Ready for the latest housing market update for Long Beach, CA? Many people thought that we’d be seeing an increase in inventory and a decline in demand by now which would stabilize prices but, that’s not the case. With the increase in interest rates and home prices, we’re starting to see some buyer fatigue. However, buyer demand is still far higher than the number of homes on the market. The month’s supply of inventory of single-family homes in March was only 1 month. In terms of home prices, the median home price in Long Beach last month was $890,000 and for condos, it was $485,000.
Here’s a video with Shannon’s take on the Long Beach housing market numbers, or scroll down to see summary charts for Long Beach as well as surrounding communities.
What do these numbers mean?
The seller’s market is continuing with no sign of stopping. Here’s what we suggest for both buyers and sellers.
Sellers
If you have been sitting on the sidelines waiting for the right time to list your home, now is the right time to leverage your equity and cash out. It’s also more important than ever to have a strategy in place for selling your current home and buying a new one. This is where a real estate expert like the ones at The Shannon Jones Team comes in.
To get started, with the selling process click HERE for a free home valuation. You can also give us a call at 562.896.2456, or fill out the contact form at the bottom of the page. We’d love to chat and figure out what your home is worth and whether selling is the right move for you!
Thinking of selling your home because you want to downsize? Check out our recent downsizing blog HERE!
Download your free seller’s guide HERE.
Buyers
It’s imperative that you start your home search early and with experts by your side. Patience is key, as well as the understanding that the first house you like may not be the one you get. It’s also possible that you will get into bidding wars or experience a multiple counteroffer situation. This is where the experts come in. The right real estate agent will be able to guide you through these situations and take away at least some of the stress that comes with buying a home.
Some buyers currently say they’re waiting to buy because they expect the market to crash and prices to come down. However, that’s not necessarily the case. Learn more in the video below.
Give us a call at 562.896.2456 so we can set up an appointment for you with a lender and start talking budget. We can also set up a personalized home search for you so you can be the first to know when new listings hit the market.
Download your free buyer’s guide HERE.
Breakdown of Long Beach’s Numbers
While many homes are selling quickly with multiple offers, some neighborhoods are moving more quickly than others, and some areas are showing stronger prices. If you’d like to know about the statistics in your neighborhood or you’re curious about the value of your home in Long Beach CA or surrounding areas, let us know. We’d be happy to help.
For a quick snapshot of the different zip codes, please scroll down for more information.
Long Beach
Lakewood
Signal Hill
Long Beach Zip Codes
While much of Long Beach’s real estate market is similar, there is some variation between zip codes, as illustrated by the numbers below. If you’d like more information, please reach out to us.
90802
90803
90804
90805
90806
90807
90808
90813
90814
90815
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