SoCal Real Estate: Insights for OC, Riverside & San Bernardino

As we kick off the new year, it’s important to reflect on the Southern California real estate trends from December. The holiday season typically brings a quieter market, creating unique opportunities for both buyers and sellers. Sellers who adjusted their strategies to the slower pace had a chance to stand out, while buyers encountered less competition, allowing for more thoughtful decision-making.

In this market update, we’ll explore the key trends from December across Orange County, Riverside, and San Bernardino. Whether you’re planning to list your home or begin your search in 2025, understanding last month’s market performance will help you navigate the current landscape with greater confidence.

Orange County: Strong Seller Advantage, But Shifting Trends Ahead

Orange County’s real estate market continues to be competitive, with just 1.51 months of supply—meaning fewer homes are available than the demand from buyers. This low inventory has led to quicker sales and rising prices. Homes are selling in just 22 days on average, with sellers receiving nearly full asking prices (99.3% list-to-sold ratio). The median sold price stands at $1,160,000, reflecting the market’s strength.

However, a notable 9.42% increase in inventory over the past year suggests a potential shift towards a more balanced market, which could offer more options for buyers and a stabilization of prices moving forward.

Key Takeaway: For sellers, it’s still a great time to list, as homes are selling quickly and close to asking price. Buyers, however, may see more inventory and less competition in the coming months, presenting new opportunities to secure a home at a more stable price.

Riverside: Competitive Conditions Benefit Both Buyers and Sellers

Riverside’s real estate market is currently facing low inventory, with only 1.92 months of supply. This limited availability, combined with high demand, has led to a 12.94% increase in the time it would take to sell off the current inventory.

Despite this, homes are selling quickly—averaging just 29 days on the market—showing that buyers are highly motivated and ready to make swift decisions. Sellers are seeing the benefits as well, with properties selling for an impressive 100.2% of their asking price, indicating strong competition and buyers willing to offer above list price.

The median sold price in Riverside is $650,000, a sign of the market’s robust performance. While buyers face competitive pricing and fast-paced sales, sellers can take advantage of high demand to secure top dollar for their homes.

Key Takeaway: Sellers can capitalize on Riverside’s competitive market by pricing their homes strategically, as properties are selling quickly and above asking price. Buyers, though facing fierce competition, still have opportunities to secure homes in a market showing strong value.

San Bernardino: Low Supply and High Demand Drive Competitive Conditions

San Bernardino is experiencing a low supply of homes, with only 2.09 months of inventory available. This has created a seller’s market, where demand is outpacing supply.

However, there’s a slight improvement in inventory, with a 1.95% increase in the number of homes available compared to last year, suggesting a potential shift toward a more balanced market in the future. Despite the low supply, homes are selling quickly, with a median of just 33 days on the market, highlighting strong buyer interest.

Sellers are benefiting from this competitive market, with homes selling for an average of 100.1% of their list price. The median sold price in San Bernardino is $479,000, showing that the market remains stable and healthy.

Key Takeaway: For sellers, it’s still a strong time to list, with properties selling quickly and at or above asking price. Buyers, while facing limited inventory, may see a gradual increase in available homes, offering a chance for more options in the coming months.

Master the Market: Strategic Insights for Buyers and Sellers

Understanding the latest trends in the Southern California real estate market is key to making well-informed decisions as a buyer or seller. With fluctuating inventory, evolving pricing, and varying demand across Orange County, Riverside, and San Bernardino, having a clear strategy in place will give you a competitive edge in today’s fast-moving market.

As your trusted real estate advisor, I’m here to help you navigate these shifts, providing you with the knowledge and guidance needed to make the best choices. Whether you’re looking to buy or sell, staying informed and proactive will ensure you maximize your opportunities and achieve your real estate goals. Let’s make the most of this dynamic market together!

Reference: 2009-2024 Realtors Property Resource?, LLC. All rights reserved.