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Fresno Real Estate Market Update: June 2024
The Fresno real estate market has experienced some notable shifts over the past year. Here’s an in-depth look at the changes in single-family home sales from June 2023 to June 2024.
Average Sold Price
In June 2023, the average sold price for single-family homes in Fresno was $481,866. This June, we’ve seen a healthy increase, with the average sold price rising to $501,677. This represents a 4.11% year-over-year increase. This growth indicates a steady demand for homes in the area, with buyers willing to pay more for their desired properties.
Median Sold Price
The median sold price also saw an uptick. Last June, the median price was $429,389, while this June, it increased to $440,500, marking a 2.59% rise. The median price is a crucial indicator as it represents the middle point of all home sales, providing a more balanced view of the market compared to the average sold price, which can be skewed by particularly high or low sales.
Average Days on Market
Homes in Fresno are spending a bit more time on the market this year. The average days on market (DOM) increased from 20 days in June 2023 to 22 days in June 2024. While this represents only a slight change, it’s an important metric to watch as it can indicate the speed at which homes are selling and overall market conditions. A longer time on the market could suggest a shift towards a more balanced market or even a slight cooling in buyer urgency.
Average and Median Price per Square Foot
The price per square foot is a critical measure of home value, and both the average and median price per square foot have increased over the past year.
- Average Price per Square Foot: Rose from $251.42 in June 2023 to $260.98 in June 2024, a 3.80% increase.
- Median Price per Square Foot: Increased from $250.65 to $263.68, reflecting a 5.20% rise.
These increases indicate that not only are overall home prices rising, but the value buyers place on each square foot of property is also going up. This is a positive sign for homeowners considering selling, as it suggests their properties are appreciating in value.
Sold Listings
One area where we’ve seen a decrease is in the number of sold listings. In June 2023, there were 458 single-family homes sold, compared to 432 in June 2024. This decrease of 26 homes might suggest a tighter inventory or fewer homes being listed for sale. A lower number of sold listings can create a more competitive market, potentially driving up prices as buyers have fewer options to choose from.
Market Insights and Outlook
The Fresno real estate market remains robust with continued price growth and relatively stable selling times. The slight increase in days on market could indicate a more balanced market, giving buyers a bit more time to make decisions. However, the increase in average and median prices per square foot shows that the demand for quality homes is still strong.
Conclusion
Overall, the Fresno real estate market continues to show positive trends. Home values are increasing, indicating a healthy demand, even as the number of homes sold has slightly decreased. For sellers, this could be an opportune time to list their homes, while buyers may find themselves in a competitive market but can still benefit from relatively stable pricing.
As always, staying informed with the latest market data is crucial for making the best real estate decisions. We’ll continue to monitor these trends and provide updates to help you navigate the Fresno real estate landscape.
This report is based on data available at the end of June 2024 and was published in July 2024. All data is sourced from the Fresno County MLS and represents single-family residences.
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