|
Getting your Trinity Audio player ready...
|
More choices, more time to shop and stabilizing prices could be coming to the Pleasanton real estate market during 2025.
“The combination of high prices and more inventory will put some downward pressure on the Pleasanton housing market,” said Tracey Esling, 2025 president of the Bay East Association of Realtors. “We may see a slight increase of days-on-market and a leveling off of prices.”
Residential real estate market conditions during 2025 may follow trends that started during 2024. Last year, buyers and sellers stopped waiting for mortgage interest rates to drop and entered the market.
Sellers, who had been on the fence during 2023, put their homes on the market and gave buyers a lot more choices. On average there were 51 single-family detached homes listed for sale here each month during 2024 compared with 33 for sale each month during 2023.
More homes for sale didn’t bring down prices last year. The median sales price for single-family detached homes was more than $1.78 million — an almost $60,000 increase compared with 2023.
Esling predicts that mortgage interest rates will influence sales prices during 2025. She said, “I think interest rates are going to remain around 6% and will also contribute to a leveling of prices.”
Asked how buyers can best navigate the 2025 real estate market in Pleasanton, Esling said, “Be patient, interest rates are high and even with downward pressure on the market, prices are still high. We will see higher inventory but that’s still not enough, we have a missing price range so some buyers may have to get creative with mortgages or look at other areas. Be open minded in your home search.”
For buyers concerned about the impact the tragic fires in Southern California may have on securing homeowners’ insurance, Esling, along with other industry professionals, think coverage will be available during 2025.
“I don’t think this will play a big factor in Pleasanton unless you fall in a fire area,” Esling said. “You will most likely see pressure put on older roofs and surrounding detached structures, those types of things may cause higher insurance rates.”
For sellers, Esling said they will need to do their homework and be patient during 2025.
While buyers were eager to purchase during 2024, homes were on the market an average of 22 days compared with 18 days during 2023.
“Homes will still sell, though the seller needs to be patient, homes will need to be priced right and the seller needs to be sure the home is in selling condition when it hits the market,” Esling said. “If you want to sell, I would suggest getting your home on the market sooner rather than later.”
The number of homes sold during 2024 increased compared with 2023, and Esling is generally positive about the overall health of the Pleasanton real estate market for 2025.
However, she acknowledged there are still fundamental headwinds facing buyers and current owners who may want to make a change yet remain in Pleasanton. She asked, “How do we fill the missing price gap, how do we get more inventory and how do we balance the market?”
Editor’s note: David Stark is the chief public affairs and communications officer for the Bay East Association of Realtors, based in Pleasanton.
