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There’s been a noticeable shift in the Northern California housing market and it’s something every buyer and seller should know. Inventory is way up, interest rates are slightly down, and pricing strategy matters more than ever. Whether you’re thinking about making a move or just watching the market, here’s what’s really happening right now in the real estate market:
Inventory is rising fast. There are over 3,670 homes for sale right now across Northern California. That’s a 44% increase compared to the same time last year, when just 2,551 homes were on the market. More listings mean more options for buyers, but it also means sellers can’t afford to overprice or overlook conditions. It’s a more competitive landscape, and buyers know it.
Sales are slightly down. While inventory is up, sales are actually down about 2% year-over-year. That shift points to a market that’s favoring buyers, but only to a point. We’re still seeing multiple offers and bidding wars, especially when a home is priced right and shows well. One of our recent listings even went 14% over asking with three offers, one of them all cash.
Interest rates are giving buyers some room. Rates ticked up a little last week to 6.86%, but that’s still lower than the 7% we saw at this time last year. It’s giving buyers a bit more room to move, and we’re seeing that reflected in showing activity and their offers—especially in the more affordable price points.
Buyers are active, but selective. We currently have six listings on the market and five more coming soon, ranging from $189,000 to $1,250,000. We also have two in escrow, including a short sale. This is something we haven’t seen in a while. Buyers are out there, but they’re not overpaying for homes that aren’t dialed in. Price it right, and you’ll still get strong interest.
Sellers need to price based on today’s data. If you’re thinking about selling, make sure your price reflects what’s sold in the last 30 days, not six months ago. This market is moving quickly, and outdated pricing can cost you real money. Buyers are watching closely, and they’re willing to wait or walk away if the price doesn’t make sense.
Navigating today’s market starts with understanding the latest numbers and having the right strategy. If you’d like to talk about what these changes mean for your home search or sale, feel free to call or text me at 707-280-5040 or email me at shawn@hermosillogroup.com. I’d be happy to share insights, pricing strategies, and tips to help you make a confident move in this shifting market.
