Concord, CA Housing Market

Concord, CA Housing Market Overview

The housing market in Concord, CA attracts a lot of competition, and median sale prices are currently around the $730k mark. This is a slight increase on prices from a year earlier, and places the market slightly above the national average for property prices. The number of homes being sold is currently low, but it tends to follow seasonal trends and the market is still recovering from the recent economic downturn.

Concord, CA is far from one of the most affluent locales in Contra Costa County, making it somewhat more accessible for many. It is a family-friendly town with scenic surroundings and a strong community feel wherever you go. If you are interested in buying a home in the Concord, CA property market, you will need to work with a reliable real estate agent in Concord, so contact us to learn what our professional team can do to help.

Detailed Analysis Of Concord, CA Real Estate

As mentioned, the demand for housing in Concord, CA is high and this is reflected in the competition whenever a home becomes available. This has a knock-on effect for sale-to-list prices, which we will explore in detail in this section. Read our analysis below to learn about list prices against sale prices, and some other key financial considerations that would impact your move here.

Pricing And Sales

• List prices versus sale prices
  • At the time of writing, the latest statistics show that houses in Concord, CA are selling for around 102.6% of the list price. This is common in regions where competition is high, and fairly consistent with historic performance in Concord. In early 2022, this peaked at 112%, but we also saw it dip as low as 98.5% when the economic downturn struck. There are strong signs of recovery as we head into the spring season, so come to us if you want to achieve the best possible price when selling your home. We can help set the optimal asking price to attract buyers and foster competition that will drive the sale price higher.
    • Homes sold above list price
      • The percentage of homes selling above list price in Concord, CA is typically fairly high, which explains the high sale-to-list price ratio. We have observed times when as many as 9 out of 10 houses were selling above list price, but this slumped substantially in late 2022 when only 24.2% of homes sold above list price. We have seen a strong, if patchy, recovery in 2023, and the latest statistics show over 50% of homes selling above list price as we head into the buoyant spring season.
        • Homes with price drops
          • Buyers will be pleased to learn that there is plenty of opportunity to buy a house below asking price in Concord, California. Even in a strong market, there is lots of fluctuation in this statistic, and we have seen months over the last 3 years where it has reached 47%, 55%, and 37%. Currently at 27.8%, if you want to bag a deal below asking price, it is important to do everything necessary to buy a house in California and work with the right real estate agent.

Tax And Financial Aspects

One thing that can’t be ignored about the real estate market in Concord, CA is property taxes. All must pay this bill as it goes towards funding local programs like schools and infrastructure. California’s property tax base rate is 1% of the assessed value of your property. In Contra Costa, where various special assessments are in place, the average currently stands at 1.11%.

If you are exploring the prospects of moving to Concord, CA, be mindful of budgeting for this tax. If you fall behind, you could end up with a Concord, CA tax lien and further legal and financial complications could follow.

Section 8 And Affordable Housing

For anyone that needs affordable housing in Concord, CA, you may want to check out the Section 8 housing list. Concord has various different neighborhoods, but prices are generally similar all around. While more accessible than some areas of Contra Costa, people on lower incomes may struggle to afford to buy or rent in Concord. Section 8 subsidizes rent prices to qualifying households to make them more affordable.

There is a lot of demand for Section 8 housing. But the community spirit in Concord, CA real estate values inclusiveness, so many residents choose to go through section 8 to rent their properties. It is definitely worth exploring, and we can advise on eligibility criteria if you need help.

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Concord, CA Housing Market Trends

• Median prices of homes for sale in Concord, CA
  • According to the latest figures, the current median sale price in the Concord, CA property market is $730,000. This is fairly average for the city, with peak prices climbing above $800,000 whilst some winter troughs have dropped down to $700,000 in recent years. The recovery from the economic downturn was quite swift in terms of prices, but we are approaching the spring and this is when the market tends to heat up along with the weather!
    • Number of homes sold in Concord, CA
      • The Concord, CA housing market can be rather busy when things are going strong. In mid-2021, there was a month in which 195 properties sold, while during the economic downturn of 2022-23, that number dropped as low as 46. The latest figures show that 53 homes sold in January, which is not unusual for the winter. We expect to see that number increase as we head into spring 2024, and we are hopeful for an even stronger recovery from the economic downturn than what we witnessed in 2023.
        • Median days on market
          • Under normal conditions, homes sell very quickly in the Concord, CA real estate market. Throughout 2021, it was common to see the average number of days on the market hover around 8, but the market challenges of 2022-23 caused that to peak at over 40. The winter of 2023-24 has been a little challenging, and the latest figure shows an average of 26 days on the market. Don’t be surprised if this number gets a lot lower in spring-summer 2024, however.

How Hot Is The Concord, CA Real Estate?

For the most part, we would characterize Concord, CA real estate as a hot market. This is because we see:

• Approximately 4 offers for every house that becomes available.
• Properties coming off the market in 1-3 weeks.
• Selling prices frequently exceeding the asking price.

The economic challenges of 2023-24 certainly had an impact on the Concord, CA housing market. But we have observed a good recovery in 2023, and we expect that to be even stronger as we head into the peak seasons of 2024. There is volatility as this market heats back up, and we are predicting something close to boiling point again in the near future. Selling here is similar to selling in neighboring Lafayette, as the communities and location are closely aligned.

Concord, CA Migration & Relocation Trends

Across the nation, around 3% of homebuyers searched to find properties in Concord, CA from outside metros. People moved to Concord from various locations, with the leading sources being State College, PA, Durango, CO, and The Dalles, OR. This indicates the desirability and accessibility of Concord as a location in California.

People leaving Concord mostly made their way to other metros in the Golden State. Sacramento, Los Angeles, and San Diego top the list, indicating that there is truth to the common narrative of Californians wanting to remain within the state. People who move away from Clayton, CA often do so in search of a more urban locale.

Popular Neighborhoods In Concord, CA

There are numerous popular neighborhoods in the Clayton, CA housing market for prospective buyers. Here are a few that stand out from the crowd:

• Dana Estates: A family-friendly neighborhood with tree-lined streets, parks, and well-regarded schools.
• Clayton Valley: A desirable location known for its scenic landscapes and recreational opportunities. If you like open spaces, you will love Clayton Valley.
• Turtle Creek: This sought-after neighborhood offers a mix of housing options and close proximity to shopping centers and dining establishments.
• Canterbury Village: Known for its diverse housing options, this neighborhood blends residential and commercial spaces for a lively yet comfortable environment.

These areas show the spread of communities in the Concord, CA housing market. Residents love the community atmosphere and exceptional quality of life.

Amenities Near Concord, CA

The Concord, CA real estate market is bolstered by popular attractions in the city and close proximity to other metros. Among the many attractive amenities in Concord, you will find:

• Todos Santos Plaza: The city’s vibrant downtown hub with a lively atmosphere and various shops, restaurants, and community events.
• Mount Diablo State Park: This beloved state park is a major draw for people moving to Concord. Residents can enjoy hiking, biking, and stunning views with this on their doorstep.
• BART Station: The Bay Area Rapid Transit is a commuter’s dream, providing easy access to other Bay Area destinations for leisure or employment purposes.
• Highly-rated schools: The sheer number and quality of schools in Concord, CA attracts families who want the best education for their children.

The Concord, CA real estate market accommodates a range of buyer types due to the varying lifestyles available in the city. Whether you like outdoor recreation, family-friendly communities, or a vibrant city feel, you will find a little of everything in Concord. Contact us to enquire about available homes.

Is It The Right Time To Buy Your Dream Home In Concord, CA?

We encourage you to make a move in the Concord, CA housing market if you are in a strong enough position to do so. Still in the process of recovering from the economic downturn, there are many opportunities right now to get a great price and enjoy substantial appreciation. However, you should carefully consider key factors as a prospective buyer, including:

• Market demand
• Pricing trends
• Mortgage interest rates
• Your personal finances

We can assist in your exploration of these things and provide the latest information on trends in the Concord real estate market. Be mindful of the fact that this is a competitive market, so you will need to prepare adequately before you start searching here.

Should You Buy Or Rent A Property In Concord, CA?

There are some strong prospects for fronting in Concord, CA. Some apartments are available for a monthly rent of around $1,800, and there is an array of property types to explore for different households.

Generally speaking, we recommend buying over renting as it is still the more financially viable choice. But we recognize that this is not the ideal option for all, and there is value to renting before buying to get to know the neighborhoods. Ultimately, the decision is yours, and we can help with either approach.

The Role Of Climate And Its Impact On The Concord, CA Housing Market

Concord, CA enjoys a Mediterranean-style climate of warm, dry summers and mild, rainy winters. Summer temperatures can range from the 80s to the 100s Fahrenheit, while winter temperatures tend to range from the 40s to the 60s.

This is a desirable climate for many, but it does bring the slight risk of wildfires in and around the region. Earthquakes are another slight risk for the city, so this is something to be mindful of. These small risks can have an impact on home insurance costs, so keep this in mind when you explore different areas for potential new homes.

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