Real Estate trends in Vallejo CA

Vallejo, California Housing Market Report January 2024

Is Vallejo, CA a buyer’s or seller’s market?

Housing Prices in Vallejo, CA

How much do homes in Vallejo, CA cost?

Summary: The median home sold price in Vallejo was $525,000 in January 2024, down 3.7% from last year, and the median price per square foot was $368.

Summary: Vallejo housing prices by bedroom type for January 2024 compared to the previous year: The home price of 1-bedroom homes decreased by 13%, 2-bedroom homes decreased by 1.1%, 3-bedroom homes decreased by 2.8%, 4-bedroom homes decreased by 1.1%, and 5+ bedroom homes decreased by 9.2%.

 

Vallejo real estate trends in 2024
Vallejo real estate trends in 2024 (By www.rockethomes.com)

Housing Supply in Vallejo, CA

How many homes are available in Vallejo, CA?

Summary: The Vallejo real estate market had 208 homes for sale in January 2024, a 6.7% increase compared to December 2023. The Vallejo housing inventory by bedroom type for January 2024 compared to the previous month: The inventory of 1-bedroom homes increased by 33.3%, 2-bedroom homes increased by 9.1%, 3-bedroom homes increased by 6.3%, 4-bedroom homes increased by 2.2%, and 5+ bedroom homes remained the same.

A total of 52 homes were sold or pending in Vallejo in January 2024, down by 3.7% month-over-month. Of the 50 sold homes, 50% were sold under asking, 16% were sold at asking, and 34% were sold over asking.

Housing Supply in Vallejo, CA
Housing Supply in Vallejo, CA (By www.rockethomes.com)

Days on Market for Vallejo, CA

How long does it take to sell a home in Vallejo, CA?

Summary: Homes in Vallejo had an average of 41 days on the market in Jan 2024, up by 29.5% compared to last year. During January 2024, 52 homes were sold in Vallejo; 15% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days. The real estate market in Vallejo, California experienced a slight decline in January 2024. A total of 52 homes were either sold or pending, representing a 3.7% decrease compared to the previous month. Despite this dip, the market remained relatively active.

Housing trends in Vallejo
Housing trends in Vallejo (By www.rockethomes.com)

Out of the 50 homes that were sold, there was a diverse range of selling prices. Surprisingly, half of the homes were sold below the initial asking price, indicating a buyer’s market. Another 16% of the homes were sold at the asking price, suggesting a fair negotiation between buyers and sellers. The remaining 34% of homes were sold above the asking price, indicating a competitive market where buyers were willing to pay a premium to secure their desired property.

When it comes to the average time it took to sell a home in Vallejo, there was a noticeable increase compared to the previous year. In January 2024, homes spent an average of 41 days on the market, which was a significant 29.5% longer than the previous year. This extended duration suggests that sellers may need to exercise patience and be prepared for a longer selling process.

Analyzing the sales timeline further, it is evident that a considerable portion of homes in Vallejo were sold within a relatively short period. Approximately 15% of homes were sold within 30 days, indicating a quick turnover for those properties. Another 25% of homes were sold within 30 to 90 days, suggesting a slightly longer but still reasonable timeframe for sellers. However, a small 2% of homes took over 90 days to sell, indicating a more challenging market for those particular properties.

Overall, while there was a slight decline in the number of homes sold or pending in Vallejo during January 2024, the market remained active. Sellers should be aware of the varying selling prices and the potential for negotiation, while also understanding that the selling process may take longer than in previous years.