Market Trends for Lancaster & Palmdale, California – November 2024
The November 2024 real estate market is buzzing with activity in Lancaster and Palmdale, California. Whether you're a seller, buyer, or investor, understanding the market trends is crucial for making informed decisions. Here's an overview of key insights from these two thriving markets.
Lancaster, California – November 2024
Market Type: Seller's Market
Lancaster remains a strong seller's market, with demand outpacing supply. This creates a competitive environment where homes sell quickly and close to their asking prices.
Key Highlights:
Months of Inventory: 2.87 (down 8.89% from last month)
A low inventory means buyers have fewer choices, driving up competition.List-to-Sold Price Ratio: 99.8% (+0.1% Month-over-Month)
Homes are selling very close to their list prices.Median Days in RPR: 23 days (down 14.81%)
Homes are moving off the market faster, reflecting strong buyer demand.Median Sold Price: $475,000
This data confirms that Lancaster homeowners looking to sell are in a favorable position, with shorter market times and competitive pricing.
Palmdale, California – November 2024
Market Type: Seller's Market
Palmdale mirrors Lancaster as a seller's market, with metrics that reflect strong demand and stable price trends.
Key Highlights:
Months of Inventory: 2.54 (down 8.96% Month-over-Month)
The housing inventory continues to shrink, driving urgency among buyers.List-to-Sold Price Ratio: 100% (nearly unchanged)
Homes are consistently selling at their full asking price.Median Days in RPR: 33 days (down 2.94%)
Homes in Palmdale are moving quickly, albeit slightly slower than in Lancaster.Median Sold Price: $530,000 (+1.92%)
A rising median sold price reflects increasing home values in the area.
For Palmdale homeowners, this data signals a great time to sell, with strong buyer interest and upward price momentum.
What This Means for You
Sellers: If you're considering listing your property, now is a fantastic time to take advantage of the seller's market in both Lancaster and Palmdale. Low inventory and competitive buyer activity work in your favor.
Buyers: Acting quickly is key! With homes moving off the market in under a month and selling at or above their list prices, you'll need to be prepared to make competitive offers.
Looking to Buy or Sell in Lancaster or Palmdale?
The market is dynamic, and navigating it successfully requires expertise. Whether you're buying, selling, or simply curious about your property's value, I'm here to help! Reach out to me today for a personalized consultation.
Source:
Realtors Property Resource® Analysis Based on Listings
Courtesy of:
Brandon Rouzan, Coldwell Banker A Hartwig Company
CA Lic# 02173485
