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KEY TAKEAWAYS
- Property prices in Moraga, CA are substantially higher than the national average.
- There is a lot of demand, so it is common for houses to sell for more than the list price.
- The city’s real estate market generally follow seasonal trends, though it is also affected by wider economic conditions.
- Moraga is characterized by an affluent, suburban feel with an attractive Mediterranean-style climate.
- We are a reputable real estate agency in Moraga and can help buyers and sellers with their next move.
Moraga, CA Housing Market Overview
The Moraga, CA housing market is a melting pot of various trends and characteristics. With moderate sales volumes and very few days on the market across all property types, it is highly competitive for buyers. It is not unusual to see fewer than 10 property transactions in a month, though that number can climb close to 30 in the spring and summer. Current house prices are down on recent peaks, but there is a general fluctuation in median sale prices between $1.5 million and $2 million.
Moraga is one of Contra Costa’s more affluent cities, with higher property prices than many surrounding areas, though not the highest. If you enjoy low crime rates, a suburban atmosphere, and family-friendly living, It could be the place for you. Whether you are a prospective buyer or seller, work with a trusted real estate agent in Contra Costa to access this coveted part of the county.
Detailed Analysis Of Moraga, CA Real Estate
The Moraga, CA housing market is a hot prospect for the right type of buyers, and there are various nuances that affect sale-to-list prices. In this section, we examine the relationship between list prices and how much properties actually sell for. We will also highlight the importance of considerations like property tax and affordable housing.
Pricing And Sales
- List prices versus sale prices – For the most part, it is people who are selling their homes that come out on top in Moraga’s sale-to-list price ratio. Over time, there is a trend towards homes selling for more than their list price – many sell at a price of around 101% to 106% of the list price, though those numbers have soared as high as 119% and dipped as low as 98% in recent years. Overall, there is a fairly consistent trend of median sale prices being slightly higher than the list price.
- Homes sold above list price – As the previous section suggests, the Moraga market sees a fairly high percentage of homes selling above the list price. In January 2024, that peaked at 70%, but it reached a similar height of 82.4% in mid-2023, with a seasonal drop to 30% in December that same year. This range is a pretty good indicator of what to expect, so there are opportunities for both buyers and sellers to get good prices. If you are buying, learn everything you need to buy a house to get the best outcome.
- Homes with price drops – As you might expect, the number of homes with price drops depends on the number selling above the list price. In the Moraga housing market, when lots of homes are selling above the list price, few sell below it. It’s also important to note that many homes sell at, or close to, the list price. We can offer guidance on finding sellers that may be open to offers.
Tax And Financial Aspects
One thing that everyone needs to consider in the Moraga real estate market is the ongoing property tax expense. This is a compulsory payment that virtually everyone must make, contributing towards the budget for things like schools, policing, and local infrastructure. The base rate of property tax in California is 1% of a property’s assessed value, but there are fluctuations between different locales due to special assessments. In Moraga, the average property tax rate is 1.11%, so budget carefully for your living costs.
Anyone who fails to keep up with property tax payments could face a Moraga, CA tax lien. This compels you to pay what you owe, and could lead to even more legal complications if you are unable to pay.
Section 8 And Affordable Housing
If affordable housing in Moraga, CA is something that interests you, the Section 8 housing list is a good starting point. Moraga is an affluent real estate market, so people on lower incomes may struggle to get a foothold there, even for rentals. Section 8 was developed to offer subsidized rents to households that meet the eligibility criteria, thus making housing more affordable.
There is a lot of demand for Section 8 housing and it often exceeds supply. We have found that the Moraga community is very inclusive, and there are lots of residents who choose to rent their homes through Section 8 to provide opportunities for lower earners. We can advise on the eligibility criteria and how to apply for Section 8.
Moraga, CA Housing Market Trends
- Median prices of homes for sale in Moraga, CA – At the time of writing, the median property price in the Moraga, CA housing market is $1.8 million. In comparison to historical house prices, this is towards the higher end. In the same month in 2023, the price was even higher at $2 million, but it dropped to $1.3 million just 6 months later. This volatility means there may be opportunities for both buyers and sellers who practice patience and act when trends are in their favor.
- Number of homes sold in Moraga, CA – The property market in Moraga tends to follow seasonal trends, but has struggled thus far in 2024. June usually sees high transaction numbers close to 30, but this year that number was just 13. Generally speaking, the market heats up in the spring and summer before cooling off in the fall and winter. There is always a lot of interest when properties come to the market, so competition is high and favors sellers looking to get a good price.
- Median days on market – Homes in Moraga tend to be on the market for 1-2 weeks before an offer is accepted. This usually increases in the winter, and we have seen it take 4+ weeks for homes to sell in recent years. However, when economic conditions are good, Moraga homes fly off the market, demonstrating the city’s popularity. You are advised to work with a trusted, experienced local estate agent to find the right buyers.
How Hot Is The Moraga, CA Real Estate?
There is certainly plenty of heat in the Moraga, CA housing market with homes being bought quickly with interest from multiple buyers. House prices here are a long way above the national average, though not among the most expensive in Contra Costa County. Selling here is similar to selling a property in Lafayette nearby – homes attract affluent buyers who are often not afraid to pay more than the asking price for the privilege of living in this attractive city. The market is robust and buoyant, so it’s a great place to own real estate.
Moraga, CA Migration & Relocation Trends
Property search statistics suggest around 3% of homebuyers searched for Moraga as a potential destination from other metros. Most Moraga buyers who already live in the city relocate to other neighborhoods there, while those who do leave often head for other California metros. People who move to Moraga from elsewhere primarily come from places like:
- Honolulu, HI
- New York, NY
- Santa Barbara, CA
- Pensacola, FL
Analysis of these statistics suggests that the reputation of Moraga is known around the wider USA and attracts affluent buyers from all over. And, as the tradition goes, people who live in California choose to stay there when they decide to move. People who leave Moraga likely leave for more urban California metros to enjoy a faster pace of life. If you are a buyer or seller, we can help you make your move in Contra Costa.
Popular Neighborhoods In Moraga, CA
Moraga, CA’s housing market is quite an exclusive one, known for a number of upscale residential areas. While there are many great neighborhoods for people to look into, here are some that stand out for our clients:
- Rheem Valley Manor: A family-friendly neighborhood with spacious homes, scenic views, and top-rated schools.
- Sanders Ranch: This gated community is known for luxurious estates, private amenities, and a tranquil, safe environment surrounded by a scenic environment.
- Corliss Drive Area: This neighborhood offers a mix of charming, well-maintained homes, excellent schools, and good connections to shopping and dining hotspots.
- Campolindo: With a tight-knit community and a highly-regarded high school, this is an ideal location for families and outdoor enthusiasts.
If you have the budget to buy in the city, your task is to explore its neighborhoods and find the right match for your needs. Work with us to find the best fit.
Amenities Near Moraga, CA
There are various amenities that contribute to the high quality of life in Moraga that attracts homebuyers throughout the year. Beyond the rich suburban living and tranquil, natural beauty, popular features include:
- Moraga Commons Park: This central recreational hub features playgrounds, sports fields, and a popular summer concert series.
- Rheem Valley Shopping Center: This convenient shopping destination includes grocery stores, dining options, and various retail outlets for residents.
- Lamorinda Trails: This extensive trail network is abundant with opportunities for hiking, biking, and other outdoor activities in a scenic natural setting.
- Moraga Country Club: This exclusive club features a golf course, tennis courts, a swimming pool, and various social events for community engagement.
These amenities are all a big part of the huge appeal of the Moraga real estate market. It is a desirable, family-friendly community with lots of educational and recreational features.
Is It The Right Time To Buy Your Dream Home In Moraga, CA?
If you have your sights set on the Moraga, CA real estate market, you need to consider various things to determine when the right time is to act. The market tends to follow seasonal trends, with spring and summer being the most active periods, but wider economic factors also come into play. Volatility in property prices means you need to choose your timing carefully to get the right outcome.
With circumstances always evolving, you should pay close attention to:
- Market demand
- Pricing trends
- Mortgage interest rates
- Your financial situation
All of these are key factors in assessing the right time to buy, and we can advise.
Should You Buy Or Rent A Property In Moraga, CA?
Overall, we can’t really recommend renting in Moraga, CA. Rental costs are a long way above the national average, with an average monthly rate of around $3,800. Realistically, there are not a lot of opportunities to rent in the Moraga real estate market as it is largely populated by owner-occupiers.
It may be worth taking up an opportunity to rent short-term to get a taste of life in the city. But we recommend buying a house to invest in your future and own property in a desirable California city.
The Role Of Climate And Its Impact On The Moraga, CA Housing Market
The Moraga, CA real estate market benefits from a Mediterranean-style climate where summers are warm and dry and winters are mild and wet. In the summer, temperatures of 80-90 Fahrenheit are common, while comfortable temperatures of 40-60 happen frequently in the winter.
The surrounding hills and woodland can be susceptible to wildfires during the dry summer months. And there is a risk of earthquakes due to the city’s proximity to the Hayward Fault. As such, it is wise to get comprehensive home insurance coverage to mitigate the risk of these things.
Frequently Asked Questions
How Hot Is The Moraga, CA Real Estate?
House prices in Moraga, CA are high, and there is always a lot of demand for properties that arrive on the market. They usually sell very quickly and above the asking price, so the market is hot.
Amenities Near Moraga, CA
Moraga is all about the high quality of life, low crime rate, and upscale, family-friendly amenities. Residents pay a premium for these things, so expect picturesque surroundings, good schools, and upscale amenities.
Should You Buy Or Rent A Property In Moraga, CA?
We recommend buying over renting in the Morage, CA real estate market. Rental properties are rare and prices are very high, so you will get better value for money by buying.
