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KEY TAKEWAYS
- The Brentwood, CA housing market is traditionally competitive and attracts affluent buyers.
- The city’s real estate is currently recovering from the effects of the inflation crisis of 2022-23.
- The suburban lifestyle and warm climate tend to attract families, retirees and other people seeking a slower pace of life.
- House prices, market activity and more are heating up as we head into 2024.
- Now is a great time to make a move in the Brentwood, CA Contra Costa housing market, but you must work with a trustworthy real estate agent.
Brentwood Housing Market Overview
Although still significantly above the national average, homes for sale in Brentwood, CA sold at prices 6.7% lower in August 2023 than a year ago. With a median sale price of $770,000, the market is experiencing some fluctuations, and homes are currently selling within approximately two weeks. Throughout 2023, we’ve observed a monthly sales range of 40-80 properties, which, while relatively low, is expected to increase in the coming year. Brentwood, CA, as part of the San Francisco Bay Area, is one of the more affordable cities in the region. But it is influenced by both broader market trends and local factors, contributing to the Brentwood, CA Contra Costa housing market’s recent volatility due to economic uncertainties from 2022 to 2023.
Detailed Analysis Of Brentwood, CA Contra Costa Real Estate
Let’s look closer at pricing and sales in Brentwood, CA. Real estate transactions involve many factors, so we will also look at property taxes and affordable housing schemes.
Pricing And Sales
- List prices versus sale prices
- Examining the history of sale-to-list price ratios reveals a pattern of fluctuation around the 100% mark. Historically, this ratio has reached both highs of over 106% and lows of 96.4%. The current level, standing at 100.7%, is relatively typical.This suggests that properties for sale in Brentwood, CA Contra Costa are often purchased at prices close to the asking price, although they occasionally exceed it. If you want to sell your home quickly in Brentwood, CA, it is important to set a competitive asking price, and this is something we specialize in as professional real estate agents.
- Homes sold above list price
- The history of the Brentwood, CA housing market reveals a steady increase in properties selling above the list price until the economic downturn of 2022, which resulted in a sharp decline. In March 2022, the percentage was at 84%, but it plummeted to just 12.5% eight months later.Today, the figures are showing signs of recovery, with approximately 50% of homes selling above the list price. We remain hopeful that this upward trend will continue in the coming months, indicating a resurgence of the Brentwood, CA Contra Costa real estate market.
- Homes with price drops
- The percentage of houses for sale in Brentwood, CA that sell below the list price has hovered around the 20% mark for years, fluctuating up and down. In July of 2022, this number surged to over 54%, and it is currently holding steady at around 30%.If you’re looking to buy a home by making an offer below the asking price, it’s crucial to target the right property for a successful negotiation. Choose us as your real estate agent, and we will help you find these opportunities.
Tax And Financial Aspects
Taxes are an important consideration for homebuyers in the Brentwood, CA housing market. All counties in California are subject to the state’s base property tax rate of 1%, and the average rate in Contra Costa County stands at 1.11% with the inclusion of special assessments. This means homeowners must pay an annual property tax of 1.11% of the value of their homes, with the funds going toward local projects like schools and infrastructure.
Failure to keep up with your Brentwood property tax could lead to a Brentwood, CA tax lien, which would compel you to pay what you owe or face further financial and legal implications. If you’re considering homes for sale in Brentwood, California, it’s important to plan for real estate taxes as part of your cost of living.
Section 8 And Affordable Housing
The Brentwood, CA Section 8 housing list is a crucial element of the housing market, particularly for those seeking affordable housing in an area with high housing costs. In Brentwood, California, it serves as a lifeline for many, providing stability to the housing market.
This program encourages property owners to rent out their houses by offering guaranteed rental income. While many landlords are involved in the program, the high demand makes securing a home through Section 8 highly competitive. Nevertheless, the program plays a significant role in promoting social and economic diversity in the city, benefiting property owners and contributing to the stability of home values.
Brentwood Housing Market Trends
- Median prices of homes for sale in Contra Costa County, CA.
- Houses for sale in Brentwood, CA Contra Costa witnessed an upward trend in pricing, peaking at $933,500 in March 2022. However, the real estate market was affected by rising inflation, resulting in a decline in median sale prices, which reached lows of $725,000 in January 2023. The most recent data reveals a median price of $770,000 as the market undergoes a recovery, and we anticipate this upward trajectory to continue into 2024.Feel free to reach out to us for an accurate property valuation and to list your property at a competitive price. Our team of experienced real estate professionals is well-versed in the dynamic Brentwood, CA real estate market.
- Number of homes sold in Contra Costa County, CA
- Sale volumes in the Brentwood, CA property market traditionally hover around 90-100 per month, with occasional fluctuations. Typically, the market experiences increased activity during the spring and summer months. However, the economic challenges of 2022 led to a slowdown, with sales dropping to less than 30 in January 2023. Currently, the market has rebounded to around 70 sales per month, indicating a resurgence.In times of low housing inventory, competition among buyers intensifies. To navigate this, one strategy is to submit offers on multiple properties. If you’re exploring homes for sale in Brentwood, CA Contra Costa our experienced team can assist you in this competitive market.
- Median days on market
- Historical data reveals that property sales in Brentwood, CA typically occur rapidly. In 2021, homes spent an average of around 7 days on the market, with few exceeding 10 days. However, from 2022 to 2023, some houses lingered for over a year, reflecting the challenges faced by the Brentwood, CA real estate market. Presently, we are observing the time on the market returning to around 2 weeks, which is encouraging for both buyers and sellers.The market is regaining momentum as inflation stabilizes and interest rates decrease. This is an opportune time to venture into the Brentwood, CA Contra Costa housing market, and our expertise can guide you through the process.
How Hot Is The Brentwood Real Estate?
Brentwood, CA’s real estate market remains robust, and even the economic challenges of 2022-23 couldn’t extinguish its heat entirely. While it did experience a cooling period during this time, we’re now witnessing a resurgence in Q4 of 2023. Anticipate a return to a more active market in 2024 as economic stability continues to improve.
If you aim to capitalize on this upward trend, don’t hesitate to reach out to us, and we’ll initiate the process for you.
Brentwood Migration & Relocation Trends
In terms of individuals relocating to the Brentwood, CA real estate market over the past year, the majority of newcomers have hailed from other California regions. Many have chosen to move from cities such as Ukiah to embrace the suburban lifestyle that Brentwood offers. Additionally, we’ve observed property acquisitions by individuals and families who have traveled from places as distant as Massachusetts, Illinois, and Wyoming.
Similarly, those departing from the Brentwood, CA Contra Costa housing market often set their sights on other California cities. Popular destinations include Los Angeles and Sacramento, although cities like Seattle, Las Vegas, and Portland, OR also feature prominently. Our expertise extends beyond Brentwood, as we have assisted clients in swiftly selling their homes in Lafayette, El Cerrito, and other Contra Costa areas. If you’re considering a move away from Brentwood, CA, we are at your service.
Popular Neighborhoods In Brentwood, CA Contra Costa
With a wealth of modern housing options, the Brentwood, CA Contra Costa housing market boasts numerous appealing communities. As a suburban city, many of its residents are commuters to larger urban areas, yet Brentwood offers numerous family-friendly features. Some of the popular neighborhoods include:
- Deer Ridge: Comprising primarily single-family homes, this neighborhood enjoys diversity, with a significant Lithuanian and Portuguese community.
- Brentwood Hills: Known for its spacious homes and suburban ambiance, this area offers excellent schools and convenient access to shopping and other attractions.
- Apple Hill Estates: Another top-notch suburban neighborhood, it boasts high-quality housing, proximity to outstanding schools, and easy commutes to work.
Brentwood, CA’s housing market consistently delivers quality living, making it a city without unfavorable neighborhoods. Thus, personal preferences should guide your property search.
Amenities Near Brentwood, CA
Brentwood in Contra Costa is known for its beautiful outdoor spaces, including Veterans Park and Marsh Creek Regional Trail. Golf courses are another popular attraction, and the city is part of the Contra Costa Wine Region. Shopping and dining options are abundant in the city, and numerous community events take place throughout the year.
The Brentwood, CA housing market is well connected to the broader San Francisco Bay Area via BART, making public transportation superb. There are also many excellent public and private schools in the city, as well as high-quality healthcare facilities to address residents’ health concerns.
Is It The Right Time To Buy Your Dream Home In Brentwood, CA Contra Costa?
The question of the “right time” to enter the Brentwood, CA housing market ultimately depends on your personal circumstances. Your financial health is a critical factor, especially when considering a property purchase in an affluent city with house prices higher than the national average. Contact us to access our professional network and consult with reliable financial advisors who can help you assess your situation.
Objectively, however, now is a great time to explore properties for sale in Brentwood, CA Contra Costa. The key variables to consider are:
- Market demand
- Pricing trends
- Interest rates
Currently, demand is showing signs of an upward trajectory, along with property prices. Additionally, interest rates are beginning to decrease, indicating a recovery in Brentwood, CA real estate. Work with us to get in early and take advantage of these positive trends.
Should You Buy Or Rent A Property In Brentwood?
Property prices are high in Brentwood, and so are rent prices. Meanwhile, inventory is relatively low on both fronts. This presents challenges for many people looking to enter the Brentwood, CA real estate market.
Generally speaking, renting is a good option for individuals who aren’t certain about their long-term plans or only intend to stay in Brentwood for a short time. If you plan to be here for 3-5 years or more, buying may be a more prudent choice, as it could allow you to benefit from equity and appreciation.
Brentwood offers a high quality of life and numerous other benefits for residents. Contact us to discuss your options, and we can assist you in making an informed decision about whether buying or renting is the right fit for you.
The Role Of Climate And Its Impact On The Brentwood Property Market
Known for its warm, dry summers and mild, wet winters, the climate in Brentwood, CA Contra Costa is a key attraction in the local housing market. This Mediterranean-like climate offers ample opportunities for outdoor activities, making the city appealing to those who enjoy outdoor living. As a result, property prices tend to rise, especially for homes with features like backyards and pools.
However, it’s important to note that Brentwood is susceptible to natural disasters, such as wildfires and earthquakes. Prospective property buyers should consider these risks, as they can impact home insurance requirements. The climate’s overall appeal, along with its associated risks, plays a significant role in the Brentwood, CA real estate market.
Frequently Asked Questions
How Hot Is The Brentwood Real Estate?
The Brentwood, CA real estate market is traditionally very hot, with high property prices and lots of competition. It is currently heating back up after market conditions caused a short-lived cooling.
Amenities Near Brentwood
Brentwood is great for outdoor living, and the many parks and golf courses are big attractions. You will also find superb transport links, excellent schools and a robust community spirit.
Should You Buy Or Rent A Property In Brentwood, CA?
This depends on your personal circumstances, as well as market conditions and property prices. Contact us to get the most up-to-date information and expert advice tailored to your circumstances.
