Northern California housing trends

In Northern California, housing trends vary by region. For example, in the San Francisco Bay Area, homes generally sell approximately 20 days after they hit the market. In the Far North region, homes sell in about 24 days. This timeframe, known as days on market (DOM), measures the period between the listing date and when a purchase agreement is signed. By comparison, the national average DOM is currently 53 days.

“For single-family homes, it’s quite difficult for buyers. It’s a good market for sellers, especially for sellers of quality properties in quality locations. It can be a little challenging for sellers of properties that have a deficiency of some shape or form,” O’Sullivan says.

The median home price is another measure that varies by region. In the Bay Area, homes sell for roughly $1,400,000, with little change from last year. Meanwhile, in the Far North, the median price sits at $385,000, indicating a 5.9% year-over-year decrease.

According to O’Sullivan, elevated interest rates and high home prices are affecting sales across Northern California. He points out that homeowner insurance has also become a major challenge. “It has gotten much more expensive, and actually getting coverage and getting quality coverage has become very difficult,” he says.

So what do these trends mean for sellers? Despite high interest rates and regional price shifts, serious buyers are still moving on well-priced homes in desirable locations. However, with more listings for buyers to choose from, sellers may need to work harder to stand out, especially if the property has any drawbacks. Smart pricing and strong presentation are now more important than ever.