October 2024 Monthly Housing Market Report

The October housing market in Southern California showed a dynamic mix of trends across various cities, reflecting shifts in buyer demand, market competitiveness, and pricing. With rising prices in most areas and changing sales activity, buyers and sellers are navigating a market that balances resilience and adjustment.

San Gabriel

San Gabriel stood out with a dramatic 50.8% increase in home prices compared to last year, bringing the median price to $1,480,000. However, the market cooled slightly in terms of activity, with 9 homes sold—10% fewer than the same period last year. On average, homes took longer to sell, now at 26 days compared to 21 days previously. Despite these shifts, multiple offers are still seen, indicating moderate competition.

Irvine

Irvine's housing market remained strong, with a 4.9% increase in median home prices, now at $2,307,500. Sales activity surged by 22.4%, with 82 homes sold in October. However, homes are taking longer to sell, averaging 49 days on the market compared to 44 days last year. While demand is steady, the slower pace hints at a market that is balancing price gains with buyer deliberation.

Chino Hills

Chino Hills presented a mixed picture, with home prices decreasing by 5.7% to a median of $980,000. In contrast, sales activity increased significantly, with 42 homes sold—a 20% jump from last year. The market remained very competitive, as many homes received multiple offers, and 38.1% sold above the list price. This shows buyers are still actively competing for properties despite the price drop.

Diamond Bar

Diamond Bar saw an impressive 27% increase in home prices, with the median price reaching $1,200,000. The market was particularly active, with a 68.8% year-over-year increase in sales volume, as 27 homes sold in October. While homes took an average of 41 days to sell, slightly longer than last year, buyer interest remains strong, with many properties receiving multiple offers.

Walnut

In Walnut, home prices rose by 17.2%, with the median price now at $1,398,000. Sales activity, however, declined sharply, with only 9 homes sold—a 35.7% drop compared to last year. Homes are staying on the market longer, averaging 30 days versus 22 days last year. Despite the reduced sales, the area remains competitive, with a sale-to-list price ratio exceeding 101%.

Pasadena

Pasadena’s housing market continued to thrive, with a 15.6% increase in median home prices to $1,515,000. Sales activity slightly declined, with 42 homes sold—2.3% fewer than last year. Properties are taking 31 days on average to sell, a modest increase from 29 days previously. However, the market remains very competitive, with 54.8% of homes selling above the list price.

San Marino

San Marino saw a 9.5% increase in median home prices, now at $2.3 million. Sales activity was slightly lower, with 11 homes sold in October, down 8.3% from last year. Homes are staying on the market longer, averaging 46 days compared to 40 days last year. While competition is moderate, select properties still receive multiple offers.

Arcadia

Arcadia recorded a 7.7% rise in median home prices, reaching $1,950,000. The number of homes sold in October decreased slightly by 2.3%, with 42 homes changing hands. Homes are now taking longer to sell, with an average of 56 days on the market compared to 43 days last year. However, strong demand persists, with 54.8% of homes selling above the list price, reflecting high competitiveness.

October 2024 highlighted the diverse dynamics of Southern California’s housing market. Each city showed unique trends, from price surges in San Gabriel and Diamond Bar to robust sales in Chino Hills. While some areas are cooling slightly, others remain highly competitive, emphasizing the need for localized strategies. Whether buying or selling, understanding these city-specific trends is key to making informed decisions in this ever-evolving market.