California Real Estate Market Trends for 2024

What will the market look like in California in 2024? Nobody knows the future, but the California Association of  Realtors (CAR) are as close as you can get to a crystal ball. According to their 2024 Housing Forecast Report, things are looking up for home sales in CA.

High interest rates and market corrections made 2023 a bit of a tough year for real estate, and while rates haven’t come down yet, the market looks to be rallying next year. CAR predicts a 22.9 increase in single-family home sales, going from 2023’s 266,200 units to 327,100 units. 

Home Prices Are Going Back Up

CAR predicts that average sale prices will bounce back as well in 2024. 2023 saw a 1.5% median home price dip, which brought the median sale price down to $810,000 from 2022’s $822,300. For 2024, CAR’s forecasting a healthy 6.2% increase, bringing median home prices up to $860,300.

CAR President Jennifer Branchini thinks that 2024 will be a favorable year for both buyers and sellers, as inflation eases and brings down interest rates. Lower interest rates will make purchasing a home more affordable (good for buyers!) while likely driving a slight increase in overall price (good for sellers!). Win-win!

Housing Affordability Stays Flat

The Housing Affordability Index is expected to stay flat 17% in 2024. Housing supply is expected to stay below the norm in 2024, though CAR is projecting an increase of 10%-20% in active listings, thanks to the more favorable market.

What’s Hot and What’s Not

Where in California are things heating up the fastest? According to Norada Real Estate Investments, the 10 hottest markets in 2024 will be:

  • Riverside

  • San Diego

  • Santa Maria

  • Madera

  • Bakersfield

  • Hanford

  • Visalia

  • Salinas

  • Merced

  • Fresno

The 10 slowest-growing markets are predicted to be:

  • Ukiah

  • Eureka

  • Santa Rosa

  • Clear Lake

  • San Fransico

  • Chico

  • Truckee

  • Sonora 

  • Susanville

Is Now a Good Time to Become a CA Real Estate Agent?

With the market set to rebound, now is a great time to dive into a new career in California real estate. The truth is that no matter what the market is doing, people are always going to need agents. And even when the residential market is flagging, there are niches to be filled in commercial real estate, REO, property management, vacation real estate, and more.

But with 2024 looking like a growth year for real estate in California, now is an especially optimal time to get a license and get in the game.

Licensing for Investors

Getting a real estate license doesn’t just make sense for people looking to make a career change. Real estate investors who are confident in their ability to find and purchase investment property would be wise to get licensed. Why pay commission to an agent if you don’t need their expertise and advice? Getting licensed allows investors to make their own deals. You also might learn some useful info from your studying.

How to Get a California Real Estate License

California requires license applicants to complete three 45-hour pre-licensing education courses, pass a background check, and pass the California state real estate exam to get a license. You’ll also need to find a broker to supervise you (at least until you can qualify for your broker license).

These days, you don’t have to spend 135 hours in a classroom to qualify. You can instead do your pre-licensing education on an app like Aceable’s. It’s an easy way to get licensed while still working, caretaking, or keeping up with your regular responsibilities. 

Aceable’s learning app is interactive and engaging, and you can study at your convenience. Sound good? Get started on that California real estate license with Aceable today. 

Want to get your Real Estate License? Begin your Pre-Licensing Course today!

Get Started Now!

Updated 12/14/23

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