Watch this if you considering buying or selling a home in 2024. Here is the most recent Stockton Housing market trends for January 2024!

For our first housing market update in 2024 we have a lot of great information for you, starting with the number of homes that came on the housing market at the end of 2023. We can see that 292 new homes came on the market, 138 homes went pending, and 133 homes were sold at the end of 2023. Taking a look back to end of 2022, we can see that one year ago there were 384 homes that came onto the housing market, showing a 24% drop in the number of homes for sale in comparison to last year. Looking at the chart as a whole, we can see the number of homes for sale steadily dropped from the end of 2022 and into the first six months of 2023. However, moving through the end of 2023 we can see the number of homes for sale moving upward giving home buyers more to choose from toward the later months of the year.

Looking at how the inventory affected home prices, we can see that in 2023 home prices rose approximately 7% over the course of the year. The median sales price in Stockton rose to $446,000 in December of 2023, up slightly from the previous two months. This increase in home prices can be attributed to the overall low amount of inventory on the housing market. Even though interest rates were on the rise in 2023, there was still more demand from home buyers than there were homes to satisfy that demand helping home prices to increase over the course of the year.

Looking at an inventory chart for the end of 2022 through 2023, we can see that the end of 2022 found the housing market at a neutral market, or a market that favored neither buyer nor seller, with approximately 3 months of inventory. Moving into 2023 however, we can see a sharp drop in the number of homes for sale, dipping beneath one month of inventory in April and May, before beginning to increase in June. The end of the year did see a decent increase in the number of homes for sale, but overall inventory for the Stockton housing market remains beneath three months worth making for a seller's market. This again supports the increase in home prices, showing low inventory that was unable to satisfy buyer demand.

Our final chart shows the number of days that homes sat on the housing market before a sale was pending. We can see that in December of 2023 the number of days was still relatively low at 32 days. Even in December, which is typically a slower month for the housing market, we can see that buyer demand was still strong and homes were selling quickly. At the top of the chart, we find that the average sales price, to list price ratio was at 98% meaning that on average, sellers were receiving 98% of their asking price. So wrapping up the year, we can see that homes are selling quickly and getting their asking price showing a pretty strong housing market heading into 2024.

So where do you think the Stockton housing market is headed in 2024? Do you think the decrease in interest rates will encourage home prices to continue to rise, or is the Stockton housing market heading to a decrease in home prices? We'd love to hear from you, let us know your thoughts in the comments!

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Thank you,
David McKeever
m | 209.483.6523
Broker | Advance 1 McKeever Real Estate
Voted "BEST REALTOR" 2019 & 2020 Best of San Joaquin County Awards

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