November 2024 Monthly Housing Market Report

The November 2024 housing market in Southern California displayed a blend of growth and challenges across various cities, painting a dynamic and complex picture of the region’s real estate landscape. Each locale presented unique trends and metrics, providing valuable insights into the evolving conditions that buyers and sellers faced this month.

San Gabriel

San Gabriel saw a modest increase in home prices, rising by 1.5% year-over-year to a median price of $1,197,500. However, sales volume dropped significantly by 33.3%, with only six homes sold. This sharp decline in transactions suggests reduced activity, but the market's competitiveness persisted. Two-thirds of homes sold above list price, buoyed by an average sale-to-list ratio of 109%. Despite longer days on the market compared to last year, San Gabriel retained a somewhat competitive edge.

Irvine

Irvine experienced contrasting dynamics, with an 8.1% decrease in median home prices, settling at $1,793,000. Homes in this city took considerably longer to sell, averaging 50 days on the market compared to just 29 days last year. The reduced pace may reflect a shift in buyer sentiment or affordability constraints. Nevertheless, the market remained somewhat competitive, with 30.4% of homes selling above list price. While Irvine faced a decline in sales volume, the city’s real estate scene demonstrated resilience in attracting offers.

Chino Hills

Chino Hills emerged as a standout performer, showcasing robust price growth with a 12.2% increase in median home prices to $1,107,000. This market proved highly resilient, characterized by a competitive environment where half of the homes sold above the asking price. The Redfin Compete Score of 70 underscored the high demand in the area, with many properties receiving multiple offers and some even waiving contingencies. Despite a slight increase in the average days on market, Chino Hills maintained its appeal to buyers.

Diamond Bar

Diamond Bar also delivered strong performance metrics, recording a 7.7% increase in median home prices to $1,107,000. Sales activity surged impressively, with a 55.6% rise in the number of homes sold compared to last year. This sharp uptick highlights growing buyer interest, possibly driven by the city’s relative affordability and amenities. Many properties received multiple offers, further emphasizing the strong competition among buyers in this market.

Walnut

In contrast, Walnut experienced a 10.3% decline in home prices, with the median price dropping to $1,180,000. Sales activity also slowed, yet the market maintained a degree of competitiveness. A notable 44.4% of homes sold above list price, reflecting continued demand in certain segments of the market. Despite the downward pressure on prices, Walnut’s housing scene demonstrated pockets of strength.

Pasadena

Pasadena stood out for its remarkable price growth, with a 12% increase in home prices, reaching a median of $1,485,000. While sales volume dropped by 24.1%, the city retained its competitive nature, as 70.7% of homes sold above list price. The strong sale-to-list ratio of 106.2% highlighted the willingness of buyers to pay a premium for desirable properties, further solidifying Pasadena’s status as an attractive destination.

San Marino

San Marino saw a slight dip in prices, declining by 0.79% to $3,848,500. The market remained steady, with the same number of homes sold as last year. However, homes in this affluent city took the longest to sell, averaging 56 days on the market. While the extended timeline may indicate a slower pace, the market still managed to attract competitive offers for select properties.

Arcadia

Arcadia’s market reflected subtle shifts, with a 1.4% decrease in home prices, bringing the median price to $1,952,500. Sales volume declined modestly by 4.3%, yet the city retained its competitiveness, with 36.4% of homes selling above list price. The relatively balanced activity suggests that Arcadia continues to offer opportunities for both buyers and sellers.

Overall, the November housing market in Southern California reflected diverse trends across cities, underscoring the complexity of the region’s real estate dynamics. While some areas experienced significant price appreciation and competitive activity, others faced declining prices and slower sales. These variations highlight the importance of localized insights for market participants. Buyers and sellers must adapt to changing conditions, whether navigating competitive environments or seizing opportunities in slower-paced markets. As we move into December, monitoring shifts in buyer demand, economic influences, and seasonal trends will be crucial in shaping strategies for success in this ever-evolving landscape.