Vallejo Real Estate Insights - December 2024

Rising Prices Meet Balanced Opportunities for Buyers and Sellers

Welcome to the December 2024 Vallejo Real Estate Insights, your go-to resource for understanding the latest trends and opportunities in the local housing market. With rising home prices, extended selling times, and steady buyer demand, both buyers and sellers can strategically plan their next move.

This report highlights key data and actionable insights that Real Estate Professionals can use in their marketing and client conversations.

Market Overview

The Vallejo housing market in December 2024 showcases a mix of price growth, increased inventory, and longer selling periods, signaling a balanced market.

Key Highlights:

  • Median Sale Price: $563,000 (+9.9% YoY)

  • Average Home Value: $541,811 (-0.4% YoY)

  • Days on Market: 47 days (up from 32 days last year)

  • Sales Volume: 90 homes sold (up from 77 YoY)

  • Sale-to-List Price Ratio: 99.9% (homes selling near asking price)

While prices are appreciating, the market pace has slowed slightly, creating opportunities for both buyers and sellers.

Current Market Trends

1. Rising Home Prices

The median sale price grew by 9.9% year-over-year, reaching $563,000. Despite this rise, the average home value saw a slight decline of 0.4%. Sellers are benefiting from higher prices, especially for well-maintained homes.

2. Extended Selling Periods

The days on market increased from 32 to 47 days, indicating slower sales. Buyers now have more time to evaluate options and negotiate on pricing and terms.

3. Steady Sales Volume

With 90 homes sold in October, up from 77 last year, Vallejo remains an active market. Increased inventory (311 homes for sale) supports strong buyer demand.

3 Top Takeaways

1. Home Prices Are Up – A Seller's Advantage

  • Median sale prices rose 9.9% YoY, showcasing steady appreciation.

  • Homes are selling close to list price with a 99.9% sale-to-list ratio.

2. Buyers Have More Leverage

  • Longer selling times (47 days) give buyers time to negotiate favorable terms.

  • Increased inventory creates more choices and less competition.

3. Market Balance Creates Opportunities for Everyone

  • Sellers benefit from rising prices and competitive offers.

  • Buyers gain negotiating power and flexibility with available inventory.

Seller and Buyer Scores

Seller Score: 68

Why Sellers Have an Edge:

  • The 9.9% price increase translates to significant appreciation.

  • Homes are selling close to list price, indicating continued buyer interest.

  • Sales volume has grown by 16%, reflecting healthy demand.

Advantages for Sellers:

  • Competitive Offers: Multiple-offer situations are still common.

  • Higher Returns: Appreciation ensures strong profits for sellers.

  • Market Momentum: Active buyers help homes move with proper pricing and strategy.

Buyer Score: 55

Why Buyers Have Opportunities:

  • Increased inventory (311 homes) offers more options and less competition.

  • Longer 47-day market periods provide buyers time to negotiate.

  • Stable price-per-square-foot trends improve affordability for buyers.

Advantages for Buyers:

  • Negotiating Leverage: Buyers can secure favorable terms like closing credits.

  • More Choices: Higher inventory gives buyers flexibility to find the right property.

  • Time to Decide: Slower sales pace reduces the urgency to act immediately.

Trends, Changes, and Future Projections

Price Projections

Vallejo’s upward price trend will likely continue at a moderate pace, supported by regional demand and local economic growth. Sellers can expect values to remain stable through early 2025.

Market Balance Outlook

The extended days on market indicate a shift toward a balanced market. Buyers and sellers have unique opportunities:

  • Sellers: Proper pricing and staging will drive quick offers.

  • Buyers: Negotiation leverage will remain strong into the new year.

Interest Rates and Inventory

If mortgage interest rates stabilize, buyer activity could pick up further, tightening inventory. Real Estate Professionals should keep a close eye on mortgage trends as they influence affordability and buyer demand.

Factors Influencing the Market

Economic Growth and Affordability

Vallejo’s affordability compared to nearby markets like Napa and San Francisco continues to draw buyers priced out of more expensive regions.

Interest Rates

Mortgage rate changes remain a critical factor. While rates are stabilizing, any increases may slow demand, particularly in the entry-level market.

Regional Demand

With strong Bay Area job markets, Vallejo remains a desirable location for professionals seeking affordability and value.

Utilizing This Content

Here are 3 actionable messages for Real Estate Professionals to share on social media or in their client outreach:

1. “Sellers: Home Values Are Up 9.9% – Don’t Miss Out!”

Rising home prices and buyer demand are creating strong opportunities for sellers. List now to maximize your returns before the market shifts.

2. “Buyers: More Homes, More Time – Your Dream Home Is Waiting!”

With increased inventory and slower sales, buyers can take their time, compare options, and negotiate for better terms.

3. “Vallejo’s Market Is Balanced – Win as a Buyer or Seller Today!”

Sellers are benefiting from price growth, while buyers have leverage with more choices and flexible negotiations. Let’s connect to explore your next move.

The Vallejo real estate market in December 2024 offers balanced conditions, with rising home values benefiting sellers and extended market times creating leverage for buyers. As a Real Estate Professional, understanding these dynamics will help you guide clients to make informed decisions.

Whether you’re buying, selling, or advising clients, Vallejo’s market trends offer opportunities for everyone.

For professional support and expert market insights, reach out to Realty One Elite today.

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