2024 Real Estate Trends: What Southern California Buyers and Sellers Need to Know

The Southern California real estate market is evolving, shaped by national trends and local dynamics. Whether you're buying your first home, upgrading, or selling to take advantage of the market, staying informed is critical. Here’s what the latest 2024 Profile of Home Buyers and Sellers from the National Association of REALTORS® reveals and how it impacts real estate in Southern California.

📈 Key Trends for Buyers and Sellers in 2024

A Market Favoring Experience Over Newcomers

• Aging Demographics: First-time home buyers now average 38 years old, while repeat buyers are typically 61. This trend highlights the challenges first-time buyers face in breaking into the market.
• Decline of First-Time Buyers: Only 24% of buyers were first-timers, the lowest share in decades. This underscores how rising home prices and mortgage rates are keeping many on the sidelines.

“First-time buyers in Southern California face steep competition and affordability challenges, but working with an experienced local agent can make all the difference.”

Multi-Generational Living on the Rise

Southern California's high cost of living makes multi-generational homes more attractive:

• 17% of Buyers Chose Multi-Generational Homes: Buyers cite cost savings and the need to care for aging relatives or adult children as top reasons.
• Key Features to Consider: Homes with separate living quarters, multiple entrances, or accessory dwelling units (ADUs) are increasingly sought after.

💡 Tip: If you're exploring Southern California's real estate market, browse homes with ADUs.

🏡 For Buyers: Finding Your Dream Home

The 2024 report highlights the importance of preparation and adaptability in today’s market.

Start Online, Finish Strong

• 51% Found Homes Online: Buyers rely on digital platforms to kickstart their search.
• 86% Used Real Estate Agents: Despite the digital shift, agents remain indispensable for navigating complex transactions.

Steps to Streamline Your Home Search:

1. Define Your Priorities: Proximity to work, schools, or recreational areas? Consider what matters most to your lifestyle.
2. Leverage Virtual Tools: Use virtual tours and 3D walkthroughs to narrow your options.
3. Partner with Experts: Schedule a consultation with a local agent to access off-market listings and negotiate favorable terms.

🏘️ For Sellers: Maximize Your Home’s Value

Southern California sellers benefit from a competitive market but must still be strategic.

Fast Sales at Top Dollar

• Median Time on Market: 3 Weeks: Homes are selling quickly when priced competitively.
• 100% Asking Price: Sellers are often achieving their full asking price, a testament to demand.

Tips for Southern California Sellers:

• Highlight Local Appeal: Showcase proximity to beaches, parks, and schools.
• Market Strategically: Use professional photography, MLS listings, and targeted digital ads.
• Work with Experts: A trusted agent can help you navigate pricing, staging, and timing your sale.

“Sellers in Southern California’s dynamic market should invest in professional marketing to stand out and attract competitive offers.”

💰 Navigating Financing Challenges

Mortgage rates, which averaged 7.02% this year, are reshaping the buying process:

• Cash Buyers Dominate: 26% of buyers paid in cash, the highest share recorded.
• Downpayment Pressure: First-time buyers put down a median of 9%, the highest since 1997.

How to Prepare Financially:

• Build a robust savings plan to cover downpayments and closing costs.
• Explore financing options like FHA loans or programs designed for first-time buyers.
• Speak to a mortgage expert for personalized guidance.

🌴 Why Southern California Remains a Top Choice

From sunny beaches to bustling urban hubs, Southern California offers unmatched lifestyle perks. Neighborhoods with strong schools, walkability, and amenities are always in demand.

Explore popular regions:

• San Diego: Renowned for its beaches and family-friendly atmosphere.
• Orange County: Known for luxury homes and proximity to world-class entertainment.
• Los Angeles: Offers a mix of urban excitement and suburban charm.

Discover the best homes in San Diego or Orange County.

Ready to Dive Into the Market?

Whether you’re buying, selling, or just exploring your options, Southern California’s real estate market offers incredible opportunities. Start your journey today with The Cole Group.

👉 Contact Us Today for personalized real estate solutions tailored to your needs.