Table of content
KEY TAKEWAYS
- San Ramon is an attractive and affluent city with lots to offer.
- House prices are high and there is a lot of demand for houses.
- Homes often sell above list price and fly off the market.
- The San Ramon housing market is in an upward trend following the challenges of 2022.
- You should explore popular neighborhoods and assess whether now is the right time for you to buy or sell.
- Be aware that although the climate is pleasant and appealing, there can be risks of wildfires and flooding in some areas.
San Ramon Housing Market Overview
The San Ramon housing market is a particularly competitive one. With homes for sale receiving 4 offers on average, and selling in around 12 days, there is lots of demand for housing stock in the city. Nestled in the heart of California, San Ramon has:
- Well-regarded schools
- Picturesque neighborhoods
- A strong local economy
Families and professionals alike are drawn to the city to enjoy all it has to offer.
The market there has a lot of potential for both buyers and sellers. House prices are a long way above the national average, so expect affluent communities for the most part. Traditionally, market activity hovers around 100 homes sold per month, but recent fluctuations in the broader housing market has caused this to dip temporarily. As a leading Contra Costa real estate agent, we can help buyers and sellers in San Ramon.
Detailed Analysis Of San Ramon Real Estate
Let’s take a look at the specific details of the beating heart of San Ramon real estate. We will explore statistics and trends relating to pricing and sales, as well as the relevant tax and financial considerations for anyone moving to the city. We will also cover Section 8 affordable housing and the role that plays in shaping local communities.
Pricing And Sales
- List prices versus sale prices: The median sale price in San Ramon for October 2023 was a little over $1.4 million. Since March, homes have been selling for somewhat more than their list price, currently standing at a list-sale price ratio of 101.9%.This is indicative of the high demand, as properties in San Ramon usually do sell for more than the list price. This trend changed in the second half of 2022, but has returned to a similar number since before the economic difficulties.
- Homes sold above list price: The percentage of homes sold above list price has increased dramatically since October 2022. Though still not quite at the levels seen before the economic problems, the latest figures show that 67.4% of homes are selling above the list price.This is great news for anyone looking to sell their home in San Ramon, as there is a high chance of getting a good price for it. For buyers, this means you need to take a considered approach and work with a trustworthy real estate agent.
- Homes with price drops: The number of homes selling below the list price fluctuates greatly in the San Ramon housing market. The number got very high in 2022, but it has now leveled out around 20-30%. The latest figures have dropped as low as 16.7%, meaning the number of homes selling below list price is currently very small.
- Homes sold above list price: The percentage of homes sold above list price has increased dramatically since October 2022. Though still not quite at the levels seen before the economic problems, the latest figures show that 67.4% of homes are selling above the list price.This is great news for anyone looking to sell their home in San Ramon, as there is a high chance of getting a good price for it. For buyers, this means you need to take a considered approach and work with a trustworthy real estate agent.
Tax And Financial Aspects
In San Ramon, as in the rest of Contra Costa County, property taxes are an important consideration. The amount you must pay is based around the California base rate of 1%, plus special assessments, resulting in a current average of 1.11%. With high property prices in the city, property tax in San Ramon is quite a high dollar amount.
If you plan to move here, you must include this tax in your budgeting. If you find yourself unable to keep up with payments, you could find yourself in receipt of a San Ramon, CA tax lien that forces you to make your payments. Further legal complications can follow, so it is important to ensure you are in a position to make payments before buying a property.
Section 8 And Affordable Housing
The San Ramon Section 8 affordable housing list is a source of low-cost housing options aimed at individuals and families with lower incomes. San Ramon is a very affluent city, so property prices are high and people on lower incomes often struggle to rent there without the Section 8 program subsidizing their rent. There are strict criteria to qualify for this assistance, and there is a lot of competition for Section 8 housing, but it can be a lifeline for people with limited means.
It is not always easy to secure a spot, but the San Ramon community prizes inclusivity and diversity. As such, many homeowners choose to rent their properties via Section 8 to help make housing more accessible. We can advise on setting up for this, or on applying for the program, so contact us if you need assistance.
San Ramon Housing Market Trends
- Median prices of homes for sale in San Ramon
- According to the latest figures for October 2023, the median sale price in the San Ramon housing market is $1,437,000. This is a decrease from the highs above $1.7 million earlier in 2023 but indicates a recovery from the lows observed at the start of the year. The real estate market in San Ramon remains robust, and we anticipate a continuing trend of recovery as we progress into 2024 for this affluent region.
- Number of homes sold in San Ramon
- At the end of 2022 and the beginning of 2023, there were very few homes sold in San Ramon. This has since recovered to a level around 50 per month, with 46 property sales in the San Ramon housing market for October 2023. In peak times, as many as 150 homes sell in a month, and we anticipate that the numbers will increase further as the economic recovery continues.
- Median days on market
- Traditionally, homes sell very quickly in San Ramon. In January 2022, homes were on the market for an average of just 6 days before receiving an offer. In February 2023, this duration increased to 48 days, but it has since returned to a lower level, with homes spending an average of 12 days on the market. Competition remains high in the San Ramon real estate market.
How Hot Is The San Ramon Real Estate?
Though there was a slight cooling off due to the economic challenges of 2022-23, there has been a renewed momentum in the San Ramon real estate market. This is traditionally a hotbed of real estate transactions, and that trajectory is showing no signs of changing.
The market remains hot, and it is heating up even further, so now is a good time to get your hands on a property and capitalize on the high quality of life and potential for substantial resale values if you sell your home down the line.
San Ramon Migration & Relocation Trends
3% of homebuyers throughout the USA have considered San Ramon as a destination to move to from outside metros in the last 12 months. This is an exclusive housing market with high house prices, and it received the most inflow from Ukiah, Bloomington and State College. Many buyers of homes in San Ramon already live in the city, which indicates the high quality of life there.
People leaving San Ramon frequently remain within California, seeking homes in Sacramento, Los Angeles, and other areas. Seattle is another popular destination for people leaving San Ramon, suggesting people seek similar affluence but in larger cities.
Popular Neighborhoods In San Ramon
There are many sought-after neighborhoods in the San Ramon housing market. With superb features and amenities, some of the most popular include:
- Gale Ranch: An area renowned for modern design and close proximity to excellent shoes and shopping.
- Windermere: A family-friendly, suburban paradise with good schools and plenty of open, green spaces.
- Twin Creeks: This well-established neighborhood is very picturesque with its tree-lined streets and beautiful parks.
- Norris Canyon Estates: For upscale living in spacious homes surrounded by scenic vistas, this is the place to go.
- Bollinger Hills: Here you will find a good mix of architectural styles and plenty of scenic views.
- Dougherty Valley: This is a master-planned community with a wide range of housing options alongside great schools and parks.
These neighborhoods offer various housing options for differing needs. They are also known for being very safe and offering family-friendly environments.
Amenities Near San Ramon
The diverse and excellent amenities in San Ramon are among the top attractions for people who choose to move to the city. For a start, it has excellent public and private schools, a strong job market with close proximity to Silicon Valley, and truly beautiful surroundings. You are also a short journey away from San Francisco, and there are some fantastic features like:
- City Center Bishop Ranch retail and entertainment complex.
- Central Park.
- Museum of the San Ramon Valley in nearby Danville.
- Dougherty Station Community Center
The lifestyle is vibrant and diverse, which is why so many people choose to enter, or remain in, the San Ramon housing market.
Is It The Right Time To Buy Your Dream Home In San Ramon?
Considering the steady rise in demand, upward price trend and lowering interest rates, now is a good time to buy. The projection for the coming year suggests that the trends we are seeing right now will continue, so there could be lots of potential for appreciation in a short timeframe. What’s more, if you don’t get a foot in the San Ramon real estate market now, it might be more difficult to do it in a year. The market trajectory is upward, so get in touch if you want to get in early on the inevitable rise.
Be sure to take everything into account before you make any big decisions. We are here to help and advise on this, but you need to carefully assess the state of your finances and look closely at things like:
- Local markets
- Demand levels
- Finance deals
Come to us for any assistance you need. We have a wealth of experience and expertise in the San Ramon, CA real estate market so we can help you assess whether the timing is right.
Should You Buy Or Rent A Property In San Ramon?
With strong rent controls, Contra Costa County offers a number of benefits for people looking to rent in its cities. The presence of the San Ramon, CA Section 8 housing list offers opportunities for affordable living. But you can also rent privately, with a good number of options at your disposal. However, be advised that rent prices are high, so it might not be a viable option for some.
With such high property values, renting may still be the most affordable option in the San Ramon housing market. If you are considering buying, but want a taste of the city first, renting is a simple solution. There are other scenarios where it may be a viable option, so contact us to discuss your circumstances and see what we have available.
The Role Of Climate And Its Impact On The San Ramon Housing Market
San Ramon is known for its warm, dry summers and mild, wet winters. Extreme temperatures are limited by the city’s close proximity to the Pacific Ocean. Coastal fog occasionally sweeps inland, and there are microclimates due to different elevations and proximities to bodies of water. Overall, the mild, comfortable climate is one of the big attractions for the San Ramon real estate market.
It is worth noting that some parts of the city are at risk of wildfires or flooding. Such things can affect your home insurance requirements, so be mindful of these considerations when exploring potential properties.
Frequently Asked Questions
How Hot Is The San Ramon Real Estate?
The housing market in San Ramon is always very hot. Houses often sell above market value, with multiple offers on them and a very short time on the market.
Amenities Near San Ramon
San Ramon is close to both San Francisco and Silicon Valley. It also has many great parks, and the city offers numerous cultural attractions, great shopping, schools, health facilities, and more.
Should You Buy Or Rent A Property In San Ramon?
This really depends on your circumstances. Buying offers a number of advantages, but the high property prices may be prohibitive for some. Renting offers various benefits too, so explore your situation.
