Since you are thinking about buying or selling Long Beach real estate, I think it is best to review the Long Beach housing prices February 2024 below:
As a Long Beach real estate agent, I review pricing monthly for this type of report and daily when clients reach out by phone or email.
Review the Long Beach Housing Prices February 2024 Report Overview
| Categories | Long Beach Real Estate Statistics 2024 | Percentage Change from 2023 |
|---|---|---|
| Average Selling Prices (Houses) | $1,028,569 | UP +6.00% |
| Average Days on Market an Offer was Accepted | 26 | DOWN -40.90% |
| Inventory in Months of Supply | 1.60 | DOWN -5.90% |
| Average Price Per Square Foot | $676.00 | UP +3.00% |
| List to Sales Ratio (100% means Houses sell for Full Price) | 100.30% | UP +1.70% |
While analyzing the housing prices in Long Beach during February, I took note of the subtle shifts from the previous months.
The data suggested that the housing market dynamics were impacted by interest rates and inventory levels. Buyers appeared to be adjusting their expectations and getting pre-approved for financing before viewing homes in person or “under-written approval” from their favorite lender.
Average Selling Prices February 2024 vs 2023
As of February 2024, the average selling price of Long Beach homes is $1,028,569 vs 2023, when the price was $969,956.
Future Trends for the Long Beach Real Estate Market
In examining the potential trajectory of Long Beach homes for sale, it’s important to look at current trends and how they might unfold. I’m seeing several key factors that are likely to influence the market in the coming months.
- Demand: With a consistent demand in the area, driven by people desiring to live the beach lifestyle.
- Interest Rates: The Federal Reserve’s decisions on interest rates will be crucial. If rates remain stable or increase only slightly, affordability could become a slight deterrent, but not enough to cause a significant dip in prices. On the other hand, any substantial hikes in interest rates could cool down the market.
- Inventory: The availability of homes could also play a role. Long Beach currently has only 118 single family homes for sale. So, if you are unable to find a house for sale in Long Beach, please reach out.
- Off Market Home Searching: We have a special program where we search for homes off the market our most serious home buyers. To accomplish this, we need to meet and discuss your requirements. Fill out our home buyer questionnaire to start.
Next Steps…
Review the Long Beach Condos Prices for February 2024 in case you want to buy a condominium or townhouse instead of a house.
