Whitney Ranch Market Update | July 2024

Whitney Ranch Market Update | July 2024

The real estate market in Whitney Ranch has shown notable resilience and stability in the first half of 2024, despite broader economic challenges. The market witnessed 63 sales year-to-date, up from 57 during the same period in 2023. This increase in transactions highlights the ongoing demand and attractiveness of the community.

The average sale price has risen by 1% compared to last year, while the median price has remained consistent. The stability in the median price suggests a balanced market, with neither buyers nor sellers holding a significant advantage. This steadiness is remarkable given the high interest rates and the scarcity of property insurance that have impacted the broader real estate market. These challenges have not significantly deterred buyers in Whitney Ranch, underscoring the community’s intrinsic value.

A detailed monthly breakdown for 2024 reveals robust market performance:

• January: 5 transactions totaling $4,990,000, with an average price of $998,000.
• February: 7 transactions totaling $7,924,000, with an average price of $1,132,000.
• March: 15 transactions totaling $13,785,000, with an average price of $919,000.
• April: 9 transactions totaling $8,886,402, with an average price of $987,378.
• May: 12 transactions totaling $10,410,804, with an average price of $867,567.
• June: 15 transactions totaling $15,084,000, with an average price of $1,005,600.

The inventory level, at just two months of supply, indicates a scarcity of available homes, which typically drives prices upward. This scarcity suggests that Whitney Ranch will likely continue to outperform national real estate trends in terms of price growth.

Comparing the performance of 2024 to previous years, Whitney Ranch has shown a remarkable trajectory:

• In 2006, the market saw 32 units sold with an average price of $615,598.
• The market volume and average prices fluctuated over the years, with a significant dip during the 2008 financial crisis.
• Post-crisis recovery began in 2012, with gradual price increases.
• By 2021, the average price surged to $831,178 with a market peak volume of $135,482,014.
• In 2023, 116 units were sold at an average price of $994,000, reflecting a robust market.

The consistent demand and price appreciation in Whitney Ranch highlight its desirability. The community offers excellent amenities, top-rated schools, and convenient access to major employment hubs, contributing to its stable and in-demand real estate market. Despite economic headwinds, Whitney Ranch continues to attract buyers, underscoring its status as a prime residential area.