December 2024 Market Trends: Lancaster & Palmdale, CA
The real estate markets in Lancaster and Palmdale, California, remained strong in December 2024, driven by low inventory and steady demand. Here's a simple breakdown of the trends, with detailed month-over-month analysis based on data from Realtors Property Resource® (RPR).
📍Lancaster, CA:
Market Type: Seller’s Market
A seller’s market means there are fewer homes for sale than buyers looking to purchase. This keeps competition high and prices stable.Months of Inventory: 2.64 (↓ 13.44% Month Over Month)
Months of inventory measure how long it would take to sell all homes currently on the market at the current pace. The 13.44% decrease from November indicates even fewer homes are available, increasing demand and competition for buyers.List-to-Sold Price Ratio: 98.9% (↓ 0.93% Month Over Month)
This ratio shows how much of the asking price sellers are receiving. A slight decrease means sellers accepted slightly lower offers compared to November.Median Days on Market: 28 Days (↑ 16.67% Month Over Month)
Homes took longer to sell in December than in November, with a 16.67% increase in time on the market. This could indicate that some sellers priced their homes too high or faced slower buyer activity during the holidays.Median Sold Price: $467,500 (↓ 1.58% Month Over Month)
The median sold price dropped slightly, showing that buyers are finding opportunities to negotiate. However, prices remain strong overall, reflecting steady demand.
For more details, visit the RPR Market Trends page.
📍Palmdale, CA:
Market Type: Seller’s Market
Like Lancaster, Palmdale is also experiencing a seller’s market due to limited inventory and high buyer interest.Months of Inventory: 2.4 (↓ 9.77% Month Over Month)
Inventory fell by nearly 10% compared to November, further reducing the number of homes available. Buyers face increased competition in this tight market.List-to-Sold Price Ratio: 99.9% (↓ 0.16% Month Over Month)
Sellers in Palmdale are still receiving nearly 100% of their asking price, with only a minor decrease from the previous month.Median Days on Market: 30 Days (↓ 9.09% Month Over Month)
Homes sold faster in December compared to November, with a 9.09% decrease in days on market. This shows continued strong demand from buyers.Median Sold Price: $515,000 (↓ 2.83% Month Over Month)
The median sold price dipped slightly, suggesting that buyers are focusing on more affordable options or negotiating effectively.
For additional insights, check out the RPR Market Trends page.
🤔 What Does This Mean for Buyers and Sellers?
For Buyers: The market remains competitive in both cities. With fewer homes available, buyers need to act quickly and come prepared with strong offers.
For Sellers: It’s still a great time to sell, with homes selling quickly and close to asking price. However, slight softening in sold prices means pricing your home accurately is key to securing a fast sale.
This market update is brought to you using data from Realtors Property Resource® (RPR). If you have any questions about buying or selling in Lancaster or Palmdale, feel free to reach out!
