Los Altos real estate market prices, trends, and forecast 2023
Bay Area housing market prices, trends & forecasts 2023
Experts predict that housing prices in the Bay Area will level out and can potentially decrease compared to the recent housing boom. However, the Bay Area is expected to continue to favor sellers, as housing is limited. Single-family homes and condos in the area continue to sell above the listing price. Still, they are also expected to decrease as the housing market normalizes and the appreciation rate slows.
Experts predict several factors will impact the Bay Area’s real estate, including the decreasing population, higher mortgage rates, inflation, and increasing rents. It may seem that 30-year mortgage rates are at an all-time high, but when you take a long view, they are historically lower than average. Homeownership is more expensive now, though, and rent in the Bay Area is expected to increase throughout 2023, making saving up for a down payment more challenging.
Los Altos housing market forecast 2023
Single-family homes in Los Altos are among the hottest commodities in all of San Francisco. In June 2023, the local market saw 22 new listings and 25 closed sales, meaning inventory is limited and has stayed nearly constant. On average, Los Altos homes spent just 12 days on the market that month. Most significantly, the average sales price for Los Altos houses eclipsed $4 million in June 2023, with the median sales price close behind at $3.85 million. Those figures are among the highest in cities throughout Santa Clara County, and experts expect the market to remain competitive, with ample opportunities for buyers and sellers.
Is it a good time to buy real estate in the Bay Area?
The housing boom in the region has begun to steady out, which means that potential buyers are not getting involved in highly competitive bidding wars as often. The housing market is more stable than it has been in the last few years, which means that if a house is listed at a reasonable price, it’s very likely to sell at or above the listing value.
Experts predict home prices in the Bay Area to decrease, giving people more flexibility to find their dream homes. It is still a fantastic time to sell a home in the Bay Area, as many homes sell above the asking price.
The Loyola Corners neighborhood
Homes in the neighborhood are primarily single-family houses built in various architectural styles. The area is steeped in American history. In the early 1900s, the Southern Pacific Railroad connected Los Altos to San Jose and San Francisco. A depot was built in the neighborhood and named “Loyola Corners” after St. Ignatius Loyola, whose Jesuit order helped build Santa Clara University. Five stops ran through Los Altos and are designated with a historical marker.
If you are considering a move to Los Altos, the Dustin Owens of the Campi Group is ready to help you find a fantastic new home. Dustin offers insightful advice about the housing market, invaluable resources, and exceptional strategies to sell your home quickly or find your dream property. Contact Dustin Owen today if you are ready to explore Bay Area real estate.
*Header photo courtesy of the Campi Group