Market Pulse November 2024: Holiday season comfort foods are here, but what might election results serve up for Bay Area real estate?

As we gear up to enjoy comfort foods—and perhaps a slice of pumpkin or pecan pie with family and friends this November—many are keeping an eye on major post-election changes coming at both the national level and in local Bay Area communities.

Oakland is in transition, navigating the recall of its mayor and district attorney, alongside city budget concerns. Across the Bay, San Francisco is entering a new era with the election of outsider Daniel Lurie as mayor. Meanwhile, California voters rejected Prop 33, keeping existing statewide rent control protections intact.

According to The Real Deal, rents in Oakland have declined, while San Francisco has seen an increase. Home prices are generally rising across the East Bay, with a few exceptions in cities experiencing slight dips.

A recent Realtor.com article suggests that this could be an opportune moment for motivated buyers to seize real estate opportunities, thanks to somewhat higher inventory levels. For both buyers and sellers, now might be a good time to act before the market adjusts further.

For sellers who might be looking to refinance, whatever shakes out in 2025, Mortgage Advisor Andrew Spellman with LaSalle Mortgage suggests, “Reach out to your mortgage advisor and set a strike rate of where you’d like to see the rates hit for when it makes sense for you to refinance. That way, when the market moves to that point, your advisor can lock in the rate right away.”

This holiday season, go ahead and enjoy that extra slice of pie and savor quality time with loved ones. The new year will soon reveal how new leadership and evolving policies will shape the direction of our national and local economies—and the real estate market.

Sources: Realtor.com, The Real Deal, Cameron Platt/Abio Properties

East Bay Market Snapshots: Single family homes, condos, and townhomes as of November 2024

Here is the latest market data from around the East Bay for single-family homes, condos, and townhomes available as of November 2024.

Alameda County - Single Family Homes

Alameda County - Condos & Townhomes

Contra Costa County - Single-Family Homes

Contra Costa County - Condos & Townhomes

Sources: Bay East Association of Realtors and Contra Costa Association of Realtors.

---

Don’t see your city of interest here? Get in touch with us at [email protected].