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KEY TAKEWAYS
- House prices are above the national average in Pleasant Hill, with homes frequently selling above the list price
- Demand is high, so there is lots of competition and homes sell quite quickly.
- The market was mildly affected by the economic downturn of 2022-23, but is now recovering.
- Californians often choose Pleasant Hill as a place to raise a family or retire.
- The market fluctuates, so there are opportunities to get into the Pleasant Hill real estate market for shrewd buyers.
Pleasant Hill Housing Market Overview
Properties for sale in Pleasant Hill are in the midst of an upward price trend. The resilient market here was not as adversely affected in 2022 as other markets, but there was still a downturn in average prices to around $900,000 in November. By August 2023, average prices had swelled to $1.18 million, and they are currently sitting a little over $1 million. This is within the normal range for the city, and high demand sees homes frequently sell within 2-3 weeks of coming to market. Essentially, it is a competitive and affluent housing market with lots to offer if you like a good mix of suburban living and urban accessibility.
Detailed Analysis Of Pleasant Hill Real Estate
Let’s delve deeper into the specifics of the Pleasant Hill real estate market. We will analyze pricing and sales trends, explore key tax considerations, and discuss the Pleasant Hill Section 8 affordable housing list.
Pricing And Sales
- List prices versus sale prices
- The Pleasant Hill housing market is a place where homes traditionally sell above the list price more often than not. Even during the wider market turmoil through 2022 and into 2023, the average remained around the 100% mark. Currently, the average is for homes to sell slightly over the list price, but early 2022 saw that number soar more than 18% above list price. If you want to sell your house quickly, the key is to look for periods when that trend is higher, ensuring multiple offers and a good chance of getting the maximum price.
- Homes sold above list price
- There have been months in recent years where close to 100% of homes sold went for higher than the list price. This trend never even dipped below 20% at the height of economic difficulties and currently sits above 63%. In this city, homes commonly sell for more than the listed price, and anyone making moves in the Pleasant Hill real estate market should be prepared for that. Whether you are a buyer or a seller, having a good real estate agent with experience in the local markets is essential.
- Homes with price drops
- Though uncommon, buyers will be reassured to know that there are still opportunities to acquire properties below the list price in Pleasant Hill. In October 2023, around 28% of properties sold for less than the list price. The key is to seek out motivated sellers and properties where the demand is not so great. With our assistance, you can learn what you need to buy a house here, and you may be able to enter the Pleasant Hill housing market for less than the property list price.
Tax And Financial Aspects
The primary real estate tax in Pleasant Hill, CA, is the property tax. All property owners must pay this tax, and the funds raised contribute to local infrastructure and schools. The tax rate is based on the California rate of 1%, with special assessments in most areas. The current average Contra Costa property tax rate is 1.11%, so you need to calculate the actual amount based on this rate.
If you plan to move to Pleasant Hill, you must factor property tax into your living costs. Falling behind in payments could result in a Pleasant Hill tax lien, legally compelling you to pay the owed tax. This can lead to significant financial and legal complications, so it’s essential to budget appropriately to comfortably cover this fundamental living cost.
Section 8 And Affordable Housing
As with everywhere in the U.S., there is a Pleasant Hill Section 8 housing list aimed at providing affordable housing options for people on lower incomes. The city is known for its affluence, with high property prices and living costs, so the Section 8 program is a lifeline that subsidizes rent for eligible households. If you cannot afford rental costs in the city, Section 8 could provide an opportunity to live there.
It’s important to be aware, however, that there is a lot of competition for spots in the Section 8 program. People in Pleasant Hill hold diversity and inclusivity in high regard, and there are many who choose to rent out their homes through Section 8. If you are eligible to apply, you can attempt to get into the program, but you should be prepared for some stiff competition.
Pleasant Hill Housing Market Trends
- Median prices of homes for sale in Pleasant Hill
- In recent years, the trend in house prices in the Pleasant Hill real estate market has seen values hover around the $1 million mark. Peaks have sent it close to $1.2 million, while troughs sometimes dip close to the $800,000 mark. This indicates that prices in the city are significantly above the national average, offering opportunities to capitalize on rapid appreciation if you sell at the right time. The current level is $1.02 million, reflecting a 13.5% increase compared to the same time last year.
- Number of homes sold in Pleasant Hill
- The volume of sales in the Pleasant Hill housing market tends to fluctuate quite wildly. Seasonal trends contribute to higher volumes in spring and summer, with a drop-off in the fall and winter. In 2023, numbers haven’t climbed as high as in previous years, likely due to economic conditions. Monthly sales numbers have ranged from as high as 63 to as low as 15 in recent years, with the current level hovering around 30.
- Median days on market
- When the housing market is strong, Pleasant Hill real estate flies off the market. The number of days on the market is usually fewer than 10, though the slow market conditions in 2022-23 saw that number increase to a very anomalous 37 days on average in January 2023. Currently, homes are staying on the market for an average of 13 days before an offer is accepted.
How Hot Is The Pleasant Hill Real Estate?
In the Pleasant Hill housing market, house prices are around $1 million and frequently sell for more than the list price. They are typically on the market for less than 2 weeks, and multiple offers are placed on virtually every property that goes up for sale. All this amounts to a very hot housing market, favoring sellers in general, though there are opportunities for buyers to get good prices if they take the right approach.
The recovery from the economic challenges in 2022-23 is seeing the market regain some of its heat, and we anticipate it will return to the boil within the next couple of years. We have helped people sell houses fast in Walnut Creek, Antioch, and other Contra Costa cities, and we can do the same for you in Pleasant Hill.
Pleasant Hill Migration & Relocation Trends
Homebuyers across the nation search a range of regions in different states, and Pleasant Hill came up in 3% of searches for people looking to relocate in the year to October 2023. House prices in the city make it unattainable for some, so it appeals to an exclusive type of buyer. Inbound migration originated from many places, but Ukiah, Bloomington, and State College were the top sources. Many buyers in the Pleasant Hill housing market are people who already live in the city.
People leaving Pleasant Hill often remain in California. Sacramento, Los Angeles, and Seattle are popular destinations for people leaving the city.
Popular Neighborhoods In Pleasant Hill
There are many attractive neighborhoods for buyers in the Pleasant Hill real estate market. Let’s look at some popular ones that draw a lot of attention from people looking to relocate:
- Poet’s Corner: A suburban neighborhood with tree-lined streets and charming properties, this is a sought-after residential area.
- Crescent Plaza: This area is situated close to shopping and dining options, making it a convenient and popular choice for homebuyers.
- Hidden Lakes: Here you will find many spacious homes surrounded by the most beautiful scenery the city has, including green spaces and tranquil lakes.
- Pleasant Hill Village: There are many housing types available in this area, including townhomes and apartments. It is in close proximity to amenities and public transportation.
Here you have a handful of the many popular neighborhoods in the Pleasant Hill housing market. You will find a variety of options here and elsewhere, so come to us to find what’s available and get recommendations for similar neighborhoods.
Amenities Near Pleasant Hill
There are many attractive amenities in Pleasant Hill, CA that make it a great place to live. If you enjoy open spaces and outdoor recreation, you will like Pleasant Hill Park and Briones Regional Park. For excursions into town, you have Sunvalley Shopping Center, Century 16 Downtown, and dining options that offer a range of cuisines.
Public transportation centers around the BART Station, connecting different neighborhoods and providing access to nearby cities like San Francisco, Oakland, and Berkeley. You can also rely on the excellent schools and healthcare facilities in Pleasant Hill. The city offers a superb quality of life that attracts many residents.
Is It The Right Time To Buy Your Dream Home In Pleasant Hill?
Considering all relevant factors, now is a good time to explore the Pleasant Hill real estate market. Mortgage rates are decreasing, and the city is yet to return to its housing peak, meaning prices and competition are relatively low. Things will not stay this way for long, as the wider housing market is on an upward trajectory. Reach out to us for the best opportunities to come to Pleasant Hill.
Ultimately, any decision about buying or selling a home is up to you. You must carefully assess your financial health and seek professional assistance to get a complete picture. You should also consider:
- Market demand
- Interest rates
- Pricing trends
We can assist with all of this. Contact us to inquire about Pleasant Hill real estate and gain access to our extensive network of real estate professionals.
Should You Buy Or Rent A Property In Pleasant Hill?
Buying is generally considered to be the wiser option if you have the financial health to do so. This is because you have greater control over your living conditions and the potential to gain money as property values appreciate. However, house prices are high in Pleasant Hill, and renting first could be a good way to assess whether you want to live here long-term.
For people who can’t afford to buy, renting may provide the opportunity to experience the quality of life here. However, rent prices are high, so people on low incomes may need to turn to the Pleasant Hill Section 8 housing list for help.
The Role Of Climate And Its Impact On The Pleasant Hill Housing Market
The Pleasant Hill, CA housing market is blessed by a Mediterranean climate. This means mild, wet winters and warm, dry summers. Most rainfall occurs during the winter months, whilst summers see very little rain. This results in comfortable temperatures and lots of opportunities for outdoor living.
As an inland region, Pleasant Hill is not prone to risks like flooding or tsunamis. It also doesn’t experience much threat from natural disasters like hurricanes or tornadoes. As is common in California, the city is a seismically-active region. As such, earthquake cover may be a part of some home insurance policies, so be mindful of this.
Frequently Asked Questions
How Hot Is The Pleasant Hill Real Estate?
The Pleasant Hill housing market is a hot one, with high prices, fast sales and homes frequently selling above the list price.
Amenities Near Pleasant Hill
There are lots of amenities like parks and open spaces near Pleasant Hill. You also have good transport links, plenty of shopping and entertainment, and good schools and hospitals.
Should You Buy Or Rent A Property In Pleasant Hill?
Buying is usually the better option if you can afford it. Rental prices are high in the city, but renting can be good if you only plan to remain for a short time or if you can't afford to buy.
