November 20th, 2023
Let’s take a closer look at the recent trends in home prices across all zip codes in Concord, CA, spanning the past six months. It’s worth noting that the list price has remained relatively stable, hovering just below the $800,000 mark. However, there has been a noticeable shift in the sold prices, which have decreased by $35,000, bringing the current average to $810,000. This decline occurred over the last three months, with the previous sales price standing at $835,250.
In the most recent three-month period, homes have been selling at an average of 1.44% above their respective list prices. This represents a change from the market conditions four to six months ago when homes were fetching 3.14% above the list price. Notably, the time it takes for a home to accept an offer has also seen an increase, with the current average being 15 days, compared to just 9 days during the previous timeframe.
These shifts in the market can be attributed to various factors, including the persistence of interest rates. Although there has been a slight improvement, with most buyers now facing rates just above 7%, it’s a drop from the previous 8%. This recent development suggests that the real estate market in Concord, CA, is experiencing a cooling effect as it adjusts to evolving economic conditions.
Todd Goforth, Realtor
Walnut Creek, CA
Danville, CA and surrounding real estate markets