East Bay March '24 Real Estate Update Ascend RE

East Bay Market Update

As of February 2024, the housing markets in Contra Costa and Alameda County exhibited several notable trends:

1. Price Stability: Overall, housing prices in both Contra Costa and Alameda County remained relatively stable compared to previous months. While there were fluctuations in specific neighborhoods and property types, the market as a whole showed a consistent trajectory with modest appreciation.

2. Limited Inventory: Inventory levels continued to be tight across both counties, with a shortage of available homes for sale. This scarcity of inventory put upward pressure on prices and led to competitive bidding situations, making it challenging for prospective buyers to find suitable properties.

3. Strong Demand: Demand for housing remained robust in Contra Costa and Alameda County, driven by factors such as employment opportunities, desirable locations, good schools, and transportation infrastructure. This sustained demand contributed to quick sales and multiple offers in many instances.

4. Affordability Challenges: Affordability remained a significant concern for many residents, particularly first-time buyers and middle-income earners. High housing costs relative to income levels continued to pose barriers to homeownership and rental affordability, prompting some buyers to explore alternative areas or housing types.

5. Suburban and Urban Dynamics: Suburban areas in both counties continued to attract interest from buyers seeking more space, quieter neighborhoods, and better affordability compared to urban cores. However, urban areas with access to amenities, public transportation, and employment centers remained popular among certain demographics, contributing to varied dynamics across different neighborhoods.

6. Rental Market: The rental market in Contra Costa and Alameda County experienced mixed trends, with some areas witnessing stable rents while others saw slight fluctuations. Factors such as employment trends, remote work preferences, and lifestyle shifts influenced rental demand and pricing dynamics.

7. Investor Activity: Real estate investors continued to show interest in both counties, targeting properties with potential for appreciation and rental income. However, cautious optimism prevailed amid economic uncertainties and regulatory changes, leading investors to carefully assess opportunities in the market.

Overall, the housing markets in Contra Costa and Alameda County in February 2024 demonstrated resilience and attractiveness to buyers and investors, despite challenges such as limited inventory and affordability concerns. Strong demand, desirable locations, and varied housing options contributed to the stability and moderate growth observed in these markets.