September 2024 Monthly Housing Market Report

The housing market in Southern California continues to show varied trends across different cities, with a mix of price increases and decreases, shifting competitiveness, and longer days on the market compared to last year. Here's a breakdown of the key market trends for September 2024 in some major cities.

San Gabriel

San Gabriel's market is experiencing a notable slowdown, with home prices dropping by 13.3% year-over-year to a median of $1.0M. Homes are staying on the market for 43 days, significantly longer than last year's 29 days. The city saw a 25% decrease in sales, with only nine homes sold. Despite the slower pace, some homes still receive multiple offers, though sale prices generally hover around 1% below list price.

Irvine

In contrast to San Gabriel, Irvine remains a strong market, with home prices up 11.5%, pushing the median to $2.14M. Homes are selling quickly, averaging 40 days on the market, though longer than the 21 days last year. Sales increased slightly by 1.4%, with 72 homes sold. While Irvine remains very competitive, sale-to-list prices have dipped slightly, with homes selling for around 98.7% of the asking price.

Chino Hills

Chino Hills also reflects steady growth with a 3.9% increase in home prices to a median of $1.08M. However, the number of homes sold dropped by 19.5% from last year. Homes take around 35 days to sell, a week longer than in 2023. The market remains competitive, with many homes selling near list price.

Diamond Bar

Diamond Bar's market has softened, with a 4.6% decline in home prices, now at a median of $1.15M. Homes take around 40 days to sell, with little change from last year. Sales volume slightly increased by 3.8%, but competitiveness remains moderate.

Walnut

Walnut saw a significant price jump of 24.1%, with homes selling for a median of $1.34M. Despite this increase, the number of homes sold dropped by 12.5%. Homes are selling in around 37 days, the same as last year, with fewer price drops and a strong competitive environment.

Pasadena

Pasadena's market remains robust, with home prices up by 14.3%, reaching a median of $1.54M. Homes are selling faster, averaging 28 days compared to 35 last year. However, the number of homes sold dropped by 32.1%, with only 38 homes sold in September. The city remains somewhat competitive, with 60.5% of homes selling above list price.

San Marino

San Marino saw a decline in home prices by 5.6%, with a median price of $2.97M. Homes are taking longer to sell, averaging 28 days compared to last year's 22 days. The number of homes sold dropped by 27.3%, with only eight homes sold, though 75% of them sold above list price, indicating some competitive activity.

Arcadia

In Arcadia, home prices dropped by 10.6%, with a median of $1.9M. Homes are taking longer to sell, averaging 41 days on the market. Sales increased slightly by 8.3%, with 26 homes sold. The market remains somewhat competitive, with homes selling close to list price.

Overall, the Southern California housing market is mixed, with cities like Irvine and Walnut showing strong growth, while others like San Gabriel and Arcadia are seeing price declines and longer days on the market. Competitive conditions vary, but the market remains active despite these fluctuations. Buyers can find opportunities in cities where prices have softened, while sellers may benefit from the ongoing demand in competitive areas like Irvine and Pasadena