sold increased by 16.2% to 43 homes. The market remains very competitive, with many homes receiving multiple offers and selling for about 3% above the list price, going pending in around 26 days. Hot homes can sell for about 6% above list price and go pending in around 11 days.

Diamond Bar

Diamond Bar experienced an 18% increase in the median sale price, reaching $1,215,000. The median days on the market decreased by 4 days to 22 days. The number of homes sold saw a significant increase of 45.5%, with 32 homes sold in June. The market is somewhat competitive, with some homes receiving multiple offers and selling for about 1% above the list price, going pending in around 40 days. Hot homes can sell for about 4% above list price and go pending in around 21 days.

Walnut

Walnut’s market remains robust with the median sale price increasing by 9.1% to $1,200,000. Homes are selling faster with a median of 27 days on the market, down by 4 days from last year. The number of homes sold increased by 28.6% to 18 homes. Walnut is very competitive, with many homes receiving multiple offers and selling for about 1% above the list price, going pending in around 27 days. Hot homes can sell for about 5% above list price and go pending in around 14 days.

Pasadena

Pasadena saw a slight decrease in the median sale price, down by 1.2% to $1,581,000. Homes are selling a bit faster, with the median days on the market decreasing to 28 days. The number of homes sold dropped by 28.3% to 38 homes. Pasadena remains somewhat competitive with some homes receiving multiple offers and selling for about 5% above the list price, going pending in around 29 days. Hot homes can sell for about 13% above list price and go pending in around 19 days.

San Marino

San Marino’s market is somewhat competitive with the median sale price rising by 14% to $3,225,000. Homes are selling faster with the median days on the market decreasing by 7 days to 32 days. The number of homes sold increased by 16.7% to 14 homes. Some homes receive multiple offers and sell for about 2% above the list price, going pending in around 30 days. Hot homes can sell for about 10% above list price and go pending in around 19 days.

Arcadia

Arcadia’s market remains very competitive with the median sale price increasing by 19.8% to $1,988,000. The median days on the market decreased by 11 days to 36 days. The number of homes sold rose by 8% to 27 homes. Many homes receive multiple offers and sell for about 3% above the list price, going pending in around 31 days. Hot homes can sell for about 9% above list price and go pending in around 17 days.

The June 2024 housing market in Southern California is characterized by rising prices, quick sales, and varied competitiveness across different cities. While Irvine and Walnut stand out with significant price increases and fast-moving markets, cities like San Gabriel and Pasadena show more moderate changes. Overall, the market remains robust with high demand and active transactions. Whether you’re a buyer or seller, understanding these local market trends is essential 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, while sellers can expect to benefit from high demand and competitive bidding.