Whitney Ranch Market Update | January 2024

Whitney Ranch Market Update | January 2024

Whitney Ranch real estate solidly outperformed the region and national market in 2023 proving the tremendous value driving demand for our great community. 2023 saw 116 resale transactions. While paltry in comparison to the frothy period from 2020-2021, this outperforms nearly every other year in the community’s history despite meaningful headwinds.

Spiking interest rates cast a malaise over real estate nationally, dramatically compromising affordability and driving the quantity of transactions down to recent historic lows. Typically, this rapid escalation of rates would have a countereffect on prices as carrying costs seek to find equilibrium. However, the exceptionally low rates that have prevailed over the last decade, combined with a near total absence of distress among sellers, gave resolve to wait out consumers rather than price. As a result, days on market increased by more than double year-over-year yet prices surged. Median and average price moved in lock step increasing by 14% and 15%. Average price crested $1 million over several months in 2023. 41 of 116 sales, or 35%, closed above $1 million, by far the highest of any prior year. A record setting sale in June eclipsed the $2 million mark for the first time in Whitney Ranch’s history.

 At the outset of 2024, the supply of actively listed homes is nearly identical to one year ago. 23 active listings is just two months’ supply indicating a market the remains heavily tilted in sellers’ favor. With the Federal Reserve signaling rate cuts on the horizon in 2024, factors are aligning for a continued upward trajectory for Whitney Ranch.

Best wishes for a happy and healthy 2024.