Market Report: 2023 in Review

We've wrapped up 2023 and put it away with all the holiday decorations. But it isn't forgotten.

2023 was the year that the housing market slowed dramatically, mainly because interest rates soared. By "slow," we mean fewer people put their homes up for sale. We don't mean it was too hard to sell a property.

Oh, yes, homes sold. Plenty of buyers were competing for shrinking inventory. Detached single-family properties sold faster than the U.S. average, over the asking price, and for more money than the previous year in many East Bay cities. Some monthly sales records were even broken.

Check out our city-by-city breakdown of 2023 sales trends below.

What will 2024 bring? With inflation and interest rates starting to decline, there's buzz in some of our buyer hives. Would-be home sellers who are ready to go to market, with their property in shape for showing, are in a perfect position. If you're looking for that sweet spot (when should I sell my house?), reach out to your Abio agent today for a market analysis of your home and some in-depth conversation on market conditions.